The magnate turned his attention to philanthropy, and his good works still benefit people around the globe.
What should we make of the complicated capitalist whose legacy includes this advice to the mega-rich: Give something back while you can. Louis, reporter Theodore Dreiser had written about the harsh social conditions in the belching factory cities powering America’s industrial revolution.
“It is too much to expect poor men to stand by and see their work taken by others—their daily bread,” he wrote. Frick had apprised his boss of the goings-on at Homestead in the days leading up to the showdown and Carnegie approved Frick’s actions, just as he’d sanctioned Frick’s defeat of Amalgamated at the company’s Edgar Thomson Steel Works three years earlier.
Reporter Dreiser described the “depressing” scene he witnessed in Homestead in the aftermath of the tragedy.
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Blood flowed when Carnegie Steel busted the union in 1892, but little of it splashed on Andrew Carnegie.
He then spent the rest of his life giving money away—an estimated 0 million in total to a variety of causes.
He became “a national treasure and not a robber baron,” wrote Peter Krass in Carnegie, and a model for latter-day moguls such as Warren Buffet and Bill Gates, who have pledged to put most of their fortunes to beneficent use before they die.