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Carnegie
One of the major figures in American history, Andrew Carnegie was a ruthless businessman who made his fortune in the steel industry and ultimately gave most of it away. He used his wealth to ascend the world's political stage, influencing the presidencies of Grover Cleveland, William McKinley, and Theodore Roosevelt. In retirement, Carnegie became an avid promoter of world peace, only to be crushed emotionally by World War I.
In this compelling biography, Peter Krass reconstructs the complicated life of this titan who came to power in America's Gilded Age. He transports the reader to Carnegie's Pittsburgh, where hundreds of smoking furnaces belched smoke into the sky and the air was filled with acrid fumes . . . and mill workers worked seven-day weeks while Carnegie spent months traveling across Europe.
Carnegie explores the contradictions in the life of the man who rose from lowly bobbin boy to build the largest and most profitable steel company in the world. Krass examines how Carnegie became one of the greatest philanthropists ever known-and earned a notorious reputation that history has yet to fully reconcile with his remarkable accomplishments.
In this compelling biography, Peter Krass reconstructs the complicated life of this titan who came to power in America's Gilded Age. He transports the reader to Carnegie's Pittsburgh, where hundreds of smoking furnaces belched smoke into the sky and the air was filled with acrid fumes . . . and mill workers worked seven-day weeks while Carnegie spent months traveling across Europe.
Carnegie explores the contradictions in the life of the man who rose from lowly bobbin boy to build the largest and most profitable steel company in the world. Krass examines how Carnegie became one of the greatest philanthropists ever known-and earned a notorious reputation that history has yet to fully reconcile with his remarkable accomplishments.
612 pages, Hardcover
First published August 30, 2002
40 people are currently reading
1540 people want to read
About the author
Peter Krass
27 books12 followersI like to dabble for “a foolish consistency is the hobgoblin of little minds” as Ralph Waldo Emerson would remind us. Although I’m not sure how far dabbling will get you, I’ve enjoyed working on biographies, business books, newspaper stories, business articles, that all-consuming yet maddeningly elusive arena of fiction, and poetry.
And now my wife and I are Vermont farmers to boot, with a sugar bush that glows in the low winter sun, chickens who lay regularly, a coq who never crows before 7am, honey bees who are sweet as, well, honey, and 2 German shepherds who want more than anything to shepherd the chickens …
And now my wife and I are Vermont farmers to boot, with a sugar bush that glows in the low winter sun, chickens who lay regularly, a coq who never crows before 7am, honey bees who are sweet as, well, honey, and 2 German shepherds who want more than anything to shepherd the chickens …
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Displaying 1 - 29 of 29 reviews
June 6, 2012
If ever there were a man you loved to hate . . . or in my case just hate. I feel for his struggles and his roots but Carnegie truly epitomizes classism and the horrible outcomes it can produce. But he is a product of his world in which individualism was the core value espoused by all who sought "success".
This is a fantastic book. Peter Krass does an amazing job humanizing such a iconic figure. I wish it were more widely read so the terror that results from a man like Carnegie's ambitions would be deeper understood instead of heroified without full understanding of the circumstances that led to his development and the results of his actions.
This is a fantastic book. Peter Krass does an amazing job humanizing such a iconic figure. I wish it were more widely read so the terror that results from a man like Carnegie's ambitions would be deeper understood instead of heroified without full understanding of the circumstances that led to his development and the results of his actions.
October 1, 2020
It was a superb reading. Having this book as a kind of sandwich with the Henry Ford bio, I mean Carnegie-Ford-Carnegie, I like a lot how this part of history has been presented to me.
Disregarding their many flaws, I find a lot of value into their way of think.
About Carnegie, personally, I also share some core values about self-education. That part when he decide to have a book club in the library of the town, actually I'm very hype to emulate this example myself with three friends reading a thick book and discussing the ideas.
Has been very insightful, his gospel of wealth although not perfect, was his way, and he follow it right trough his last breath. I respect that, I respect a man that have some kind of vision and goes to materialize it.
Note for my future me, you have to visit the pittsburgh library and the carnegie hall. Not just 360 google maps pictures.
Disregarding their many flaws, I find a lot of value into their way of think.
About Carnegie, personally, I also share some core values about self-education. That part when he decide to have a book club in the library of the town, actually I'm very hype to emulate this example myself with three friends reading a thick book and discussing the ideas.
Has been very insightful, his gospel of wealth although not perfect, was his way, and he follow it right trough his last breath. I respect that, I respect a man that have some kind of vision and goes to materialize it.
Note for my future me, you have to visit the pittsburgh library and the carnegie hall. Not just 360 google maps pictures.
October 17, 2024
His head is spinning; the pressure of the unions, the backstabbing former employees are twirling inside his mind. What will he do? Raise the wages and risk the future of his company or lower them, saving his company but not his reputation?
