Podcasts about carnegie steel

Nació pobre y acabó siendo el más rico. Su inquebrantable ambición y su extrema dureza en la gestión de los negocios le llevaron a forjar un gigantesco imperio forjado en el acero. Instalado en la tierra prometida de Estados Unidos a mediados del siglo XIX, Andrew Carnegie comenzó su trayectoria como el chico que repartía las bobinas en una fábrica de algodón. Fue después mensajero de la empresa de telégrafos, donde su carácter despierto y avispado le hizo ascender posiciones. Recaló más tarde en la compañía ferroviaria de Pensilvania, donde comenzó a hacer carrera. En su escalera hacia el éxito, el patriarca de la familia Carnegie realizó inversiones muy rentables con bonos de compañías ferroviarias y productos siderúrgicos. Tanto que le permitieron poner en marcha su propia compañía,Carnegie Steel, que comenzó como una fábrica en Pittsburgh (Pensilvania) para acabar convirtiéndose en la mayor empresa siderúrgica del mundo. Clara Ruiz de Gauna, redactora jefe del periódico y autora de la saga sobre los personajes que han hecho historia en el mundo financiero que se publica todas las semanas en EXPANSIÓN, y los redactores del periódico Amaia Ormaetxea y Antonio Santamaría analizan el legado de este genio de las finanzas.See omnystudio.com/listener for privacy information.

Curious about the origins of Labor Day? Longing to understand how the industrial revolution shaped the American workforce? This fascinating journey with Sheila K Harrington as our guide will satiate your curiosity. You'll learn about the gritty history of this celebrated holiday and the labor movement that fought for shorter workdays and days off for our tireless workers. We also shed light on the harsh working conditions of the industrial revolution, the wages of the common worker, and the shocking reality of child labor during that era.The second half of our discussion is as gripping as the first. We traverse the compelling narrative of Carnegie Steel and the labor movement that ignited massive protests. With Sheila's expertise, we dissect the reasons behind the company's decision to slash employee wages and dismantle the union. Journey with us as we travel back in time to the Pullman Palace Car Company's intriguing tale and how Eugene Debs' electrifying protest rally catalyzed a dramatic series of events. We end on a reflective note with a prayer for the abundance, safeguarding, and blessings of our frontline workers. This episode is not merely an educational journey, but a poignant reminder of why we need to honor our hardworking compatriots.

Your the producers of the show ! support https://www.patreon.com/Firecrotch Original Whiggaz Live w/ Cliff Focus & Uncle Dust every Wednesday at 9:40PM EST . https://www.youtube.com/channel/UCyqy9ykfINO3VHD4TVbbHqw All Uncle Dust's links https://linktr.ee/uncledustcomedy Buy some Whiggaz Cliff & Dust a coffee https://www.buymeacoffee.com/CityDontSleep Rumble Whiggaz https://rumble.com/c/OriginalWhiggaz

