{"id":82,"date":"2015-08-21T18:07:02","date_gmt":"2015-08-21T18:07:02","guid":{"rendered":"https:\/\/courses.candelalearning.com\/ushistory2os2xmaster\/?post_type=chapter&#038;p=82"},"modified":"2022-09-09T02:29:53","modified_gmt":"2022-09-09T02:29:53","slug":"giants-of-wealth-big-businesses-of-the-gilded-age","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/chapter\/giants-of-wealth-big-businesses-of-the-gilded-age\/","title":{"raw":"Giants of Wealth: Big Businesses of the Gilded Age","rendered":"Giants of Wealth: Big Businesses of the Gilded Age"},"content":{"raw":"<div class=\"bcc-box bcc-highlight\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul class=\"im_orderedlist\">\r\n \t<li>Describe the business empires and wealth accumulated by business tycoons of the Gilded Age along with associated philanthropic activities<\/li>\r\n<\/ul>\r\n<\/div>\r\n<section id=\"fs-idp589888\" data-depth=\"1\">\r\n<h2>Giants of Wealth: Carnegie and Morgan<\/h2>\r\n<p id=\"fs-idp102336\">The evolution from technical innovation to massive industry took place among\u00a0<strong>entrepreneurs<\/strong> whose sometimes risky business ventures paid off, making them some of the richest Americans of their day and some of the richest in history. Steel magnate <strong>Andrew Carnegie<\/strong>, oil tycoon John D. Rockefeller, and business financier <strong>J. P. Morgan<\/strong> were all businessmen who grew their respective businesses to an unprecedented scale. Their companies changed how Americans lived and worked, and these public figures greatly influenced the growth of the country. As vast new fortunes accumulated among a small number of Americans, new ideas also arose to bestow moral and political legitimacy upon them.<\/p>\r\n\r\n<section id=\"fs-idm44271472\" data-depth=\"2\">\r\n<h3 data-type=\"title\">Andrew Carnegie and <em data-effect=\"italics\">The Gospel of Wealth<\/em><\/h3>\r\n<p id=\"fs-idm11277792\">Andrew Carnegie, the steel magnate, is an example of the prototypical rags-to-riches story. Although such stories were far from the norm and were often sensationalized to promote a public image, they served to encourage many Americans to seek similar paths to fame and fortune. Born in Scotland, Carnegie immigrated with his family to Pennsylvania in 1848. Following a brief stint as a \u201cbobbin boy,\u201d changing spools of thread at a Pittsburgh clothing manufacturer at age thirteen, he subsequently became a telegram messenger. In this role, he spent much of his time around the Pennsylvania Railroad office and developed parallel interests in railroads, bridge building, and, eventually, the steel industry.\u00a0One railroad contractor, Colonel James Anderson, would provide the young working boys of Pittsburgh with open access to his vast personal library every Saturday night. Carnegie took full advantage of the opportunity and much of his future philanthropy was inspired by Anderson's kindness. Carnegie later wrote that he resolved \"if ever wealth came to me, [to see to it] that other poor boys might receive opportunities similar to those for which we were indebted to the noble man.\"[footnote]Murray, S. (2009). <em>The Library: An Illustrated History.<\/em>\u00a0New York, Skyhorse Publishing, p. 196[\/footnote]<\/p>\r\n\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nThis video provides a brief overview of Carnegie's life and fortune.\r\n\r\nhttps:\/\/www.youtube.com\/watch?v=vmbRtjN0gAk\r\n\r\nYou can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/US+history+II\/ManofSteelAndrewCarnegieTheGildedAge.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cMan of Steel: Andrew Carnegie | The Gilded Agre\u201d here (opens in new window)<\/a>.\r\n\r\n<\/div>\r\n\r\n[caption id=\"\" align=\"alignright\" width=\"369\"]<img class=\"\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/884\/2015\/08\/23202824\/CNX_History_18_02_Carnegie.jpg\" alt=\"An illustration shows the Carnegie Steel Works factory. The text reads \u201cCarnegie Steel Works, (Ohio Works), Youngstown, Ohio.\u201d\" width=\"369\" height=\"225\" data-media-type=\"image\/jpeg\" \/> <strong>Figure 1<\/strong>. Andrew Carnegie made his fortune in steel at such factories as the Carnegie Steel Works located in Youngstown, Ohio, where new technologies allowed the strong metal to be used in far more applications than ever before. Carnegie\u2019s empire grew to include iron ore mines, furnaces, mills, and steel works companies.[\/caption]\r\n<p id=\"fs-idm140150928\">Ingratiating himself to his supervisor and the future president of the Pennsylvania Railroad, Tom Scott, Carnegie worked his way into a management position and subsequently began to invest some of his earnings, under Scott\u2019s guidance. One particular investment, in the booming oil fields of northwest Pennsylvania in 1864, resulted in Carnegie earning over $1 million in cash dividends, thus providing him with the capital necessary to pursue his ambition to modernize the iron and steel industries. Having seen firsthand during the Civil War, when he served as Superintendent of Military Railways and telegraph coordinator for the Union forces, the importance of industry, particularly steel, to the future growth of the country, Carnegie was convinced of his strategy. His first company was the J. Edgar Thompson Steel Works, and, a decade later, he bought out the newly built Homestead Steel Works from the Pittsburgh Bessemer Steel Company. By the end of the century, his enterprise was running an annual profit of over $40 million.<\/p>\r\n<p id=\"fs-idm31119152\">Although not a scientific expert in steel, Carnegie was an excellent promoter and salesman, able to locate financial backing for his businesses. Always thrifty with the returns he earned, a trait owed to his modest upbringing, Carnegie saved his profits during prosperous times and used them to buy out other steel companies at low prices during the economic recessions of the 1870s and 1890s. He insisted on up-to-date machinery and equipment and urged the men who worked at and managed his steel mills to constantly think of innovative ways to increase productivity and reduce costs.