Peter Krass perfectly portrays one of America’s wealthiest entrepreneurs of the Gilded Age in his book Carnegie, which explores the life of Andrew Carnegie. How it all started and where it all went wrong.
Andrew Carnegie was a Scottish immigrant, born in Dunfermline, Scotland, on November 25th, 1835, to a poor Scottish family. In 1848, his family moved to the United States in search of better economic growth in the country. He spent most of his childhood working at a cotton factory, earning $1.20 a week helping his working father and brothers sustain their family. The factories were dangerous places, especially for children to work, and this had a profound impact on Carnegie. It was obvious working at factories wasn’t anyone’s first choice. A few years later, he worked his way to more serious jobs, including messenger in a telegraph office and secretary and telegraph operator for the superintendent of the Pittsburgh division of the Pennsylvania Railroad, which was surprising considering he was still quite young.
In 1865, Carnegie retired from his post and continued investing in the business world, specifically the U.S. Railroad, which was growing rapidly during that time. He also founded business ventures such as an iron bridge-building company (Keystone Bridge Company) and a telegraph firm, using his connections to win insider contracts. By now, Carnegie was a wealthy man. 5 years later, he co-opened his steel company and factory called J. Edgar Thomson Steel Works. They made steel, which was used to make rails for trains. During his time here, Carnegie was known to be quite strict and firm, which often led him to his partners’ and employees' bad books and would later ruin him.
One significant strategy Carnegie used to lower steel costs was tracking every item’s price and number of uses. He would have specific people recording how much each item cost, and they would allot it to the workers. Knowing how much each single item and use cost, Carnegie was able to lower his costs dramatically, Being $50 less than his competitors! Although this wasn’t his only strategy, Carnegie was stingy with his money and underpaid his workers to an extreme level. He created a shop inside his factory and blackmailed his workers to buy groceries; if they refused, they’d lose their jobs. The workers were buying from an overly-priced grocery shop within the factory, basically giving their wages back to Carnegie. Jobs were difficult to find back then, which made it easier for Carnegie to blackmail his employees. This didn’t go well, as one of his board members quit to work with their main competitor, Pennsylvania Rails, and leaked Edgar Thompson's information. That didn’t hurt his company, as Carnegie had a hold of raw materials and production lines, creating a monopoly on steel manufacturing.
In 1892, Carnegie formed the Carnegie Steel Company, continuing his abusive strategies; business went rough during the Homestead Strike. The factory was shut down for a few days, and Carnegie increased the wages by a few cents which seems to have worked this time. More unions were formed, and Carnegie became stricter with his rules. By this time, it was clear something had to change. The workers deserved to be paid more, especially since 20% of adult male deaths during that period were due to the mill in Pittsburgh (Carnegie’s mill). So many people died that the list of those who had died was as long as a list from a battle in the Civil War and worst, Carnegie could easily pay each worker the right amount, $600, and continue to grow his business, but he chose not to. Which shows how easily you can forget where you came from. You’d expect someone who’s been through the same things not to do it to others, but the money and power caused Carnegie to be exceptionally greedy. He treated his workers and partners with no respect, causing them to expose his weaknesses to his competitors.
During all of this, Carnegie was 38 and alone, and his mother was the only woman he loved and would ever truly love. He was desperate to feel a connection, and because of his work at the mill, he could hardly pay attention to the girl he was interested in, Louise Whitfield. They’d take strolls in Central Park in New York, but nothing serious happened because of Carnegie’s mother. When they had announced their engagement, she instantly denied it. Only after Carnegie's mother was to have died were Carnegie and Louise allowed to get married. Then, in 1886, Carnegie’s mother passed, which was devastating to Carnegie. He spent weeks in isolation and finally returned with a newfound perspective on life, which he celebrated by marrying Louise.
When things at the mill could self-sustain, Carnegie traveled the world with Louise, and he had much time on his hands. That’s when Carnegie began “supporting” his political views. His money did all the talking. Carnegie influenced major political figures leading up to the presidency, who, at that time, was Grover Cleveland against Jim Harrison. The press released that the Democrats were frauds on their front page, and the election essentially came down to who could pay the most. Thanks to Carnegie and Matthew Quay, Harrison raised much of the money that he had won. Carnegie was so rich and powerful that he could influence the elections and get the president, which would support his ruthless business style.
By now, Carnegie was thirsty for power and honor. He started giving away his money to build libraries named after time and wanted everyone to admire him. His first library was in Dunfermline, Scotland, and soon enough, Carnegie became a celebrity there; kids and adults would line up to see him pull up to the finished library. He was rich and powerful. In one of the books I read, The Prince by Machiavelli, he says,
“Those who rise from private citizens to be princes merely by fortune have little trouble in rising but very much in maintaining their position” (Machiavelli, 23).
