Andrew Carnegie
Known as the steel king, Andrew Carnegie was a the owner of the Carnegie Steel Company. He was not a monopolist and did not believe in the concept. In order to optimize his profit, he used a system called vertical integration. This allowed him to be in control of the entire steel making process. This control allowed him to increase efficiency.
Carnegie grew up in Scotland, and traveled to America at the age of 13. Living in poverty, he got his first job in 1848. It payed only $1.20 a week. He quickly moved up the ranks because of his worth ethic, cheerful personality, and assuming responsibility. After gaining a small savings account, he moved into the steel business for himself. Once his company grew, he partnered with about 40 Pittsburgh Millionaires. He grew and began producing one quarter of the nations steel. Rivalry grew, and Carnegie threatened to invade the business of his rival if he did not receive the money he wanted. An agreement was reached; his rival J.P.Morgan agreed to buy out Carnegie for over $400 million. After this he feared he would die with all his wealth. As a result he donated the majority of his estate to miscellaneous charities. Helping the creation of several libraries, universities, and schools.
Carnegie grew up in Scotland, and traveled to America at the age of 13. Living in poverty, he got his first job in 1848. It payed only $1.20 a week. He quickly moved up the ranks because of his worth ethic, cheerful personality, and assuming responsibility. After gaining a small savings account, he moved into the steel business for himself. Once his company grew, he partnered with about 40 Pittsburgh Millionaires. He grew and began producing one quarter of the nations steel. Rivalry grew, and Carnegie threatened to invade the business of his rival if he did not receive the money he wanted. An agreement was reached; his rival J.P.Morgan agreed to buy out Carnegie for over $400 million. After this he feared he would die with all his wealth. As a result he donated the majority of his estate to miscellaneous charities. Helping the creation of several libraries, universities, and schools.