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Carnegie Visited Bessemer
Andrew Carnegie traveled to England where he viewed Henry Bessemer's expedited steel production process in action. He returned to the United States and incorporated the Bessemer Process into his factories. -
Carnegie Purchased the Homestead Iron Works
Carnegie demonstrated his mastery of the horizontal integration concept by buying out his competitors' companies, as exhibited with this event. -
Carnegie Supported Unions
In Forum Magazine, Andrew Carnegie had an article published. It defended the workers' right to unionize and celebrates open capitalism and democracy. -
Gospel of Wealth Published
Carnegie's book implored the fabulously wealthy to donate their capital to philanthropic ventures as a way to "repay" society for their gains and successes. -
The Homestead Strike
Following an economic downturn that lowered his employees' wages, a union at Carnegie's Homestead Mill struck. Henry Frick was trusted to dismantle the effort but his harsh tactics and cruelty in doing so befouled Carnegie's name. -
Carnegie Steel Founded
Andrew Carnegie used the concept of vertical integration, owning all steps in a good's production process, with ruthless efficacy and soon Carnegie Steel dominated the market. -
Carnegie Advocated for an Independent Philippines
The US captured the Philippines from Spain in the Spanish-American War (though later compensating the nation $20 million). Carnegie viewed this as an imperial shift in US policy and strongly disliked it, offering up $20 million himself to buy the nation's independence. The US would not allow it. -
Carnegie Bought Out
Investment Banker JP Morgan purchased Andrew Carnegie's interests in Carnegie Steel for a whopping $480 million, approximately 50% of which went directly into Carnegie's pocket for use as fuel for his philanthropic ventures. -
Carnegie Corporation Founded
Carnegie established his largest charitable organization and endowed it with $125 million for use to further educational facilities in New York.