This was exactly how it all went down. Carnegie had constant cash flow from his steel company, but it was increasingly difficult to maintain his power when he treated everyone he worked with demeaningly.
Later in Carnegie’s life, he sold his Steel Company to J.P Morgan for $480 million, which is around 17 billion dollars today. With the new money and the money he was getting from his shares, Carnegie turned towards Philanthropy, funding many causes around the US, including many in equality and rights for workers. Not only that, but Carnegie was still a major influence on the US Government, helping them throughout all world wars and funding them. The new image Carnegie was trying to put on himself was a great act of hypocrisy, funding, and supporting causes he committed to get where he was. He built what is now America and left behind many lessons to learn from in the complicated world of business and politics.
The biggest takeaway from the rise and fall of Carnegie is you don’t need that much money. Carnegie went through so much over the years to become a millionaire, a success in the world’s eyes, but near the end of his life, he didn’t know what to do with the money. He had given a huge portion to his family in his will, but he still had $180 million left in the bank, equivalent to $5 billion in today's money. Imagine the lives he could’ve made better if he had paid his workers rightfully back when he owned his steel company.
This also raises the question: Should Carnegie be recognized as a philanthropist and an avid supporter of human rights when he exploited his workers to get to where he was? I personally didn’t like the hypocrisy of it. The lengths Carnegie went to get rid of unions didn’t make it fair for him to switch sides as soon as he got enough money to retire. Even his daughter viewed Carnegie as a cunning man who was being hypocritical.
Carnegie didn’t live a fully fulfilled life either; he had his first and only child in his 60s and had spent the years before that being extremely lonely. He was a sad man because he only loved and cared about his money. He was growing old while his wife was quite young. He would’ve been much happier if he had started his family when he was younger if he made more friends then, but his demeaning aura and the way he treated any person who could’ve been his friend lessened the possibility of one. Having all the money in the world will never fix a lack of support and love you get from your family and valuing it. No matter where you are, prioritizing your life over work is more beneficial in the long term. It will bring you true happiness, which you can’t buy with your money. After all, Carnegie was left with $5 billion (today’s money) after splitting his fortune.
Other than Carnegie’s poor life decisions, taking a look at his business and his successful endeavors, I’ve learned about decreasing production costs and lowering prices. However, if it is a little hurtful to your business, it will add up well in the future. Making sure you’re still producing quality work is essential. Carnegie is known for lowering costs while maintaining the quality of his produced goods. Alongside, quoting Carnegie, “Put all your eggs in one basket and then watch that basket” is a useful strategy for investing your money: high risk equals high reward. You can’t get anywhere in life without taking risks.
Another great lesson is to build connections. One of the reasons Carnegie got to the top was because of his connections. He could easily get to different companies, conferences, and even the President of the United States by using his connections. Connections aren’t the only aspect, though. You also need to know what you’ll bring to the table. Although Carnegie didn’t know much going into the steel factory business, he knew what he could do for the company. He knew his value. That’s also an essential piece to the puzzle of the business world.
Moving onto the writing style, one small yet impactful detail I’ve noticed is Krass’ references to the book The Prince by Niccolo Machiavelli, a treaty/book which outlines the rise of monarchs and their strategies for retaining power and position. There are many instances where Carnegie's situation or behavior is referenced in The Prince. I saw a correlation between the business world and war. It’s all quite the same; it’s all cut-throat (pun not intended). Carnegie had to instill fear in his workers like a Prince would in his people. (page 318). While reading those small parts, seeing the correlation between Carnegie and The Prince, I couldn’t help but think of the famous quote by Lord Acton,
“Power tends to corrupt and absolute power corrupts absolutely. Great men are almost always bad men, even when they exercise influence and not authority[.]” - Lord Acton.
In Carnegie’s case, he did exercise authority in his businesses. Still, if you look at his later endeavors, such as politics and “philanthropy,” he’s exercising great influence. During 1917, the early stages of World War I, after Wilson’s “Peace without victory” speech, Carnegie wrote him a letter which stated:
“Were I in your place there would soon be an end to this. There is only one straight way of settlement. You should proclaim war against her [(Germany)], however reluctantly, and then settlement would soon come[.]” (Krass, 531)
Carnegie didn’t have to wait long. In April, the US declared war against Germany. Carnegie greatly influenced the President, but that doesn’t necessarily make him a “great man.” He had a lot of power, but how he got it made him a “bad man,” referring back to the quote. Krass did an excellent job connecting The Prince to Andrew Carnegie. It added much depth to the book and made me think beyond what was written.
Peter Krass was born on November 5th, 1963, in New York. Krass grew up with a strong passion for literature and history. He pursued his higher education and landed in various positions throughout his career and earned many titles in return: Journalist and editor, Marketing manager for Dun & Bradstreet, Script consultant for British Broadcasting Corporation, Managing editor for the "Best American Essays" series of books, and a lecturer. Krass has written a few of his books, such as Blood & Whiskey: The Life and Times of Jack Daniel, Sojourner Truth, and, more famously known, Carnegie.
