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Andrew Carnegie - An Economic Biography (Hardcover)
Loot Price: R2,305
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Andrew Carnegie - An Economic Biography (Hardcover)
Series: Capitalist Thought: Studies in Philosophy, Politics, and Economics
Expected to ship within 12 - 19 working days
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This biography of Andrew Carnegie emphasizes the economic dimension
of his career in industry. It examines his life as a dynamic
innovator during the period when the steel industry rapidly
expanded and the United States became a major industrial power.
Carnegie rose from a poverty-stricken Scottish childhood to a
position of international industrial leadership, philanthropy, and
peace advocacy, by means of intelligence, entrepreneurship,
ambition, tenacity, guile, and ruthless determination. It is shown
that Carnegie excelled as an economic actor. His alertness to
expected profit opportunities, and success in coping with the
uncertainties of the marketplace, made him a major influence on the
growth of many of the most important industries of late-nineteenth
century United States and world economies. His contribution to the
better coordination of the actions of both demanders and suppliers
in those industries by managerial, technological, and institutional
innovations is emphasized. It is also argued that those
profit-seeking actions and innovations occurred in the context of
political policies and social institutions that produced a
tremendous mal-investment of resources. This mal-investment was a
result of protective tariffs, the stimulus and waste of war, and
government subsidization of the railroad industry. Carnegie's role
in this massive diversion of resources from other uses to those
from which he personally benefitted is also emphasized. Lastly,
Carnegie's actions in giving away the great personal fortune that
he accumulated as he built his business empire are examined and
their economic implications assessed.
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