He was well educated, having attended the English High School in Boston and then University of Göttingen in Germany. Morgan and the grandson of the founder of Aetna Insurance Company. Morgan had been born rich in Hartford, Connecticut, in 1837, the son of international banker J. Morgan and Carnegie could hardly have come from more different backgrounds. Steel was the culmination of an era of American industrial consolidation that made many fear such corporations were becoming too powerful, financially and politically, and thereby threatened American democracy. To get a sense of how big a sum that was at the turn of the twentieth century, consider that the federal government that year spent only $517 million. Steel or simply Big Steel, was capitalized at $1.4 billion.
The United States Steel Corporation, usually known as U.S.
Morgan, the country’s most powerful banker, merged Andrew Carnegie’s Carnegie Steel Corporation with nine other steel companies to form the world’s largest corporation. Henry George Lesson to highlight the impact businessmen like Carnegie had on industry and philanthropy in the Gilded Age.Įarly in 1901, J. Use this Narrative with the Were the Titans of the Gilded Age “Robber Barons” or “Entrepreneurial Industrialists”? Point-Counterpoint and the Debating Industrial Progress: Andrew Carnegie vs.
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