Carnegie was Krass’ first biography in his writing career. Krass created a long, thorough, and descriptive narrative using various resources, including letters, diaries, and other writings by people who knew Carnegie. His work has been used throughout the business world. Harvard has used Carnegie as part of their case studies, and the Journal of Management has used this book to discuss business strategies. The book highlights a major influence in America during a crucial time in history. Although Andrew Carnegie was ruthless, there is much to learn from him. For this reason, I recommend this book to those interested in business history, especially those interested in famous names and figures still relevant today, such as Rockefeller, J.P Morgan, etc.
The long and in-depth biography has given me new perspectives on wealthy families and businesses. I’ve learned meaningful lessons just by reading about Andrew Carnegie's life. Just remember, although they paint a beautiful picture of philanthropy, it may not be like that on the inside.
Peter Krass perfectly portrays one of America’s wealthiest entrepreneurs of the Gilded Age in his book Carnegie, which explores the life of Andrew Carnegie. How it all started and where it all went wrong.
Andrew Carnegie was a Scottish immigrant, born in Dunfermline, Scotland, on November 25th, 1835, to a poor Scottish family. In 1848, his family moved to the United States in search of better economic growth in the country. He spent most of his childhood working at a cotton factory, earning $1.20 a week helping his working father and brothers sustain their family. The factories were dangerous places, especially for children to work, and this had a profound impact on Carnegie. It was obvious working at factories wasn’t anyone’s first choice. A few years later, he worked his way to more serious jobs, including messenger in a telegraph office and secretary and telegraph operator for the superintendent of the Pittsburgh division of the Pennsylvania Railroad, which was surprising considering he was still quite young.
In 1865, Carnegie retired from his post and continued investing in the business world, specifically the U.S. Railroad, which was growing rapidly during that time. He also founded business ventures such as an iron bridge-building company (Keystone Bridge Company) and a telegraph firm, using his connections to win insider contracts. By now, Carnegie was a wealthy man. 5 years later, he co-opened his steel company and factory called J. Edgar Thomson Steel Works. They made steel, which was used to make rails for trains. During his time here, Carnegie was known to be quite strict and firm, which often led him to his partners’ and employees' bad books and would later ruin him.
One significant strategy Carnegie used to lower steel costs was tracking every item’s price and number of uses. He would have specific people recording how much each item cost, and they would allot it to the workers. Knowing how much each single item and use cost, Carnegie was able to lower his costs dramatically, Being $50 less than his competitors! Although this wasn’t his only strategy, Carnegie was stingy with his money and underpaid his workers to an extreme level. He created a shop inside his factory and blackmailed his workers to buy groceries; if they refused, they’d lose their jobs. The workers were buying from an overly-priced grocery shop within the factory, basically giving their wages back to Carnegie. Jobs were difficult to find back then, which made it easier for Carnegie to blackmail his employees. This didn’t go well, as one of his board members quit to work with their main competitor, Pennsylvania Rails, and leaked Edgar Thompson's information. That didn’t hurt his company, as Carnegie had a hold of raw materials and production lines, creating a monopoly on steel manufacturing.
In 1892, Carnegie formed the Carnegie Steel Company, continuing his abusive strategies; business went rough during the Homestead Strike. The factory was shut down for a few days, and Carnegie increased the wages by a few cents which seems to have worked this time. More unions were formed, and Carnegie became stricter with his rules. By this time, it was clear something had to change. The workers deserved to be paid more, especially since 20% of adult male deaths during that period were due to the mill in Pittsburgh (Carnegie’s mill). So many people died that the list of those who had died was as long as a list from a battle in the Civil War and worst, Carnegie could easily pay each worker the right amount, $600, and continue to grow his business, but he chose not to. Which shows how easily you can forget where you came from. You’d expect someone who’s been through the same things not to do it to others, but the money and power caused Carnegie to be exceptionally greedy. He treated his workers and partners with no respect, causing them to expose his weaknesses to his competitors.
During all of this, Carnegie was 38 and alone, and his mother was the only woman he loved and would ever truly love. He was desperate to feel a connection, and because of his work at the mill, he could hardly pay attention to the girl he was interested in, Louise Whitfield. They’d take strolls in Central Park in New York, but nothing serious happened because of Carnegie’s mother. When they had announced their engagement, she instantly denied it. Only after Carnegie's mother was to have died were Carnegie and Louise allowed to get married. Then, in 1886, Carnegie’s mother passed, which was devastating to Carnegie. He spent weeks in isolation and finally returned with a newfound perspective on life, which he celebrated by marrying Louise.