Did you know that the Pinkerton National Detective Agency -- famed protector of Abraham Lincoln in the 1800's, and union-busting goon squad in the 1900's -- is still around? And they have time to chase down Magic: the Gathering fans for using prohibited card sets? It's true: Dan & Paul discuss the latest WOTC goony actions, other game-companies that lost their sanity checks, and more. Pinkerton is a private security guard and detective agency established around 1850 in the United States by Scottish-born American cooper Allan Pinkerton and Chicago attorney Edward Rucker as the North-Western Police Agency, which later became Pinkerton & Co, and finally the Pinkerton National Detective Agency. It is currently a subsidiary of Swedish-based Securitas AB. Pinkerton became famous when he claimed to have foiled the Baltimore Plot to assassinate president-elect Abraham Lincoln in 1861. Lincoln later hired Pinkerton agents to conduct espionage against the Confederacy and act as his personal security during the American Civil War. The Pinkerton National Detective Agency hired women and minorities from its founding because they were useful as spies, a practice uncommon at the time. At the height of their power, the Pinkerton Detective Agency was the largest private law enforcement organization in the world. Following the Civil War, the Pinkertons began conducting operations against organized labor. During the labor strikes of the late 19th and early 20th centuries, businesses hired the Pinkerton Agency to infiltrate unions, supply guards, keep strikers and suspected unionists out of factories, and recruit goon squads to intimidate workers. During the Homestead Strike of 1892, Pinkerton agents were called in to reinforce the strikebreaking measures of industrialist Henry Clay Frick, who was acting on behalf of Andrew Carnegie, the head of Carnegie Steel. Tensions between the workers and strikebreakers erupted into violence which led to the deaths of three Pinkerton agents and nine steelworkers. During the late nineteenth century, the Pinkertons were also hired as guards in coal, iron, and lumber disputes in Illinois, Michigan, New York, Pennsylvania, and West Virginia. Pinkertons were also involved in other strikes such as the Great Railroad Strike of 1877. During the 20th century, Pinkerton rebranded itself into a personal security and risk management firm. The company has continued to exist in various forms through to the present day, and is now a division of the Swedish security company Securitas AB, operating as "Pinkerton Consulting & Investigations, Inc. d.b.a. Pinkerton Corporate Risk Management". The former Government Services division, PGS, now operates as "Securitas Critical Infrastructure Services, Inc.". Read the Gizmodo news on the incident here And see an update here This description uses material from the Wikipedia article "Pinkerton (detective agency)", which is released under the Creative Commons Attribution-Share-Alike License 3.0.

A New York Times bestseller! “Beautifully crafted and fun to read.” —Louis Galambos, The Wall Street Journal “Nasaw's research is extraordinary.” —San Francisco Chronicle “Make no mistake: David Nasaw has produced the most thorough, accurate and authoritative biography of Carnegie to date.” —Salon.com The definitive account of the life of Andrew Carnegie Celebrated historian David Nasaw, whom The New York Times Book Review has called "a meticulous researcher and a cool analyst," brings new life to the story of one of America's most famous and successful businessmen and philanthropists—in what will prove to be the biography of the season. Born of modest origins in Scotland in 1835, Andrew Carnegie is best known as the founder of Carnegie Steel. His rags to riches story has never been told as dramatically and vividly as in Nasaw's new biography. Carnegie, the son of an impoverished linen weaver, moved to Pittsburgh at the age of thirteen. The embodiment of the American dream, he pulled himself up from bobbin boy in a cotton factory to become the richest man in the world. He spent the rest of his life giving away the fortune he had accumulated and crusading for international peace. For all that he accomplished and came to represent to the American public—a wildly successful businessman and capitalist, a self-educated writer, peace activist, philanthropist, man of letters, lover of culture, and unabashed enthusiast for American democracy and capitalism—Carnegie has remained, to this day, an enigma. Nasaw explains how Carnegie made his early fortune and what prompted him to give it all away, how he was drawn into the campaign first against American involvement in the Spanish-American War and then for international peace, and how he used his friendships with presidents and prime ministers to try to pull the world back from the brink of disaster. With a trove of new material—unpublished chapters of Carnegie's Autobiography; personal letters between Carnegie and his future wife, Louise, and other family members; his prenuptial agreement; diaries of family and close friends; his applications for citizenship; his extensive correspondence with Henry Clay Frick; and dozens of private letters to and from presidents Grant, Cleveland, McKinley, Roosevelt, and British prime ministers Gladstone and Balfour, as well as friends Herbert Spencer, Matthew Arnold, and Mark Twain—Nasaw brilliantly plumbs the core of this facinating and complex man, deftly placing his life in cultural and political context as only a master storyteller can.

Charles Schwab led three gigantic enterprises: Carnegie Steel, U.S. Steel, and Bethlehem Steel. His benevolent personality attracted the most productive workers, whom he rewarded financially. He saw no clash between labor and management. Why did his staff feel a sense of pride under Schwab's leadership? In his words, "I consider my ability to arouse enthusiasm among men the greatest asset I possess. The way to develop the best that is in a man is by appreciation and encouragement."

