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Andrew Carnegie Net Worth

Andrew Carnegie Net Worth

Andrew Carnegie Net Worth

Andrew Carnegie’s political and economic focus during the late nineteenth and early twentieth century was the defense of laissez faire economics. Carnegie emphatically resisted government intrusion in commerce, as well as government-sponsored charities. Carnegie believed the concentration of capital was essential for societal progress and should be encouraged. Carnegie was an ardent supporter of commercial “survival of the fittest” and sought to attain immunity from business challenges by dominating all phases of the steel manufacturing procedure. Carnegie’s determination to lower costs included cutting labor expenses as well. In a notably Spencerian manner, Carnegie argued that unions impeded the natural reduction of prices by pushing up costs, which blocked evolutionary progress. Carnegie felt that unions represented the narrow interest of the few while his actions benefited the entire community.
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Andrew Carnegie Net Worth

In 1881, Carnegie took his family, including his 70-year-old mother, on a trip to the United Kingdom. They toured Scotland by coach, and enjoyed several receptions en route. The highlight was a return to Dunfermline, where Carnegie’s mother laid the foundation stone of a Carnegie library which he funded. Carnegie’s criticism of British society did not mean dislike; on the contrary, one of Carnegie’s ambitions was to act as a catalyst for a close association between English-speaking peoples. To this end, in the early 1880s in partnership with Samuel Storey, he purchased numerous newspapers in England, all of which were to advocate the abolition of the monarchy and the establishment of “the British Republic”. Carnegie’s charm, aided by his wealth, afforded him many British friends, including Prime Minister William Ewart Gladstone.
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Andrew Carnegie Net Worth

Carnegie held that societal progress relied on individuals who maintained moral obligations to themselves and to society. Furthermore, he believed that charity supplied the means for those who wish to improve themselves to achieve their goals. Carnegie urged other wealthy people to contribute to society in the form of parks, works of art, libraries and other endeavors that improve the community and contribute to the “lasting good”. Carnegie also held a strong opinion against inherited wealth. Carnegie believed that the sons of prosperous businesspersons were rarely as talented as their fathers. By leaving large sums of money to their children, wealthy business leaders were wasting resources that could be used to benefit society. Most notably, Carnegie believed that the future leaders of society would rise from the ranks of the poor. Carnegie strongly believed in this because he had risen from the bottom. He believed the poor possessed an advantage over the wealthy because they receive greater attention from their parents and are taught better work ethics.
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Andrew Carnegie Net Worth

On the surface, Andrew Carnegie appears to be a strict laissez-faire capitalist and follower of Herbert Spencer, often referring to himself as a disciple of Spencer. Conversely, Carnegie a titan of industry seems to embody all of the qualities of Spencerian survival of the fittest. The two men enjoyed a mutual respect for one another and maintained correspondence until Spencer’s death in 1903. There are however, some major discrepancies between Spencer’s capitalist evolutionary conceptions and Andrew Carnegie’s capitalist practices.
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Andrew Carnegie Net Worth

After the war, Carnegie left the railroads to devote all his energies to the ironworks trade. Carnegie worked to develop several iron works, eventually forming the Keystone Bridge Works and the Union Ironworks, in Pittsburgh. Although he had left the Pennsylvania Railroad Company, he remained closely connected to its management, namely Thomas A. Scott and J. Edgar Thomson. He used his connection to the two men to acquire contracts for his Keystone Bridge Company and the rails produced by his ironworks. He also gave stock to Scott and Thomson in his businesses, and the Pennsylvania was his best customer. When he built his first steel plant, he made a point of naming it after Thomson. As well as having good business sense, Carnegie possessed charm and literary knowledge. He was invited to many important social functions—functions that Carnegie exploited to his own advantage.
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Andrew Carnegie Net Worth

The second was in his vertical integration of all suppliers of raw materials. In the late 1880s, Carnegie Steel was the largest manufacturer of pig iron, steel rails, and coke in the world, with a capacity to produce approximately 2,000 tons of pig metal per day. In 1883, Carnegie bought the rival Homestead Steel Works, which included an extensive plant served by tributary coal and iron fields, a 425-mile (685 km) long railway, and a line of lake steamships. Carnegie combined his assets and those of his associates in 1892 with the launching of the Carnegie Steel Company.
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Andrew Carnegie Net Worth