<\/p>\r\nCarnegie, more than any other businessman of the era, championed the idea that America\u2019s leading tycoons owed a debt to society. He believed that, given the circumstances of their successes, they should serve as benefactors to the less fortunate. For Carnegie, poverty was not an abstract concept, as his family had been a part of the struggling masses. He desired to set an example of philanthropy for all other prominent industrialists of the era. Carnegie\u2019s famous essay,\u00a0<em data-effect=\"italics\">The Gospel of Wealth<\/em>, featured below, expounded on his beliefs. In it, he borrowed from Herbert Spencer\u2019s theory of <strong>S<span id=\"term286\" data-type=\"term\"><span class=\"search-highlight first text last focus\" data-timestamp=\"1651168486386\" data-highlight-id=\"92d3b50d-1fde-46bd-9a98-2fc65c218f12\" data-highlighted=\"true\">ocial Darwinism<\/span><\/span><\/strong>, which held that society developed much like plant or animal life through a process of evolution in which the fittest and most capable enjoyed the greatest material and\u00a0<span class=\"search-highlight first text last\" data-timestamp=\"1651168486393\" data-highlight-id=\"e50ec5a4-d239-4d89-91bd-9418eba47f19\" data-highlighted=\"true\">social<\/span>\u00a0success.\r\n\r\nAndrew Carnegie's gifts to education, science, and the arts are undeniable. Below is only a partial list of his contributions and developments:\r\n<ul>\r\n \t<li>The Carnegie Corporation of New York, a philanthropic fund that provides money for educational programs around the world<\/li>\r\n \t<li>The Carnegie Endowment for International Peace, an international affairs think tank dedicated to resolving conflicts through diplomacy and nonviolence<\/li>\r\n \t<li>The Carnegie Institution for Science, which funds and supports research into ecology, earth sciences, genetics, and astronomy<\/li>\r\n \t<li>Carnegie Mellon University, one of the foremost research universities in the nation<\/li>\r\n \t<li>The Carnegie Museums of Pittsburgh, which includes four separate museums dedicated to natural history, art, and science<\/li>\r\n \t<li>Funding of the Peace Palace, which houses the International Court of Justice in the Hague<\/li>\r\n \t<li>Over 2500 public libraries in the U.S. and around the world<\/li>\r\n<\/ul>\r\n<div class=\"textbox key-takeaways\">\r\n<h3 data-type=\"title\">Andrew Carnegie on Wealth<\/h3>\r\n<p id=\"fs-idm44668384\">Carnegie applauded American capitalism for creating a society where, through hard work, ingenuity, and a bit of luck, someone like himself could amass a fortune. In return for that opportunity, Carnegie wrote that the wealthy should find proper uses for their wealth by funding hospitals, libraries, colleges, the arts, and more. <em data-effect=\"italics\">The Gospel of Wealth<\/em> spelled out that responsibility.<\/p>\r\n\r\n<blockquote id=\"fs-idm43386128\">\r\n<div>\r\n\r\nPoor and restricted are our opportunities in this life; narrow our horizon; our best work most imperfect; but rich men should be thankful for one inestimable boon. They have it in their power during their lives to busy themselves in organizing benefactions from which the masses of their fellows will derive lasting advantage, and thus dignify their own lives. . . .\r\n\r\nThis, then, is held to be the duty of the man of Wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance; to provide moderately for the legitimate wants of those dependent upon him; and after doing so to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer, and strictly bound as a matter of duty to administer in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community\u2014the man of wealth thus becoming the mere agent and trustee for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than they would or could do for themselves. . . .\r\n\r\nIn bestowing charity, the main consideration should be to help those who will help themselves; to provide part of the means by which those who desire to improve may do so; to give those who desire to use the aids by which they may rise; to assist, but rarely or never to do all. Neither the individual nor the race is improved by alms-giving. Those worthy of assistance, except in rare cases, seldom require assistance. The really valuable men of the race never do, except in cases of accident or sudden change. Everyone has, of course, cases of individuals brought to his knowledge where temporary assistance can do genuine good, and these he will not overlook. But the amount which can be wisely given by the individual for individuals is necessarily limited by his lack of knowledge of the circumstances connected with each. He is the only true reformer who is as careful and as anxious not to aid the unworthy as he is to aid the worthy, and, perhaps, even more so, for in alms-giving more injury is probably done by rewarding vice than by relieving virtue.\r\n\r\n\u2014Andrew Carnegie, <i>The Gospel of Wealth<\/i>\r\n\r\n<\/div><\/blockquote>\r\n<\/div>\r\n<div id=\"fs-idp139943963495184\" class=\"history my-story\" data-type=\"note\" data-label=\"My Story\">\r\n<div class=\"textbox exercises\">\r\n<h3>Influential women of the gilded age<\/h3>\r\n<h4>Louise Whitfield<\/h4>\r\n[caption id=\"\" align=\"alignleft\" width=\"210\"]<img src=\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f8\/Mrs._Andrew_Carnegie_%28Louise_Whitfield%29.jpg\/800px-Mrs._Andrew_Carnegie_%28Louise_Whitfield%29.jpg\" alt=\"Mrs. Andrew Carnegie (Louise Whitfield).jpg\" width=\"210\" height=\"273\" \/> <strong>Figure 2.<\/strong> Louise Whitfield Carnegie in 1920[\/caption]\r\n\r\nAs the wealth of the middle and upper classes grew during the Gilded Age and beliefs like Carnegie's<em> Gospel of Wealth<\/em> became more popular, the wives and daughters of America's prosperous businessmen became involved in their pursuits. Charity work had largely been the purview of middle-class women for several decades since it was associated with the type of moral, evangelical Christianity of the Second Great Awakening. However, now that the rich were getting richer and were giving much of their wealth away, affluent women began to direct their husbands' fortunes toward causes that they adopted.\u00a0Wealthy women became involved in charity in part because it was a socially acceptable way for them to participate in public life while also demonstrating \"feminine virtues\" like grace, charity, compassion, and selflessness. Charity work was also a social expectation among the middle- and upper-class women of America's Gilded Age. It assisted families in making social and business connections through fundraising events, while still demonstrating their care for the working classes.\r\n\r\nAndrew Carnegie's wife, Louise Whitfield, was much more prolific in her charitable giving. While she signed a pre-nuptial agreement that she had no claim to Carnegie's fortune, he transferred stocks to her which gave her an independent income of around $20,000 per year (almost $600,000 in\u00a0<span style=\"font-size: 1rem; text-align: initial;\">today's money). She also sat on the board of the Carnegie Corporation and advised him in his mission to build public libraries. Louise was almost 20 years younger than her husband and when he passed away in 1919, she continued his legacy of charity, giving generously to the Red Cross, the YMCA, and many World War II relief funds.