Carnegie
Early Life
Andrew Carnegie was born on November 25, 1835, in Dunfermline, Scotland, to Margaret Morrison Carnegie and William Carnegie, a weaver. The family lived in a typical weaver's cottage with only one main room, consisting of half the ground floor, which was shared with the neighboring weaver's family. The main room served as a living room, dining room, and bedroom. He was named after his legal grandfather.
Emigration to America
In 1848, the Carnegies emigrated to the United States, settling in Allegheny, Pennsylvania, a suburb of Pittsburgh, where Andrew's father worked in a cotton factory. However, the factory went out of business, and his father was unable to find stable employment. At the age of thirteen, Andrew went to work as a bobbin boy in a cotton factory, earning $1.20 per week. He then moved on to become a messenger boy in the local Pittsburgh Telegraph office.
Carnegie's Career and Philanthropy
Andrew Carnegie's career took off when he started working for the Pennsylvania Railroad Company in 1853, where he quickly rose through the ranks. He made wise investments in a variety of businesses, including coal, iron, oil, and railroads, which made him one of the wealthiest men in America. His most significant business venture was the Carnegie Steel Company, which revolutionized steel production in the United States.
Carnegie sold his steel company in 1901 to J.P. Morgan's newly formed United States Steel Corporation for $480 million. After selling his company, Carnegie retired from business and devoted himself to philanthropy. He believed in the "Gospel of Wealth," which held that the rich have a moral obligation to give away their fortunes. In 1889, he wrote "The Gospel of Wealth," in which he asserted that all personal wealth beyond that required to supply the needs of one's family should be regarded as a trust fund to be administered for the benefit of the community.
Carnegie established numerous trusts for educational and cultural institutions. His philanthropic interests centered around education, libraries, world peace, and scientific research. He funded the building of more than 2,500 libraries around the world, including the famous Carnegie Library of Pittsburgh. He also established large endowments for several universities and educational institutions worldwide, including the Carnegie Mellon University and the Carnegie Institution for Science.
Death and Legacy
Andrew Carnegie died on August 11, 1919, in Lenox, Massachusetts. He had given away $350,695,653 (approximately $76.9 billion, adjusted to 2015 dollars) of his wealth. His legacy lives on through the institutions he established and funded, which continue to benefit society today.