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History 1302 Unit 1 Report Lesson 2 Idea 1 October 6 2000 Andrew Carnegie and The Gospel of Wealth One of the captains of industry of the 19th century America Andrew Carnegie helped build the formidable American steel industry a process that turned a poor young man into one of the richest entrepreneurs of his age Later in life Carnegie sold his steel business and systematically gave his collected fortune away to cultural education and scientific institutions for the improvement of mankind Carnegie was not always a rich man which I think was one of the factors that helped make him so generous He understood what it was like to work hard and not have everything handed to you Carnegies success started when he was introduced to steel In 1888 he made a profit of 2 million 9 years later 7 million and in 1899 his profit rose to 21 million By 1900 he had produced more steel than the entire country of Great Britain In 1901 Carnegie had one of the largest companies in the world which employed more than 20 thousand laborers Carnegie was unusual among the industrial captains of his day because he preached for the rights of laborers to unionize and to protect their jobs Despite his large success he desired to get out His steel company was sold to J P Morgan and he became a private citizen Andrew Carnegie was a successful businessman his wealth was based on the provision of iron and steel to the railroads but he was also a man who recalled his roots in Scotland before his immigration to the United States He had not forgotten his heritage of concern for social justice Carnegie came up with the notion of the gospel of wealth to resolve what somewhat seemed to be contradictious between the creation of wealth which he saw as proceeding from immutable social laws and social
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