\u00a0<\/span>\r\n\r\n[caption id=\"\" align=\"alignright\" width=\"216\"]<img src=\"https:\/\/s30471.pcdn.co\/wp-content\/uploads\/2022\/01\/LauraSpelmanRockefeller_RAC_001-707x1024.jpg\" alt=\"\" width=\"216\" height=\"313\" \/> <strong>Figure 3<\/strong>. Laura Spelman Rockefeller[\/caption]\r\n<h4>Laura Spelman<\/h4>\r\nJohn D. Rockefeller met his wife, Laura Spelman, when they were both in their late teens and taking accounting classes in Cleveland, Ohio. She returned to New England to become a school teacher but later moved back to Ohio and she and Rockefeller married in 1864. Rockefeller had built his first oil refinery the previous year and by 1870 he had founded Standard Oil, the company that made him one of the richest men in American history. Laura supported him in his business while raising their five children, but always ensured that they donated 10% of their income to charity and focused most of her time on philanthropy.\r\n\r\nIn 1884, Laura and John were approached by two women who had founded the Atlanta Baptist Female Seminary, a college for Black freedwomen. The couple were so impressed with the school's mission that they settled the debt on the property and donated more money for buildings. The school was renamed Spelman College in honor of Laura and her family, who were long-time abolitionists. Laura died in 1915 of a heart attack, leaving a personal estate of around $1.5 million. She bequeathed $450,000 to relatives, but the rest (around $310 million in today's money) was to be distributed between several missionary societies, churches, and Spelman College.\r\n\r\n<a href=\"https:\/\/daily.jstor.org\/philanthropy-and-the-gilded-age\/\"><b>Click here to read about how wealthy women's charity work sometimes put them at odds with working-class women.<\/b><\/a>\r\n\r\n<\/div>\r\n\r\n[caption id=\"\" align=\"alignleft\" width=\"204\"]<img class=\"\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/884\/2015\/08\/23202825\/CNX_History_18_02_Horatio.jpg\" alt=\"The cover illustration for the \u201cDistrict Messenger Boy\u201d board game shows a uniformed young man running through the streets with a paper message in his hand. The large buildings of a city loom in the background. The text reads \u201cGame of the District Messenger Boy, or Merit Rewarded.\u201d\" width=\"204\" height=\"375\" data-media-type=\"image\/jpeg\" \/> <strong>Figure 4<\/strong>. Based on a book by Horatio Alger, District Messenger Boy was a board game where players could achieve the ultimate goal of material success. Alger wrote hundreds of books on a common theme: A poor but hardworking boy can get ahead and make his fortune through a combination of \u201cluck and pluck.\u201d[\/caption]\r\n\r\n<\/div>\r\n<\/section><\/section><span style=\"font-size: 1rem; text-align: initial;\">Social Darwinism added a layer of pseudoscience to the idea of the self-made man, a desirable thought for all who sought to follow Carnegie\u2019s example. The myth of the rags-to-riches businessman was a potent one. Author <\/span><strong style=\"font-size: 1rem; text-align: initial;\">Horatio Alger<\/strong><span style=\"font-size: 1rem; text-align: initial;\"> made his fortune writing stories about young enterprising boys who beat poverty and succeeded in business through a combination of \u201cluck and pluck.\u201d His stories were immensely popular, even leading to a board game where players could hope to win in the same way that his heroes did.\u00a0Through the doctrine and popularization of Social Darwinism, many American businessmen were able to justify their extravagant wealth using their life stories as proof that hard work and dedication alone could pull an individual out of poverty.<\/span>\r\n\r\n<section id=\"fs-idp589888\" data-depth=\"1\"><section id=\"fs-idm44159072\" data-depth=\"2\">\r\n<h2 data-type=\"title\">J. Pierpont Morgan<\/h2>\r\n<p id=\"fs-idm35337328\">Unlike Carnegie and Rockefeller, J. P. Morgan was no rags-to-riches hero. He was born to wealth and became much wealthier as an investment banker, making wise financial decisions in support of the hard-working entrepreneurs building their fortunes. Morgan\u2019s father was a London banker, and Morgan himself moved to New York in 1857 to look after the family\u2019s business interests there. Once in America, he separated from the London bank and created the J. Pierpont Morgan and Company financial firm. The firm bought and sold stock in growing companies, investing the family\u2019s wealth in those that showed great promise, turning an enormous profit as a result. Investments from firms such as his were the key to the success stories of up-and-coming businessmen like Carnegie and Rockefeller. In return for his investment, Morgan and other investment bankers demanded seats on the companies\u2019 boards, which gave them even greater control over policies and decisions than just investment alone. There were many critics of Morgan and these other bankers, particularly among members of a U.S. congressional subcommittee that investigated the control financiers maintained over key industries in the country. The subcommittee referred to Morgan\u2019s enterprise as a form of \u201cmoney trust\u201d that was even more powerful than the trusts operated by Rockefeller and others. Morgan argued that his firm, and others like it, brought stability and organization to a hypercompetitive capitalist economy, and likened his role to a kind of public service.<\/p>\r\nUltimately, Morgan\u2019s most notable investment, and greatest consolidation, was in the steel industry, when he bought out Andrew Carnegie in 1901. Initially, Carnegie was reluctant to sell, but after repeated badgering by Morgan, Carnegie named his price: an outrageously inflated sum of $500 million. Morgan agreed without hesitation, and then consolidated Carnegie\u2019s holdings with several smaller steel firms to create the U.S. Steel Corporation. U.S. Steel was subsequently capitalized at $1.4 billion. It was the country\u2019s first billion-dollar firm. Lauded by admirers for the efficiency and modernization he brought to investment banking practices, as well as for his philanthropy and support of the arts, Morgan was also criticized by reformers who would later blame his (and other bankers\u2019) efforts for contributing to the artificial bubble of prosperity that eventually burst in the Great Depression of the 1930s. However, Morgan\u2019s financial aptitude and savvy business dealings kept him in good stead. A subsequent U.S. congressional committee, in 1912, reported that his firm held 341 directorships in 112 corporations that controlled over $22 billion in assets. In comparison, that amount of wealth was greater than the assessed value of <em>all<\/em> the land in the United States west of the Mississippi River.