USA HISTORY

Detailed explanation-1: -After retiring in 1901 at the age of 66 as the world’s richest man, Andrew Carnegie wanted to become a philanthropist, a person who gives money to good causes. He believed in the “Gospel of Wealth, ” which meant that wealthy people were morally obligated to give their money back to others in society.

Detailed explanation-2: -One of the captains of industry of 19th century America, Andrew Carnegie helped build the formidable American steel industry, a process that turned a poor young man into the richest man in the world. Carnegie was born in Dunfermline, Scotland, in 1835.

Detailed explanation-3: -In 1901, he sold the Carnegie Steel Company to banker John Pierpont Morgan for $480 million. Carnegie then devoted himself to philanthropy, eventually giving away more than $350 million.

Detailed explanation-4: -Andrew Carnegie had gone a long way towards creating a monopoly in the steel industry when J.P. Morgan bought his steel company and merged it into U.S. Steel to create a monstrous corporation approaching the size of Standard Oil.