When things at the mill could self-sustain, Carnegie traveled the world with Louise, and he had much time on his hands. That’s when Carnegie began “supporting” his political views. His money did all the talking. Carnegie influenced major political figures leading up to the presidency, who, at that time, was Grover Cleveland against Jim Harrison. The press released that the Democrats were frauds on their front page, and the election essentially came down to who could pay the most. Thanks to Carnegie and Matthew Quay, Harrison raised much of the money that he had won. Carnegie was so rich and powerful that he could influence the elections and get the president, which would support his ruthless business style.
By now, Carnegie was thirsty for power and honor. He started giving away his money to build libraries named after time and wanted everyone to admire him. His first library was in Dunfermline, Scotland, and soon enough, Carnegie became a celebrity there; kids and adults would line up to see him pull up to the finished library. He was rich and powerful. In one of the books I read, The Prince by Machiavelli, he says,
“Those who rise from private citizens to be princes merely by fortune have little trouble in rising but very much in maintaining their position” (Machiavelli, 23).
This was exactly how it all went down. Carnegie had constant cash flow from his steel company, but it was increasingly difficult to maintain his power when he treated everyone he worked with demeaningly.
Later in Carnegie’s life, he sold his Steel Company to J.P Morgan for $480 million, which is around 17 billion dollars today. With the new money and the money he was getting from his shares, Carnegie turned towards Philanthropy, funding many causes around the US, including many in equality and rights for workers. Not only that, but Carnegie was still a major influence on the US Government, helping them throughout all world wars and funding them. The new image Carnegie was trying to put on himself was a great act of hypocrisy, funding, and supporting causes he committed to get where he was. He built what is now America and left behind many lessons to learn from in the complicated world of business and politics.
The biggest takeaway from the rise and fall of Carnegie is you don’t need that much money. Carnegie went through so much over the years to become a millionaire, a success in the world’s eyes, but near the end of his life, he didn’t know what to do with the money. He had given a huge portion to his family in his will, but he still had $180 million left in the bank, equivalent to $5 billion in today's money. Imagine the lives he could’ve made better if he had paid his workers rightfully back when he owned his steel company.
This also raises the question: Should Carnegie be recognized as a philanthropist and an avid supporter of human rights when he exploited his workers to get to where he was? I personally didn’t like the hypocrisy of it. The lengths Carnegie went to get rid of unions didn’t make it fair for him to switch sides as soon as he got enough money to retire. Even his daughter viewed Carnegie as a cunning man who was being hypocritical.
Carnegie didn’t live a fully fulfilled life either; he had his first and only child in his 60s and had spent the years before that being extremely lonely. He was a sad man because he only loved and cared about his money. He was growing old while his wife was quite young. He would’ve been much happier if he had started his family when he was younger if he made more friends then, but his demeaning aura and the way he treated any person who could’ve been his friend lessened the possibility of one. Having all the money in the world will never fix a lack of support and love you get from your family and valuing it. No matter where you are, prioritizing your life over work is more beneficial in the long term. It will bring you true happiness, which you can’t buy with your money. After all, Carnegie was left with $5 billion (today’s money) after splitting his fortune.
Other than Carnegie’s poor life decisions, taking a look at his business and his successful endeavors, I’ve learned about decreasing production costs and lowering prices. However, if it is a little hurtful to your business, it will add up well in the future. Making sure you’re still producing quality work is essential. Carnegie is known for lowering costs while maintaining the quality of his produced goods. Alongside, quoting Carnegie, “Put all your eggs in one basket and then watch that basket” is a useful strategy for investing your money: high risk equals high reward. You can’t get anywhere in life without taking risks.
Another great lesson is to build connections. One of the reasons Carnegie got to the top was because of his connections. He could easily get to different companies, conferences, and even the President of the United States by using his connections. Connections aren’t the only aspect, though. You also need to know what you’ll bring to the table. Although Carnegie didn’t know much going into the steel factory business, he knew what he could do for the company. He knew his value. That’s also an essential piece to the puzzle of the business world.
Moving onto the writing style, one small yet impactful detail I’ve noticed is Krass’ references to the book The Prince by Niccolo Machiavelli, a treaty/book which outlines the rise of monarchs and their strategies for retaining power and position. There are many instances where Carnegie's situation or behavior is referenced in The Prince. I saw a correlation between the business world and war. It’s all quite the same; it’s all cut-throat (pun not intended). Carnegie had to instill fear in his workers like a Prince would in his people. (page 318). While reading those small parts, seeing the correlation between Carnegie and The Prince, I couldn’t help but think of the famous quote by Lord Acton,
“Power tends to corrupt and absolute power corrupts absolutely. Great men are almost always bad men, even when they exercise influence and not authority[.]” - Lord Acton.