  The One Thing: The surprisingly simple truth behind extraordinary results Author: Gary Keller w/ Jay Papasan  EP 61: Do the Right Thing    BETTER HELP AD:     It's affordable and convenient, don't forget Crew, I've partnered up with Better Help and a special offer to The Crew Book Club Podcast listeners, you can get 10% off your first month of professional therapy at BetterHelp.com/CrewLove. That's Better H-E-L-P .com slash CrewLove. THE LINK WILL BE IN THE SHOW NOTEs   Who Gon' Check Me Boo?! God is! I've been waking up in the wee hour of the morning, with my mind going with ideas and then last night I woke with this thought of being stuck and I asked God what do you want me to do? And he was like open your bible app. And right there the daily refresh read.   1 Corinthians 15:58  “Therefore, my dear brothers and sisters, stand firm. Let nothing move you. Always give yourselves fully to the work of the Lord, because you know that your labor in the Lord is not in vain.”   See that the thing, the Holy Spirit knows exactly what you need; you don't need a whole bible plan. Just pray, open your heart and mind, and read.   Sometimes you just need those little reminders. That is why it's so important to be aware of the Holy Spirit that lives inside of you, so on those nights he can guide you and bring comfort.    CREW LOVE:  Leave a written review, give the podcast 5 stars, share the episode, and follow us on social media. And visit our website some videos are exclusively accessible on the websiteTheCrewBookClub.com   AUDIBLE ad. • I know we are on the go; so, I wanted to partner up with audible so we can enjoy more books in different ways audible offers more than just audiobooks, they have a podcast, wellness programs, theatrical performances, comedies, and audible origin. Get your free 30 days of experience through Audible & The Crew Book Club.  • Visit Audible trail .com slash CREWLOVE.  • https://www.audibletrial.com/Crewlove  LINK WILL BE IN SHOW NOTES      Part 2: The Truth: The Simple Path to Productivity   • We have debunked the lies we and “they” tell us. Now let's get into the truth.  • The author Gary, like many of us, assumed everything was important and felt he needed to buckle down more, so he started clenching his way through success. Pg. 99 describes it.  • He had no choice; he had to get unclenched. Same as you and I.  Pg. 100   Chapter 10: The Focusing Question • You have all heard the saying “Don't put all your eggs in one basket?”  • In a speech by Andrew Carnegie owner of the Carnegie Steel company in 1885. He stated on pg. 103 • pg. 104-105 • Here is the focusing question boldly written in the book. Pg. 106  • This becomes a life question forever! Pg. 108    Chapter 11: The Success Habit • Pg. 112-113  More of chapter 11 ties into the challenge of the week, so let's get into it!    Challenge of the week • If you are just listening time stamp this because you need paper and a pen. If you are watching on YouTube, you can see the illustration in the book.  Apply the Focusing question to all aspects of your life.  Pg. 115-116   What Would Crew Do?!  (ask for advice) email the crew @ thecrewbookclub@gmail.com or DM on IG @thecrewbookclub  • I have heard you mention on the podcast you are a realtor and I know it's not a real estate podcast, but you did say to ask anything. I have plans to quit my 9-5 job and be a stay-at-home mom because I am pregnant with my 4th child. My husband and I both agree it would be best for me to stay home for us to save more money since child care is so expensive. The only thing is we want to buy a house and from my understanding with my income, we can afford more houses. Do you think we should wait and buy before I quit?      Quote of the week: Pg. 112  “Success is simple. Do what's right the right way, at the right time.” -Arnold H. Glasow    I used to view this as doing one particular thing at the right and perfect timing. It's bigger than that or should I say smaller. It's a quote you have to apply every day. Down to tasks, habits, and opportunities. Don't get caught up trying to do everything all the time. Do the right things at the right time.    Okay Crew, go out and do the right things.              Hey CREW!  DON'T FORGET   Crew, I've partnered up with BetterHelp sponsor of this episode; a special offer to The Crew Book Club Podcast listeners, you can get 10% off your first month of professional therapy:   https://www.betterhelp.com/crewlove   You can listen to this book on audible. Click the link to get your free 30-day premium plus experience with audible  https://www.audibletrial.com/Crewlove  Thanks for hanging with “The Crew!”   Order Book:https://amzn.to/3WzTBwy   Check Out & Follow  YOUTUBE: https://youtu.be/ibShWh7clMs FANBASE: https://www.fanbase.app/thecrewbookclubINSTAGRAM: TikTok:https://www.tiktok.com/@thecrewbookclubpodcast FacebookGroup: https://www.facebook.com/groups/383757116178503/?ref=share&mibextid=S66gvF   Visit THE website: www.thecrewbookclub.com   Thanks for hanging with “The Crew!” Subscribe, Share, and tell a friend 

