How Did Andrew Carnegie Contribute To The Economy

McCann 2 Andrew Carnegie Andrew Carnegie was born in November 25, 1835 and died when he was 84 on August 11, 1919. He was born in Dunfermline, Scotland but his family eventually moved to America in search of better economic opportunity. They settled in Pittsburgh, Pennsylvania. When his family left Scotland, his education stayed and ended there. Therefore, he had very few years of schooling. Fortunately, this did not stop Andrew Carnegie from becoming a “Man Who Built America”. Young Andrew Carnegie, found a job as a bobbin boy at a cotton factory. There he earned only $1.20 a week. Andrew Carnegie was an extremely hard working person. With his ability to work hard, he held many jobs throughout his life. “He was a messenger in a telegraph office and secretary and telegraph operator for the

Morgan first began working for his father until he started his own private banking company. His company was called J.P. Morgan & Co. His company ended up becoming one of the most leading financial firms in the country. He helped financial markets during many economic crises. With his popularity, he faced some criticism saying that he had too much power and some were afraid he was creating a monopoly. He contributed greatly to the helping the railroads and “... controlled an estimated one sixth of America’s rail lines”(history.com staff). He helped get Wall Street out of the 1907 financial crisis. Eventually the journalists, politicians, and other people, came to the realization that he could “... manipulate the financial system for his own gain.”(history.com staff) This led to the Pujo Committee Hearings which were about a money trust being investigated.

Overall, J.P. Morgan helped our country greatly. His ability to work hard and get the job done led to his amazing successes which made him one of the most famous financier in American history. Although he did have a lot of power, he used it for the best and helped when America needed it the