(486) Andrew Carnegie: Prince Of Steel | Full Documentary | Biography

Who was Andrew Carnegie?

A poor Scottish immigrant who became one of the most powerful men in America and a prominent philanthropist.

What industry was Andrew Carnegie most associated with?

The steel industry.

What did Carnegie believe about wealth and philanthropy?

He believed that a rich man who dies rich, dies in disgrace, and he dedicated his life to giving back.

When and where was Andrew Carnegie born?

November 25, 1835, in Dunfermline, Scotland.

What significant challenge did Carnegie's family face in Dunfermline?

Poverty due to the devastation of his father's linen business by textile factories.

How did Andrew Carnegie's mother contribute to his upbringing?

She instilled values of hard work and determination in him.

What was the reason Andrew Carnegie had to leave school at a young age?

To help support his family after his father was unable to adapt to their new life in America.

What was Andrew Carnegie's first job in America?

He worked in the boiler room of a thread factory for $1.20 a week.

What opportunity significantly changed Carnegie's life trajectory when he was a teenager?

He became a messenger for the O'Reilly Telegraph, which allowed him to expand his world.

How did Carnegie adapt to different circumstances throughout his life?

He learned to seize opportunities and acquire new skills, such as learning Morse code.

What was Carnegie's first major investment that significantly increased his wealth?

He invested in the Woodruff Sleeping Car Company.

Who were Andrew Carnegie's key mentors in his early career?

Tom Scott, a Pennsylvania Railroad executive.

Which major event did Carnegie serve as a civilian advisor during?

The Civil War, specifically at the Battle of Bull Run.

What was Andrew Carnegie's significant business strategy called?

Vertical organization, where he aimed to control every aspect of production.

What was the Bessemer process?

An innovation in steel production that allowed for mass production.

What event marked a significant turning point in Carnegie's image and business practices?

The Homestead Strike of 1892, which turned public sentiment against him.

What major decision did Carnegie make regarding his business in 1901?

He sold Carnegie Steel to J.P. Morgan for $480 million.

What became of Carnegie’s wealth after his death?

It was mostly dedicated to philanthropy, with a focus on education and libraries.

What phrase did Carnegie see as a guiding principle for his philanthropic work?

"Let there be light."

How did Andrew Carnegie view his legacy regarding his workers?

He expressed guilt for the labor conditions and was aware of the hardships they faced.

What institutions did Andrew Carnegie establish that continue to impact society today?

Carnegie Mellon University and approximately 3,000 libraries worldwide.

What was the philosophy behind Carnegie's approach to philanthropy?

He believed in helping people help themselves and fostering education.

What societal impact did Andrew Carnegie's wealth have in the U.S.?

His wealth helped fund public education, libraries, and various other educational institutions.

What did Carnegie achieve at the age of 62?

He became a father to his daughter Margaret, named after his mother.

What was the significance of Andrew Carnegie's steel production innovations?

Carnegie revolutionized the steel industry with innovations like the Bessemer process, enabling mass production and reducing costs.

How did Carnegie's upbringing in a poor immigrant family influence his future?

His upbringing instilled values of hard work and determination, shaping his approach to business and philanthropy.

What was Andrew Carnegie's role during the Civil War?

He served as a civilian advisor, contributing to military efforts, notably during the Battle of Bull Run.

Why did Carnegie leave school at a young age?

He left to support his family after his father's inability to adapt to life in America.

What was the 'Gospel of Wealth'?

A philosophy proposed by Carnegie that argued the wealthy should use their riches to improve society.

How did Andrew Carnegie view the relationship between employers and employees?

He recognized the importance of treating employees well, although he later faced criticism over labor conditions.

What lasting impact did Carnegie's philanthropy have on society?

His philanthropy funded educational institutions, libraries, and public education initiatives across the U.S.

What was the Homestead Strike, and why was it significant for Carnegie?

A violent labor dispute in 1892 that damaged Carnegie's reputation and highlighted worker grievances.

What business model did Carnegie popularize in the steel industry?

Vertical integration, involving control over every aspect of production from raw materials to finished goods.

Why did Andrew Carnegie sell his steel company in 1901?

He sought to retire and focus on his philanthropic efforts, selling it to J.P. Morgan for $480 million.

What were some key factors that contributed to Carnegie's success in business?

Seizing opportunities, strategic investments, and an emphasis on innovation and efficiency.

What legacy did Carnegie leave regarding libraries?

He established around 3,000 libraries worldwide, promoting access to education and learning.

How did Carnegie’s philosophy influence modern philanthropy?

His belief in using wealth for social good laid the groundwork for contemporary philanthropic practices.

What was the impact of Carnegie Mellon University?

It is a leading research university, particularly known for its engineering, business, and computer science programs.

What role did mentorship play in Carnegie's career?

Key mentors like Tom Scott helped Carnegie navigate the business world and expand his opportunities.

How did the Bessemer process change the steel industry?

It allowed for cheaper and faster steel production, fueling industrial growth in America.

Why did Carnegie feel guilt regarding his labor practices?

He was aware of the hardships faced by workers and struggled with the labor conditions in his mills.

What guiding principle did Carnegie follow in his philanthropic work?

He adhered to the idea of 'helping people help themselves' through education and self-improvement.

What challenges did Carnegie face as a businessman?

He faced competition, labor strikes, and public scrutiny, particularly regarding worker conditions.

In what year did Andrew Carnegie pass away, and what was his legacy?

He died in 1919, leaving a legacy of philanthropy focused on education and public access to knowledge.

What significant contribution did Carnegie make towards education in the U.S.?

He funded the establishment of libraries and educational institutions, greatly enhancing public education.

What is vertical integration, and how did Carnegie implement it?

A business model where a company controls all aspects of production; Carnegie implemented this in his steel operations.

What key event marked a turning point in public perception of Carnegie?

The Homestead Strike of 1892, where violent clashes between workers and management led to negative publicity.

How did Carnegie's wealth affect his view of society?

He believed that his wealth came with a moral obligation to contribute positively to society.

What was the principle behind Carnegie's philanthropy, as stated in his writings?

He famously stated that 'the man who dies rich dies disgraced,' advocating for wealthy individuals to give back.

What industries benefited from Carnegie's innovations in steel production?

Construction, manufacturing, and railroads, as steel became a fundamental material for infrastructure.

How did Carnegie broaden his business interests outside steel?

He invested in various industries including railroads and the Woodruff Sleeping Car Company.

How did Carnegie's experience as a messenger influence his later success?

Working as a messenger exposed him to the business world and helped him develop important skills.

What prestigious award is named after Andrew Carnegie?

The Carnegie Medal of Philanthropy, honoring individuals who have made significant contributions to philanthropy.

What distinguishes Carnegie's legacy from other industrialists of his time?

His strong commitment to philanthropy and education set him apart from many of his contemporaries.

How did Carnegie's immigrant background impact his American Dream narrative?

His rise from poverty to wealth illustrated the possibilities of the American Dream for immigrants.

What role did technological advancements play in Carnegie’s business strategy?

He leveraged technological innovations to improve efficiency and reduce costs in steel production.

What did Carnegie's will stipulate about his fortune?

He dedicated the majority of his wealth to philanthropic pursuits, particularly in education and libraries.

What entrepreneurial spirit did Carnegie embody throughout his career?

A relentless pursuit of innovation, improvement, and social responsibility in business.

How did Carnegie establish his philanthropic foundations?

He set up multiple trusts and foundations aimed at funding educational and cultural initiatives.

What kind of educational institutions did Carnegie primarily fund?

He focused on libraries, universities, and educational programs to promote lifelong learning.