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Big Business Report

Big Business Report

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Published by: Sesshoumaru's Priestess on Apr 17, 2011
Copyright:Attribution Non-commercial


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 Big Business Report Andrew Carnegie was in the business of steel. He was the leader of the American steelindustry from eighteen seventy three to nineteen hundred and one. He built theCarnegie Steel Company which made him the second richest man in history. Hisbusiness got started because Carnegie decided that he no longer wanted to be acapitalist with several diversified interests. In 1870, decided that steel would replace ironin the manufacturing industry. So taking his own funds, he invested in getting his ownfurnace and then a second one in 1872. This led to him organizing a Bessemer steel railcompany with a limited partnership.His business grew to the level it did because he controlled the integrated iron and steeloperations completely. In the 1880¶s his business was the largest manufacturer of steel,pig iron and coke in the world. He expanded his empire by buying out all of hiscompetitors. By 1889, his business of steel exceeded production in the United Statesand the United Kingdom in which he was a major player in. The businesses he acquiredincluded the J.Edgar Thomson Steel Works, Pittsburgh Bessemer Steel Works, LucyFurnaces, Union Iron Mills, Union Mill Hartman Steel Works, Keystone Bridge Works,Scotia and the Frick Coke Company. With these businesses and the fast and efficientmass production of steel, Carnegie was able to accumulate a mass of wealth.
The positive and negative effects of the business in the late nineteen hundreds werethat goods were produced faster and cheaper than before. Transportation from the steelproduction allowed an increase in the railroad industry allowing for better communication and shipments. ³Advancements in steel production and improvedmanagement techniques allowed steel mills to boost their production, which drove theprices down. This aided an already expanding market, as well as expanding thepocketbooks of a few individuals.´ Urbanization was also on the increase creating more jobs and opportunities for workers. The negative effects were pollution, crowded citiesand child labor law issues. There were also long hours, unsafe working conditions andlow wages for employees. Carnegie was also ruthless in business undercutting all of hiscompetitors until they were no longer making money and then he would buy them outfor little money.Carnegie and his business affected society today in a very positive way. Carnegie wasgenerous contributions to various institutions before his death. He donated to severalcultural and educational institutes. He set up trust funds that he credited to being for thebetterment of mankind. He set up trust funds for the building and upkeep of threethousand public libraries. The Carnegie Institute of Pittsburgh was founded and openedin eighteen ninety five. The Institute housed an art gallery and at his request alsobecause the first place to buy contemporary art. It also housed a natural historymuseum and a music hall. There was a group of technical institutes that flourished inthe Carnegie Institute of Technology and is now known as Carnegie Mellon University.
There is also the Carnegie Institute of Washington that does research in both physicaland natural science. The most famous out of all of it is the Carnegie Hall in New YorkCity. He also funded the Foundation for the Advancement of Teaching which is used toprovide pensions for university professors. Finally, he funded the Endowment of International Peace which was to see to the abolition of war.The pros and cons of big business was that the U.S went from being purely agriculturalto an industrialized giant. Transportation, communication and the population explosioncaused the U.S to become the leading power when it came to the Industrial Age. Newinventions came into play that made life more beneficial. Electricity, machineryimprovements and business expansions made the working man move into more skilledpositions. The cons of big business were the poorly treated workers as well as lowwages and unsafe working conditions. There was the stripping and overuse of naturalresources as well as an abundance of pollution. The gap between the rich and the poor was enormous. The overcrowding in cities led to many issues such as working classesand high disease rates. There was both social and racial segregation that would causetensions.There are not many of the old pros and cons that still exist from the Industrial Age.While there may be a slight issue with racism and sexism in the workplace, there have

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