Andrew Carnegie on This Day in History

 
Andrew Carnegie: Robber Baron or Hero of Capitalism?

Today in History: The original man of steel, Andrew Carnegie, was born on this day in 1835. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history. He did now, not by gouging and screwing his customers, but by making his product more easily accessible. For instance, Carnegie almost single-handedly reduced the price of steel rails from $160 per ton in 1875 to $17 per ton nearly a quarter century later. 

Andrew Carnegie had an interesting philosophy when it came to wealth. "Carnegie spoke of the millionaire’s duty to live a 'modest' lifestyle, shunning extravagant living and administering his wealth for the benefit of the community. To do otherwise, he warned, would encourage an age of envy and invite socialistic legislation attacking the rich through progressive taxation and other onerous anti-business regulations. Carnegie practiced what he preached, giving away over $350 million in his lifetime. One of his first acts after U.S. Steel went public was to put $5 million into a pension and benefit plan for his workers...he spent millions building 2,811 public libraries, donating 7,689 organs to churches, and establishing Carnegie Hall in New York and the Carnegie Institution in Washington. He financed technical training at the Carnegie Institute of Technology and established a pension fund for teachers through the Carnegie Foundation for the Advancement of Teaching." Mark Skousen

Carnegie's dictum was (1) To spend the first third of one's life getting all the education one can. (2) To spend the next third making all the money one can. (3) To spend the last third giving it all away for worthwhile causes.

See also: Capitalism in America - 100 Books on DVDrom (Captains of Industry)