\r\n\r\nIn 1895, Morgan almost single-handedly saved the U.S. government from financial ruin. Until 1933, the U.S. economy was run on the <strong>Gold Standard<\/strong>, which meant that every dollar had an equivalent value in gold. The U.S. Treasury kept a reserve of gold to pay back the creditors that it owed and to stabilize the value of its currency. However, during a period of financial instability in the early 1890s, the U.S. gold reserves were running dangerously low. Morgan met with President Cleveland personally and offered to loan the government $65 million in gold in exchange for a 30-year bond. Cleveland, desperate for a solution, accepted the offer, which saved the Treasury but ended up losing the president his bid for reelection due to a pervasive mistrust of large banks.\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\n<iframe src=\"https:\/\/lumenlearning.h5p.com\/content\/1291674840535689258\/embed\" width=\"1088\" height=\"637\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" aria-label=\"US History TEMPLATE 2\"><\/iframe>\r\n\r\nhttps:\/\/assess.lumenlearning.com\/practice\/f9522d14-659d-4bb5-bcf8-8cd929566bb0\r\n\r\nhttps:\/\/assess.lumenlearning.com\/practice\/ecd14562-3353-4dd8-a1df-b04ad94671a5\r\n\r\n<\/div>\r\n<\/section><\/section>\r\n<div class=\"bcc-box bcc-info\">\r\n<h3>Review Question<\/h3>\r\n<section>What differentiated a \u201crobber baron\u201d from other \u201ccaptains of industry\u201d in late nineteenth-century America?\r\n[reveal-answer q=\"997142\"]Show Answer[\/reveal-answer]\r\n[hidden-answer a=\"997142\"]\u201cCaptains of industry\u201d (such as Carnegie or Rockefeller) are noted for their new business models, entrepreneurial approaches, and, to varying degrees, philanthropic efforts, all of which transformed late nineteenth-century America. \u201cRobber barons\u201d (such as Gould) are noted for their self-centered drive for profit at the expense of workers and the general public, who seldom benefitted to any great degree. The terms, however, remain a gray area, as one could characterize the ruthless business practices of Rockefeller, or some of Carnegie\u2019s tactics with regard to workers\u2019 efforts to organize, as similar to the methods of robber barons. Nevertheless, \u201ccaptains of industry\u201d are noted for contributions that fundamentally changed and typically improved the nation, whereas \u201crobber barons\u201d can seldom point to such concrete contributions.[\/hidden-answer]<\/section><\/div>\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Glossary<\/h3>\r\n<strong>Andrew Carnegie:<\/strong> a self-made entrepreneur in the steel industry who is responsible for many philanthropic works\r\n\r\n<strong>entrepreneur:\u00a0<\/strong>a person who uses investment capital to start a business\r\n\r\n<strong>gold standard:<\/strong> a policy that required each dollar in circulation to be backed by a unit of gold held by the U.S. treasury\r\n\r\n<strong>Horatio Alger:\u00a0<\/strong>an author who made a fortune writing books about a poor messenger boy who becomes rich through a combination of \"luck and pluck,\" which fed into the idea that any person could become rich if they worked hard enough\r\n\r\n<strong>J.P. Morgan:<\/strong> a banker who bought out Andrew Carnegie's steel interests and formed U.S. Steel, America's first billion-dollar company\r\n\r\n<strong>Social Darwinism:\u00a0<\/strong>Herbert Spencer\u2019s theory, based upon Charles Darwin\u2019s scientific theory, which held that society developed much like plant or animal life through a process of evolution in which the fittest and capable enjoyed the greatest material and social success\r\n\r\n<strong>trust:\u00a0<\/strong>a legal arrangement where a small group of trustees has legal ownership of a business that they operate for the benefit of other investors\r\n\r\n<\/div>","rendered":"<div class=\"bcc-box bcc-highlight\">\n<h3>Learning Objectives<\/h3>\n<ul class=\"im_orderedlist\">\n<li>Describe the business empires and wealth accumulated by business tycoons of the Gilded Age along with associated philanthropic activities<\/li>\n<\/ul>\n<\/div>\n<section id=\"fs-idp589888\" data-depth=\"1\">\n<h2>Giants of Wealth: Carnegie and Morgan<\/h2>\n<p id=\"fs-idp102336\">The evolution from technical innovation to massive industry took place among\u00a0<strong>entrepreneurs<\/strong> whose sometimes risky business ventures paid off, making them some of the richest Americans of their day and some of the richest in history. Steel magnate <strong>Andrew Carnegie<\/strong>, oil tycoon John D. Rockefeller, and business financier <strong>J. P. Morgan<\/strong> were all businessmen who grew their respective businesses to an unprecedented scale. Their companies changed how Americans lived and worked, and these public figures greatly influenced the growth of the country. As vast new fortunes accumulated among a small number of Americans, new ideas also arose to bestow moral and political legitimacy upon them.<\/p>\n<section id=\"fs-idm44271472\" data-depth=\"2\">\n<h3 data-type=\"title\">Andrew Carnegie and <em data-effect=\"italics\">The Gospel of Wealth<\/em><\/h3>\n<p id=\"fs-idm11277792\">Andrew Carnegie, the steel magnate, is an example of the prototypical rags-to-riches story. Although such stories were far from the norm and were often sensationalized to promote a public image, they served to encourage many Americans to seek similar paths to fame and fortune. Born in Scotland, Carnegie immigrated with his family to Pennsylvania in 1848. Following a brief stint as a \u201cbobbin boy,\u201d changing spools of thread at a Pittsburgh clothing manufacturer at age thirteen, he subsequently became a telegram messenger. In this role, he spent much of his time around the Pennsylvania Railroad office and developed parallel interests in railroads, bridge building, and, eventually, the steel industry.\u00a0One railroad contractor, Colonel James Anderson, would provide the young working boys of Pittsburgh with open access to his vast personal library every Saturday night. Carnegie took full advantage of the opportunity and much of his future philanthropy was inspired by Anderson&#8217;s kindness. Carnegie later wrote that he resolved &#8220;if ever wealth came to me, [to see to it] that other poor boys might receive opportunities similar to those for which we were indebted to the noble man.