In Carnegie’s case, he did exercise authority in his businesses. Still, if you look at his later endeavors, such as politics and “philanthropy,” he’s exercising great influence. During 1917, the early stages of World War I, after Wilson’s “Peace without victory” speech, Carnegie wrote him a letter which stated:
“Were I in your place there would soon be an end to this. There is only one straight way of settlement. You should proclaim war against her [(Germany)], however reluctantly, and then settlement would soon come[.]” (Krass, 531)
Carnegie didn’t have to wait long. In April, the US declared war against Germany. Carnegie greatly influenced the President, but that doesn’t necessarily make him a “great man.” He had a lot of power, but how he got it made him a “bad man,” referring back to the quote. Krass did an excellent job connecting The Prince to Andrew Carnegie. It added much depth to the book and made me think beyond what was written.
Peter Krass was born on November 5th, 1963, in New York. Krass grew up with a strong passion for literature and history. He pursued his higher education and landed in various positions throughout his career and earned many titles in return: Journalist and editor, Marketing manager for Dun & Bradstreet, Script consultant for British Broadcasting Corporation, Managing editor for the "Best American Essays" series of books, and a lecturer. Krass has written a few of his books, such as Blood & Whiskey: The Life and Times of Jack Daniel, Sojourner Truth, and, more famously known, Carnegie.
Carnegie was Krass’ first biography in his writing career. Krass created a long, thorough, and descriptive narrative using various resources, including letters, diaries, and other writings by people who knew Carnegie. His work has been used throughout the business world. Harvard has used Carnegie as part of their case studies, and the Journal of Management has used this book to discuss business strategies. The book highlights a major influence in America during a crucial time in history. Although Andrew Carnegie was ruthless, there is much to learn from him. For this reason, I recommend this book to those interested in business history, especially those interested in famous names and figures still relevant today, such as Rockefeller, J.P Morgan, etc.
The long and in-depth biography has given me new perspectives on wealthy families and businesses. I’ve learned meaningful lessons just by reading about Andrew Carnegie's life. Just remember, although they paint a beautiful picture of philanthropy, it may not be like that on the inside.
October 24, 2017
ROCKEFELLR AND CARNEGIE WERE TWO RUTHLESS BUSINESSMEN WHO CRUSHED THEIR COMPETITION BY SCOOPING THE MARKET, REINVESTED PROFITS TO ACHIEVE EVER-GREATER EFFICIENCIES AND DROVE THEIR MEN MERCILESSLY.
Mind the costs and the profits will take care of themselves.
It was his willingness to stake it all on a single roll of the dice that would eventually yield unheralded riches.
Workers worked 7 days a week with just Xmas day and July 4 off it the steel mills in the 1860's.
20% of all Pittsburgh men died of accidents in the 1860's - a large majority of them in the steel, railroad and construction industries.
Carnegie amassed a $300m fortune in 1900.
Carnegie never over-indulged in alcohol.
At the age of 12 AC worked in the cotton mill his Dad worked at for 6 days a week, 12 days a week for $1.2 per week.
AC's boss and his boss' boss made money out of investing ahead of the railroad, knowing where they were building. They would invest in coal, lumber, freight and telegraph companies, as well as real estate. The insider investment technique was 100% guaranteed and there was no law preventing it. Carnegie got into steel via insider investments whilst working in the railroads.
His bosses joined price-fixing schemes who met annually. Price fixing was made illegal until 1890. Price fixing schemes rarely stuck as companies outmanoeuvred one another.
So many advances in technology and science are accidentally stumbled on. Steel was one of them.
Carnegie's share of steel production in the US was 29% in 1900.
Sold his business to Morgan for $480m in 1901 which gave Carnegie $225m in bonds and cash. Morgan (via his business US steel) ended up with 67% of the US steel market.
Carnegie provided the money to build the libraries and the states would have to maintain them. Only 27% of the libraries he provided for used his name.
In his lifetime Carnegie would establish 2811 libraries at a cost of >$60m
By 1905 Carnegie had distributed $100m of his $300m fortune.
At the height of his wealth Carnegie would have been worth $100b in todays dollars, only bested by Rockefeller at $200b in todays dollars.
Carnegie is remembered more as a giver not a maker. He established the template for charitable foundations.
Carnegie retired at age 66, Rockefeller at 56.
Mind the costs and the profits will take care of themselves.
It was his willingness to stake it all on a single roll of the dice that would eventually yield unheralded riches.
Workers worked 7 days a week with just Xmas day and July 4 off it the steel mills in the 1860's.
20% of all Pittsburgh men died of accidents in the 1860's - a large majority of them in the steel, railroad and construction industries.
Carnegie amassed a $300m fortune in 1900.
Carnegie never over-indulged in alcohol.
At the age of 12 AC worked in the cotton mill his Dad worked at for 6 days a week, 12 days a week for $1.2 per week.
AC's boss and his boss' boss made money out of investing ahead of the railroad, knowing where they were building. They would invest in coal, lumber, freight and telegraph companies, as well as real estate. The insider investment technique was 100% guaranteed and there was no law preventing it. Carnegie got into steel via insider investments whilst working in the railroads.
