USA HISTORY

Detailed explanation-1: -After his retirement, Andrew Carnegie donated most of his money (over $350 million) to establish libraries, schools, and universities, as well as a pension fund for former employees. In 1901, J. P. Morgan’s U.S. Steel was the first billion-dollar company in the world with an authorized capitalization of $1.2 billion.

Detailed explanation-2: -He became a leading philanthropist in the United States, Great Britain, and the British Empire. During the last 18 years of his life, he gave away around $350 million (roughly $5.5 billion in 2021), almost 90 percent of his fortune, to charities, foundations and universities.

Detailed explanation-3: -He was a steel magnate who believed that the general public benefited from big business even if these companies employed harsh business practices.

Detailed explanation-4: -There are but three modes in which surplus wealth can be disposed of. It can be left to the families of the decedents; or it can be bequeathed for public purposes; or, finally, it can be administered during their lives by its possessors.

Detailed explanation-5: -Scottish-born Andrew Carnegie (1835-1919) was an American industrialist who amassed a fortune in the steel industry then became a major philanthropist.