&#8221;<a class=\"footnote\" title=\"Murray, S. (2009). The Library: An Illustrated History.\u00a0New York, Skyhorse Publishing, p. 196\" id=\"return-footnote-82-1\" href=\"#footnote-82-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a><\/p>\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>This video provides a brief overview of Carnegie&#8217;s life and fortune.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Man of Steel: Andrew Carnegie | The Gilded Age\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/vmbRtjN0gAk?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>You can view the\u00a0<a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/US+history+II\/ManofSteelAndrewCarnegieTheGildedAge.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cMan of Steel: Andrew Carnegie | The Gilded Agre\u201d here (opens in new window)<\/a>.<\/p>\n<\/div>\n<div style=\"width: 379px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/884\/2015\/08\/23202824\/CNX_History_18_02_Carnegie.jpg\" alt=\"An illustration shows the Carnegie Steel Works factory. The text reads \u201cCarnegie Steel Works, (Ohio Works), Youngstown, Ohio.\u201d\" width=\"369\" height=\"225\" data-media-type=\"image\/jpeg\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Figure 1<\/strong>. Andrew Carnegie made his fortune in steel at such factories as the Carnegie Steel Works located in Youngstown, Ohio, where new technologies allowed the strong metal to be used in far more applications than ever before. Carnegie\u2019s empire grew to include iron ore mines, furnaces, mills, and steel works companies.<\/p>\n<\/div>\n<p id=\"fs-idm140150928\">Ingratiating himself to his supervisor and the future president of the Pennsylvania Railroad, Tom Scott, Carnegie worked his way into a management position and subsequently began to invest some of his earnings, under Scott\u2019s guidance. One particular investment, in the booming oil fields of northwest Pennsylvania in 1864, resulted in Carnegie earning over $1 million in cash dividends, thus providing him with the capital necessary to pursue his ambition to modernize the iron and steel industries. Having seen firsthand during the Civil War, when he served as Superintendent of Military Railways and telegraph coordinator for the Union forces, the importance of industry, particularly steel, to the future growth of the country, Carnegie was convinced of his strategy. His first company was the J. Edgar Thompson Steel Works, and, a decade later, he bought out the newly built Homestead Steel Works from the Pittsburgh Bessemer Steel Company. By the end of the century, his enterprise was running an annual profit of over $40 million.<\/p>\n<p id=\"fs-idm31119152\">Although not a scientific expert in steel, Carnegie was an excellent promoter and salesman, able to locate financial backing for his businesses. Always thrifty with the returns he earned, a trait owed to his modest upbringing, Carnegie saved his profits during prosperous times and used them to buy out other steel companies at low prices during the economic recessions of the 1870s and 1890s. He insisted on up-to-date machinery and equipment and urged the men who worked at and managed his steel mills to constantly think of innovative ways to increase productivity and reduce costs.<\/p>\n<p>Carnegie, more than any other businessman of the era, championed the idea that America\u2019s leading tycoons owed a debt to society. He believed that, given the circumstances of their successes, they should serve as benefactors to the less fortunate. For Carnegie, poverty was not an abstract concept, as his family had been a part of the struggling masses. He desired to set an example of philanthropy for all other prominent industrialists of the era. Carnegie\u2019s famous essay,\u00a0<em data-effect=\"italics\">The Gospel of Wealth<\/em>, featured below, expounded on his beliefs. In it, he borrowed from Herbert Spencer\u2019s theory of <strong>S<span id=\"term286\" data-type=\"term\"><span class=\"search-highlight first text last focus\" data-timestamp=\"1651168486386\" data-highlight-id=\"92d3b50d-1fde-46bd-9a98-2fc65c218f12\" data-highlighted=\"true\">ocial Darwinism<\/span><\/span><\/strong>, which held that society developed much like plant or animal life through a process of evolution in which the fittest and most capable enjoyed the greatest material and\u00a0<span class=\"search-highlight first text last\" data-timestamp=\"1651168486393\" data-highlight-id=\"e50ec5a4-d239-4d89-91bd-9418eba47f19\" data-highlighted=\"true\">social<\/span>\u00a0success.<\/p>\n<p>Andrew Carnegie&#8217;s gifts to education, science, and the arts are undeniable. Below is only a partial list of his contributions and developments:<\/p>\n<ul>\n<li>The Carnegie Corporation of New York, a philanthropic fund that provides money for educational programs around the world<\/li>\n<li>The Carnegie Endowment for International Peace, an international affairs think tank dedicated to resolving conflicts through diplomacy and nonviolence<\/li>\n<li>The Carnegie Institution for Science, which funds and supports research into ecology, earth sciences, genetics, and astronomy<\/li>\n<li>Carnegie Mellon University, one of the foremost research universities in the nation<\/li>\n<li>The Carnegie Museums of Pittsburgh, which includes four separate museums dedicated to natural history, art, and science<\/li>\n<li>Funding of the Peace Palace, which houses the International Court of Justice in the Hague<\/li>\n<li>Over 2500 public libraries in the U.S. and around the world<\/li>\n<\/ul>\n<div class=\"textbox key-takeaways\">\n<h3 data-type=\"title\">Andrew Carnegie on Wealth<\/h3>\n<p id=\"fs-idm44668384\">Carnegie applauded American capitalism for creating a society where, through hard work, ingenuity, and a bit of luck, someone like himself could amass a fortune. In return for that opportunity, Carnegie wrote that the wealthy should find proper uses for their wealth by funding hospitals, libraries, colleges, the arts, and more. <em data-effect=\"italics\">The Gospel of Wealth<\/em> spelled out that responsibility.<\/p>\n<blockquote id=\"fs-idm43386128\">\n<div>\n<p>Poor and restricted are our opportunities in this life; narrow our horizon; our best work most imperfect; but rich men should be thankful for one inestimable boon. They have it in their power during their lives to busy themselves in organizing benefactions from which the masses of their fellows will derive lasting advantage, and thus dignify their own lives. . . .