His bosses joined price-fixing schemes who met annually. Price fixing was made illegal until 1890. Price fixing schemes rarely stuck as companies outmanoeuvred one another.
So many advances in technology and science are accidentally stumbled on. Steel was one of them.
Carnegie's share of steel production in the US was 29% in 1900.
Sold his business to Morgan for $480m in 1901 which gave Carnegie $225m in bonds and cash. Morgan (via his business US steel) ended up with 67% of the US steel market.
Carnegie provided the money to build the libraries and the states would have to maintain them. Only 27% of the libraries he provided for used his name.
In his lifetime Carnegie would establish 2811 libraries at a cost of >$60m
By 1905 Carnegie had distributed $100m of his $300m fortune.
At the height of his wealth Carnegie would have been worth $100b in todays dollars, only bested by Rockefeller at $200b in todays dollars.
Carnegie is remembered more as a giver not a maker. He established the template for charitable foundations.
Carnegie retired at age 66, Rockefeller at 56.
May 20, 2019
This is a sympathetic yet critical biography of a complex and often contradictory person.
November 19, 2010
Peter Krass approaches the life and career of Andrew Carnegie from the interesting and useful perspective of political economics. Rather than presenting a straight biography, this book reveals the social consequences of Carnegie's cutthroat capitalism. But Krass confusingly pulls all his punches; he presents Carnegie as, essentially, a contradiction: a privileged autocrat and raging classist, but at the same time, a big-time philanthropist. This contradiction seems to confuse Krass; the bulk of his book is spent trying to rationalize and explain this duality. But the facts the book presents answer its own dilemma: Carnegie's philanthropy was rarely altruistic; he was the product of a society deeply divided by class, and even in this waffling account, his condescension towards the working class is apparent. The best part of this book is the overview of Carnegie's childhood: sympathetic, vivid and revealing.
As the book progresses, however, Krass just smears his narrative onto the paper. His refusal to step in and guide the events make this a chore to read, rambling and unfocused. In positing Carnegie as a contradictory personality, Krass finds a neat hook to pin his biography on, but it becomes simplistic, and worse, it becomes an excuse for some of the nastier effects of Carnegie's career. There's a fine line between a historian's disinterest and a poor writer's willingness to let his subject matter run rampant, and I think Krass leans feebly to the latter.
Not enjoyable, and not particularly enlightening.
As the book progresses, however, Krass just smears his narrative onto the paper. His refusal to step in and guide the events make this a chore to read, rambling and unfocused. In positing Carnegie as a contradictory personality, Krass finds a neat hook to pin his biography on, but it becomes simplistic, and worse, it becomes an excuse for some of the nastier effects of Carnegie's career. There's a fine line between a historian's disinterest and a poor writer's willingness to let his subject matter run rampant, and I think Krass leans feebly to the latter.
Not enjoyable, and not particularly enlightening.
October 25, 2011
Carnegie was a complex man of contradictions who made millions from exploiting people and then spent millions attempting to benefit humanity. The roots of Carnegie's humanitarianism seem to lay in his family's own history of radicalism, especially evident in his contempt for aristocracy and preference for a meritocratic society that rewarded achievement through talent, character, and hard work. Through a combination of egotism, self-delusion, and unswerving belief in Social Darwinism Carnegie remained unburdened by the unethical and underhanded methods he deployed in achieving his ends - to the detriment of his workers, his rivals, and the very system of free competition in a capitalist economy. Krass writes with an easy, readable style that is sometimes awkwardly casual and in a manner that is not detached from either the moral failings of his subject nor his good works: he excoriates Carnegie when he deserves it and gives him credit where it is due.
June 13, 2020
As a biographer, Krass plays second fiddle to the likes of Kearns Goodwin and McCullough, on par with Chernow and probably better than Isaacson. If you're debating between Chernow's 'Titan' on Rockefeller and Krass's Carnegie - Chernow's Titan is superior, in my opinion.
Andrew Carnegie is a controversial figure, remembered as both a maker and a giver. Krass does not hold his punches in pointing out the contradictions between Carnegie as the cold-hearted steel baron and Carnegie as a model philanthropist. I prefer to view Carnegie as a model capitalist of the industrial revolution and the model philanthropist of the last century. Something readers ought to bear in mind is that many of his unsavory business tactics, while morally repugnant to us today, were not so back then. On the other hand, his philanthropic endeavors exceed even today's loftiest standards.
Andrew Carnegie is a controversial figure, remembered as both a maker and a giver. Krass does not hold his punches in pointing out the contradictions between Carnegie as the cold-hearted steel baron and Carnegie as a model philanthropist. I prefer to view Carnegie as a model capitalist of the industrial revolution and the model philanthropist of the last century. Something readers ought to bear in mind is that many of his unsavory business tactics, while morally repugnant to us today, were not so back then. On the other hand, his philanthropic endeavors exceed even today's loftiest standards.