Carnegie spent his last years as a philanthropist. From 1901 forward, public attention was turned from the shrewd business acumen which had enabled Carnegie to accumulate such a fortune, to the public-spirited way in which he devoted himself to utilizing it on philanthropic projects. He had written about his views on social subjects and the responsibilities of great wealth in Triumphant Democracy and Gospel of Wealth . Carnegie bought Skibo Castle in Scotland, and made his home partly there and partly in his New York mansion located at 2 East 91st Street at Fifth Avenue. The building was built in 1903 and he lived there until his death and Louise until her death in 1946. The building is now the Cooper-Hewitt, National Design Museum, part of the Smithsonian Institution. The surrounding neighborhood on Manhattan’s Upper East Side has come to be called Carnegie Hill. The mansion was named a National Historic Landmark in 1966. He then devoted his life to providing the capital for purposes of public interest and social and educational advancement.
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Spencer wrote that in production the advantages of the superior individual are comparatively minor, and thus acceptable, yet the benefit that dominance provides those who control a large segment of production might be hazardous to competition. Spencer feared that an absence of “sympathetic self-restraint” of those with too much power could lead to the ruin of their competitors. He did not think free market competition necessitated competitive warfare. Furthermore, Spencer argued that individuals with superior resources who deliberately used investment schemes to put competitors out of business were committing acts of “commercial murder”. Carnegie built his wealth in the steel industry by maintaining an extensively integrated operating system. Carnegie also bought out some regional competitors, and merged with others, usually maintaining the majority shares in the companies. Over the course of twenty years, Carnegie’s steel properties grew to include the Edgar Thomson Steel Works, the Lucy Furnace Works, the Union Iron Mills, the Homestead Works, the Keystone Bridge Works, the Hartman Steel Works, the Frick Coke Company, and the Scotia ore mines among many other industry related assets. Furthermore, Carnegie’s success was due to his convenient relationship with the railroad industries, which not only relied on steel for track, but were also making money from steel transport. The steel and railroad barons worked closely to negotiate prices instead of free market competition determinations.
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Besides Carnegie’s market manipulation, United States trade tariffs were also working in favor of the steel industry. Carnegie spent energy and resources lobbying congress for a continuation of favorable tariffs from which he earned millions of dollars a year. Carnegie tried to keep this information concealed, but legal documents released in 1900, during proceedings with the ex-chairman of Carnegie Steel, Henry Clay Frick, revealed how favorable the tariffs had been. Herbert Spencer absolutely was against government interference in business in the form of regulatory limitation, taxes, and tariffs as well. Spencer saw tariffs as a form of taxation that levied against the majority in service to “the benefit of a small minority of manufacturers and artisans”.
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Despite Carnegie’s personal dedication to Herbert Spencer as a friend, his adherence to Spencer’s political and economic ideas is more contentious. In particular, it appears Carnegie either misunderstood or intentionally misrepresented some of Spencer’s principal arguments. Spencer remarked upon his first visit to Carnegie’s steel mills in Pittsburgh, which Carnegie saw as the manifestation of Spencer’s philosophy, “Six months’ residence here would justify suicide.”
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Carnegie and his family belonged to the Presbyterian Church in the United States of America, also known informally as the Northern Presbyterian Church. In his early life Carnegie was skeptical of Calvinism, and religion as a whole, but reconciled with it later in his life. In his autobiography, Carnegie describes his family as moderate Presbyterian believers, writing that “there was not one orthodox Presbyterian” in his family; various members of his family having somewhat distanced themselves from Calvinism, some of them leaning more towards Swedenborg theology. Though, being a child, his family led vigorous theological and political disputes. His mother avoided the topic of religion. His father left the Presbyterian church after a sermon on infant damnation, while, according to Carnegie, still remaining very religious on his own.
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Before the Civil War, Carnegie arranged a merger between Woodruff’s company and that of George Pullman, the inventor of a sleeping car for first class travel which facilitated business travel at distances over 500 miles (800 km). The investment proved a great success and a source of profit for Woodruff and Carnegie. The young Carnegie continued to work for the Pennsylvania’s Tom Scott, and introduced several improvements in the service.

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