<\/p>\n<p>This, then, is held to be the duty of the man of Wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance; to provide moderately for the legitimate wants of those dependent upon him; and after doing so to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer, and strictly bound as a matter of duty to administer in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community\u2014the man of wealth thus becoming the mere agent and trustee for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than they would or could do for themselves. . . .<\/p>\n<p>In bestowing charity, the main consideration should be to help those who will help themselves; to provide part of the means by which those who desire to improve may do so; to give those who desire to use the aids by which they may rise; to assist, but rarely or never to do all. Neither the individual nor the race is improved by alms-giving. Those worthy of assistance, except in rare cases, seldom require assistance. The really valuable men of the race never do, except in cases of accident or sudden change. Everyone has, of course, cases of individuals brought to his knowledge where temporary assistance can do genuine good, and these he will not overlook. But the amount which can be wisely given by the individual for individuals is necessarily limited by his lack of knowledge of the circumstances connected with each. He is the only true reformer who is as careful and as anxious not to aid the unworthy as he is to aid the worthy, and, perhaps, even more so, for in alms-giving more injury is probably done by rewarding vice than by relieving virtue.<\/p>\n<p>\u2014Andrew Carnegie, <i>The Gospel of Wealth<\/i><\/p>\n<\/div>\n<\/blockquote>\n<\/div>\n<div id=\"fs-idp139943963495184\" class=\"history my-story\" data-type=\"note\" data-label=\"My Story\">\n<div class=\"textbox exercises\">\n<h3>Influential women of the gilded age<\/h3>\n<h4>Louise Whitfield<\/h4>\n<div style=\"width: 220px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f8\/Mrs._Andrew_Carnegie_%28Louise_Whitfield%29.jpg\/800px-Mrs._Andrew_Carnegie_%28Louise_Whitfield%29.jpg\" alt=\"Mrs. Andrew Carnegie (Louise Whitfield).jpg\" width=\"210\" height=\"273\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Figure 2.<\/strong> Louise Whitfield Carnegie in 1920<\/p>\n<\/div>\n<p>As the wealth of the middle and upper classes grew during the Gilded Age and beliefs like Carnegie&#8217;s<em> Gospel of Wealth<\/em> became more popular, the wives and daughters of America&#8217;s prosperous businessmen became involved in their pursuits. Charity work had largely been the purview of middle-class women for several decades since it was associated with the type of moral, evangelical Christianity of the Second Great Awakening. However, now that the rich were getting richer and were giving much of their wealth away, affluent women began to direct their husbands&#8217; fortunes toward causes that they adopted.\u00a0Wealthy women became involved in charity in part because it was a socially acceptable way for them to participate in public life while also demonstrating &#8220;feminine virtues&#8221; like grace, charity, compassion, and selflessness. Charity work was also a social expectation among the middle- and upper-class women of America&#8217;s Gilded Age. It assisted families in making social and business connections through fundraising events, while still demonstrating their care for the working classes.<\/p>\n<p>Andrew Carnegie&#8217;s wife, Louise Whitfield, was much more prolific in her charitable giving. While she signed a pre-nuptial agreement that she had no claim to Carnegie&#8217;s fortune, he transferred stocks to her which gave her an independent income of around $20,000 per year (almost $600,000 in\u00a0<span style=\"font-size: 1rem; text-align: initial;\">today&#8217;s money). She also sat on the board of the Carnegie Corporation and advised him in his mission to build public libraries. Louise was almost 20 years younger than her husband and when he passed away in 1919, she continued his legacy of charity, giving generously to the Red Cross, the YMCA, and many World War II relief funds.\u00a0<\/span><\/p>\n<div style=\"width: 226px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s30471.pcdn.co\/wp-content\/uploads\/2022\/01\/LauraSpelmanRockefeller_RAC_001-707x1024.jpg\" alt=\"\" width=\"216\" height=\"313\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Figure 3<\/strong>. Laura Spelman Rockefeller<\/p>\n<\/div>\n<h4>Laura Spelman<\/h4>\n<p>John D. Rockefeller met his wife, Laura Spelman, when they were both in their late teens and taking accounting classes in Cleveland, Ohio. She returned to New England to become a school teacher but later moved back to Ohio and she and Rockefeller married in 1864. Rockefeller had built his first oil refinery the previous year and by 1870 he had founded Standard Oil, the company that made him one of the richest men in American history. Laura supported him in his business while raising their five children, but always ensured that they donated 10% of their income to charity and focused most of her time on philanthropy.<\/p>\n<p>In 1884, Laura and John were approached by two women who had founded the Atlanta Baptist Female Seminary, a college for Black freedwomen. The couple were so impressed with the school&#8217;s mission that they settled the debt on the property and donated more money for buildings. The school was renamed Spelman College in honor of Laura and her family, who were long-time abolitionists. Laura died in 1915 of a heart attack, leaving a personal estate of around $1.5 million. She bequeathed $450,000 to relatives, but the rest (around $310 million in today&#8217;s money) was to be distributed between several missionary societies, churches, and Spelman College.<\/p>\n<p><a href=\"https:\/\/daily.jstor.org\/philanthropy-and-the-gilded-age\/\"><b>Click here to read about how wealthy women&#8217;s charity work sometimes put them at odds with working-class women.<\/b><\/a><\/p>\n<\/div>\n<div style=\"width: 214px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/884\/2015\/08\/23202825\/CNX_History_18_02_Horatio.jpg\" alt=\"The cover illustration for the \u201cDistrict Messenger Boy\u201d board game shows a uniformed young man running through the streets with a paper message in his hand. The large buildings of a city loom in the background. The text reads \u201cGame of the District Messenger Boy, or Merit Rewarded.\u201d\" width=\"204\" height=\"375\" data-media-type=\"image\/jpeg\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Figure 4<\/strong>. Based on a book by Horatio Alger, District Messenger Boy was a board game where players could achieve the ultimate goal of material success. Alger wrote hundreds of books on a common theme: A poor but hardworking boy can get ahead and make his fortune through a combination of \u201cluck and pluck.