January 27, 2018
A comprehensive and thorough look at a complex historical figure. Andrew Carnegie was famous both for being a brilliant and ruthless businessman - at one point the richest man in the world - and for being a wildly generous philanthropist, who worked diligently to give away all his riches before he died. Coming from scrappy, radical, left-leaning Scottish stock, "Andra" later kept his heel firmly on the necks of his own steelworkers, culminating in the violence of the Homestead Strike, before acting the benevolent grandfather with his charitable works in his retirement years. (As well as berating four or five U.S. Presidents over their handling of foreign affairs. Even Teddy Roosevelt found him overbearing.) How one individual could contain such contrary strains is a fascinating story.
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October 11, 2012Very long, even though it was just over 500 pages. It was written by Peter Krass who writes books about economics. There was a lot of extraneous detail about economic details and principals. That part was a little hard to read through. The information about Carnegie's life,friends, and attitudes was fascinating.
May 30, 2021
Informative, Inspiring, Detailed AF...
December 6, 2022
This was a long read with very detailed specifics on how Carnegie built his company and made his money. There was some insight into his philanthropy which was novel at the time, but it wasn’t groundbreaking or terribly revealing. I was hoping for a greater review of his life than what it was.
January 2, 2020
Quite a challenge, always wanted to know more as “Pittsburgher” in heart. Most of his life in NYC and Scotland.
September 29, 2024
A great thorough and very readable biography.
December 2, 2025
A really good balanced view of Carnegie.
July 4, 2016
Carnegie by Peter Krass does a great job of telling very detailed facts about Mr Andrew Carnegie. Krass keeps you informed about almost everything in Carnegie's life from his ancestors and all the way through to his daughter's wedding. With each detail about his business life and the way his wife felt when they traveled to their vacation home you are hooked wanting to immerse yourself more and more into the life of Andrew Carnegie.
Mr Krass did a great job presenting the book in such an interesting way where he could never really quite bore you and you never really wanted to put the book down.
Mr Krass did a great job presenting the book in such an interesting way where he could never really quite bore you and you never really wanted to put the book down.
June 7, 2016
Bio of Andrew Carnegie, the great man of the steel industry in the US. With all the glib ignorance and misrepresentation of the past that we hear from politicians and pubic voices around us today, it is worthwhile to read about how supposedly new techniques such as process improvement, just in time delivery and business reengineering are not new concepts and, in fact, were responsible for making our country an economic success coming into the twentieth century. Read something real instead of the 30 minute or worse, the 1hour treatments on PBS. You are being short changed.
June 13, 2009
A good biography of a complex & confounding character, whose life reflected both the triumphs and tragedies of the age he lived in, and the contradictions, wonders and horrors of industrial capitalism. Don't read it if you are looking for unequivocal condemnation of a terrible Robber-Baron, or a simple tale extolling the glories of accumulating enormous wealth.
April 26, 2012
Facinating story of the times. Carnegie was successful thru hard work but also insider trading (legal and standard fare for the time) and a good bit of ruthlessness. He believed in literacy and wanted others to be able to make something of themselves. Excellent story
May 31, 2012
I enjoyed this book. I thought that the author was balanced about Carnegie's early wealth accumulation and driven business style and his later philanthropy. Certainly an interesting figure in the American industrial revolution.
August 3, 2012
It was okay. The book really didn't draw me in. I didn't feel the connection with this book that I feel with other biographers such as Manchester. Oh well. At least I learned something of the man.
February 13, 2018
L O N G. if you want a play-by-play of Carnegie's life, this is it. Carnegie is in his 60's and the book is not half over yet.
(a year later) I think I've read a few chapters a month for two years. Krass is Detailed- everything you want to know, and don't want to know, about Andy Carnegie.
(a year later) I think I've read a few chapters a month for two years. Krass is Detailed- everything you want to know, and don't want to know, about Andy Carnegie.
May 24, 2007
Drive, Vision, Business and America
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August 28, 2007Everyone has a little evil capitalist in them.
Currently reading
January 24, 2010So far and interesting read about the life of Andrew Carnegie. I'm only to pg 51. The author is interestingly noting the inconsistencies in his opinions and later outlook from his younger views.
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September 23, 2010Carnegie by Peter Krass (2002)
November 7, 2011
Very interesting read, well written.
July 14, 2013
Good coverage of the man's life. Not as good a read as TITAN, the Rockerfeller story, which was more interesting given the scale of impact Rockerfeller had.
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October 22, 2015Gift from Pat for 84th birthday. Inscribed Mason Neck 2004. Clean tight copy. Possibly give to Brigitte?
This entire review has been hidden because of spoilers.
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