\u201d<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/section>\n<p><span style=\"font-size: 1rem; text-align: initial;\">Social Darwinism added a layer of pseudoscience to the idea of the self-made man, a desirable thought for all who sought to follow Carnegie\u2019s example. The myth of the rags-to-riches businessman was a potent one. Author <\/span><strong style=\"font-size: 1rem; text-align: initial;\">Horatio Alger<\/strong><span style=\"font-size: 1rem; text-align: initial;\"> made his fortune writing stories about young enterprising boys who beat poverty and succeeded in business through a combination of \u201cluck and pluck.\u201d His stories were immensely popular, even leading to a board game where players could hope to win in the same way that his heroes did.\u00a0Through the doctrine and popularization of Social Darwinism, many American businessmen were able to justify their extravagant wealth using their life stories as proof that hard work and dedication alone could pull an individual out of poverty.<\/span><\/p>\n<section id=\"fs-idp589888\" data-depth=\"1\">\n<section id=\"fs-idm44159072\" data-depth=\"2\">\n<h2 data-type=\"title\">J. Pierpont Morgan<\/h2>\n<p id=\"fs-idm35337328\">Unlike Carnegie and Rockefeller, J. P. Morgan was no rags-to-riches hero. He was born to wealth and became much wealthier as an investment banker, making wise financial decisions in support of the hard-working entrepreneurs building their fortunes. Morgan\u2019s father was a London banker, and Morgan himself moved to New York in 1857 to look after the family\u2019s business interests there. Once in America, he separated from the London bank and created the J. Pierpont Morgan and Company financial firm. The firm bought and sold stock in growing companies, investing the family\u2019s wealth in those that showed great promise, turning an enormous profit as a result. Investments from firms such as his were the key to the success stories of up-and-coming businessmen like Carnegie and Rockefeller. In return for his investment, Morgan and other investment bankers demanded seats on the companies\u2019 boards, which gave them even greater control over policies and decisions than just investment alone. There were many critics of Morgan and these other bankers, particularly among members of a U.S. congressional subcommittee that investigated the control financiers maintained over key industries in the country. The subcommittee referred to Morgan\u2019s enterprise as a form of \u201cmoney trust\u201d that was even more powerful than the trusts operated by Rockefeller and others. Morgan argued that his firm, and others like it, brought stability and organization to a hypercompetitive capitalist economy, and likened his role to a kind of public service.<\/p>\n<p>Ultimately, Morgan\u2019s most notable investment, and greatest consolidation, was in the steel industry, when he bought out Andrew Carnegie in 1901. Initially, Carnegie was reluctant to sell, but after repeated badgering by Morgan, Carnegie named his price: an outrageously inflated sum of $500 million. Morgan agreed without hesitation, and then consolidated Carnegie\u2019s holdings with several smaller steel firms to create the U.S. Steel Corporation. U.S. Steel was subsequently capitalized at $1.4 billion. It was the country\u2019s first billion-dollar firm. Lauded by admirers for the efficiency and modernization he brought to investment banking practices, as well as for his philanthropy and support of the arts, Morgan was also criticized by reformers who would later blame his (and other bankers\u2019) efforts for contributing to the artificial bubble of prosperity that eventually burst in the Great Depression of the 1930s. However, Morgan\u2019s financial aptitude and savvy business dealings kept him in good stead. A subsequent U.S. congressional committee, in 1912, reported that his firm held 341 directorships in 112 corporations that controlled over $22 billion in assets. In comparison, that amount of wealth was greater than the assessed value of <em>all<\/em> the land in the United States west of the Mississippi River.<\/p>\n<p>In 1895, Morgan almost single-handedly saved the U.S. government from financial ruin. Until 1933, the U.S. economy was run on the <strong>Gold Standard<\/strong>, which meant that every dollar had an equivalent value in gold. The U.S. Treasury kept a reserve of gold to pay back the creditors that it owed and to stabilize the value of its currency. However, during a period of financial instability in the early 1890s, the U.S. gold reserves were running dangerously low. Morgan met with President Cleveland personally and offered to loan the government $65 million in gold in exchange for a 30-year bond. Cleveland, desperate for a solution, accepted the offer, which saved the Treasury but ended up losing the president his bid for reelection due to a pervasive mistrust of large banks.<\/p>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p><iframe loading=\"lazy\" src=\"https:\/\/lumenlearning.h5p.com\/content\/1291674840535689258\/embed\" width=\"1088\" height=\"637\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" aria-label=\"US History TEMPLATE 2\"><\/iframe><\/p>\n<p>\t<iframe id=\"assessment_practice_f9522d14-659d-4bb5-bcf8-8cd929566bb0\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/f9522d14-659d-4bb5-bcf8-8cd929566bb0?iframe_resize_id=assessment_practice_id_f9522d14-659d-4bb5-bcf8-8cd929566bb0\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<p>\t<iframe id=\"assessment_practice_ecd14562-3353-4dd8-a1df-b04ad94671a5\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/ecd14562-3353-4dd8-a1df-b04ad94671a5?iframe_resize_id=assessment_practice_id_ecd14562-3353-4dd8-a1df-b04ad94671a5\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<\/section>\n<\/section>\n<div class=\"bcc-box bcc-info\">\n<h3>Review Question<\/h3>\n<section>What differentiated a \u201crobber baron\u201d from other \u201ccaptains of industry\u201d in late nineteenth-century America?<\/p>\n<div class=\"qa-wrapper\" style=\"display: block\"><span class=\"show-answer collapsed\" style=\"cursor: pointer\" data-target=\"q997142\">Show Answer<\/span><\/p>\n<div id=\"q997142\" class=\"hidden-answer\" style=\"display: none\">\u201cCaptains of industry\u201d (such as Carnegie or Rockefeller) are noted for their new business models, entrepreneurial approaches, and, to varying degrees, philanthropic efforts, all of which transformed late nineteenth-century America. \u201cRobber barons\u201d (such as Gould) are noted for their self-centered drive for profit at the expense of workers and the general public, who seldom benefitted to any great degree. The terms, however, remain a gray area, as one could characterize the ruthless business practices of Rockefeller, or some of Carnegie\u2019s tactics with regard to workers\u2019 efforts to organize, as similar to the methods of robber barons. Nevertheless, \u201ccaptains of industry\u201d are noted for contributions that fundamentally changed and typically improved the nation, whereas \u201crobber barons\u201d can seldom point to such concrete contributions.<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"textbox learning-objectives\">\n<h3>Glossary<\/h3>\n<p><strong>Andrew Carnegie:<\/strong> a self-made entrepreneur in the steel industry who is responsible for many philanthropic works<\/p>\n<p><strong>entrepreneur:\u00a0<\/strong>a person who uses investment capital to start a business<\/p>\n<p><strong>gold standard:<\/strong> a policy that required each dollar in circulation to be backed by a unit of gold held by the U.S. treasury<\/p>\n<p><strong>Horatio Alger:\u00a0<\/strong>an author who made a fortune writing books about a poor messenger boy who becomes rich through a combination of &#8220;luck and pluck,&#8221; which fed into the idea that any person could become rich if they worked hard enough<\/p>\n<p><strong>J.P. Morgan:<\/strong> a banker who bought out Andrew Carnegie&#8217;s steel interests and formed U.S. Steel, America&#8217;s first billion-dollar company<\/p>\n<p><strong>Social Darwinism:\u00a0<\/strong>Herbert Spencer\u2019s theory, based upon Charles Darwin\u2019s scientific theory, which held that society developed much like plant or animal life through a process of evolution in which the fittest and capable enjoyed the greatest material and social success<\/p>\n<p><strong>trust:\u00a0<\/strong>a legal arrangement where a small group of trustees has legal ownership of a business that they operate for the benefit of other investors<\/p>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-82\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Modification, adaptation, and original content. <strong>Authored by<\/strong>: Lillian Wills for Lumen Learning. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>US History. <strong>Provided by<\/strong>: OpenStax. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/openstaxcollege.org\/textbooks\/us-history\">http:\/\/openstaxcollege.org\/textbooks\/us-history<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Access for free at https:\/\/openstax.org\/books\/us-history\/pages\/1-introduction<\/li><li><strong>Authored by<\/strong>: Laura Spelman Rockefeller. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/resource.rockarch.org\/lauraspelmanrockefeller_rac_001\/\">https:\/\/resource.rockarch.org\/lauraspelmanrockefeller_rac_001\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>The Industrial Economy: Crash Course US History #23. <strong>Provided by<\/strong>: Crash Course. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/r6tRp-zRUJs?t=1s\">https:\/\/youtu.be\/r6tRp-zRUJs?t=1s<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><li>Man of Steel Andrew Carnegie. <strong>Provided by<\/strong>:  American Experience | PBS. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=vmbRtjN0gAk\">https:\/\/www.youtube.com\/watch?v=vmbRtjN0gAk<\/a>. <strong>License<\/strong>: <em>Other<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">Public domain content<\/div><ul class=\"citation-list\"><li>Louise Whitfield. <strong>Provided by<\/strong>: Wikimedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Mrs._Andrew_Carnegie_(Louise_Whitfield).jpg\">https:\/\/commons.wikimedia.org\/wiki\/File:Mrs._Andrew_Carnegie_(Louise_Whitfield).jpg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-82-1\">Murray, S. (2009). <em>The Library: An Illustrated History.<\/em>\u00a0New York, Skyhorse Publishing, p. 196 <a href=\"#return-footnote-82-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":19,"menu_order":5,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"US History\",\"author\":\"\",\"organization\":\"OpenStax\",\"url\":\"http:\/\/openstaxcollege.org\/textbooks\/us-history\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Access for free at https:\/\/openstax.org\/books\/us-history\/pages\/1-introduction\"},{\"type\":\"copyrighted_video\",\"description\":\"The Industrial Economy: Crash Course US History #23\",\"author\":\"\",\"organization\":\"Crash Course\",\"url\":\"https:\/\/youtu.be\/r6tRp-zRUJs?t=1s\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"original\",\"description\":\"Modification, adaptation, and original content\",\"author\":\"Lillian Wills for Lumen Learning\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"Man of Steel Andrew Carnegie\",\"author\":\"\",\"organization\":\" American Experience | PBS\",\"url\":\"https:\/\/www.youtube.com\/watch?v=vmbRtjN0gAk\",\"project\":\"\",\"license\":\"other\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"pd\",\"description\":\"Louise Whitfield\",\"author\":\"\",\"organization\":\"Wikimedia\",\"url\":\"https:\/\/commons.wikimedia.org\/wiki\/File:Mrs._Andrew_Carnegie_(Louise_Whitfield).jpg\",\"project\":\"\",\"license\":\"pd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"\",\"author\":\"Laura Spelman Rockefeller\",\"organization\":\"\",\"url\":\"https:\/\/resource.rockarch.org\/lauraspelmanrockefeller_rac_001\/\",\"project\":\"\",\"license\":\"pd\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"c1c130d5-851a-4e9e-b6cc-13bd189ee0b5,90be09b2-3966-4d07-a44b-3669bbdb738a","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-82","chapter","type-chapter","status-publish","hentry"],"part":70,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters\/82","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/users\/19"}],"version-history":[{"count":44,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters\/82\/revisions"}],"predecessor-version":[{"id":9374,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters\/82\/revisions\/9374"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/parts\/70"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapters\/82\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/media?parent=82"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/pressbooks\/v2\/chapter-type?post=82"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/contributor?post=82"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-ushistory2\/wp-json\/wp\/v2\/license?post=82"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}