What I learned from rereading Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Changed America by Les Standiford.This episode is brought to you by: Tiny: Tiny is the easiest way to sell your business. Quick and straightforward exits for Founders.—Follow one of my favorite podcasts Invest Like The Best  and check out these great episodes: #137 Bill Gurley: All Things Business and Investing#88 Sam Hinkie: Data, Decisions, and Basketball#204 Sam Hinkie: Find Your People—Subscribe to listen to Founders Premium — Subscribers can ask me questions directly which I will answer in Ask Me Anything (AMA) episodes —[0:01] Frick had been the man Carnegie trusted above all others to manage the affairs of Carnegie Steel.[2:00] Carnegie had delegated the job of holding the line on wages and other demands to Frick—a Patton to Carnegie's FDR.[3:00] The Autobiography of Andrew Carnegie by Andrew Carnegie.  (Founders #283)[5:00] Here's a starter pack of essentials  for Day 1 defense: customer obsession, a skeptical view of proxies, the eager adoption of external trends, and high-velocity decision making. —Jeff Bezos's Shareholder Letters (Founders #282)[7:00] In less than half a century the United States had been transformed―from a largely agrarian and underdeveloped federation of competing interests, to a relatively cohesive economic juggernaut. The age of the Founding Fathers was over. The Age of the Titans had begun.[12:00] By 1863 Carnegie was earning more than $45,000 a year from this and all his other investments, compared with a mere $2,400 from his railroad salary. Yet he understood that it was the contacts he made and the information he derived from his association with the railroad that made everything else possible.[13:00] More control. Less costs. More profit.[15:00] Technology is just a better way to do something: As a result of the process for transforming iron to steel that bore his name (Bessemer), a quantity of steel that might formerly have taken as long as two weeks to produce could now be made in fifteen minutes.[17:00] Carnegie starts his company during a financial panic. The best time to expand is when no one else dares to take the risk.[20:00] Already the best but still wants to do better: Even his key employees were not spared Carnegie's heavy-handed management style. To almost every positive report Carnegie's response was "Good, but let us do better."[21:00] Cut the prices, scoop the market, watch the costs, and the profits will take care of themselves.[21:00] Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson (Founders #140)[22:00] He could make steel more efficiently than any of them.[24:00] Henry Clay Frick: The Life of the Perfect Capitalist by Quentin Skrabec Jr. (Founders #75)[24:00] Like Rockefeller, Henry Clay Frick used a lot of borrowed money to get his start in the coke business. There was a line in one of Rockefeller's biographies where it said “he was the greatest borrower I've ever seen.”[26:00] Frick knew his business down to the ground.[26:00] LIke Carnegie, Frick expands his business during an economic panic. Frick, who would later recall this as one of the most grueling times in his life, proved as undaunted in the face of adversity as Carnegie had been.[34:00] Carneige was accustomed to obedience from his subordinates, but if he expected unquestioned subservience from Henry Frick, he had gravely miscalculated.[36:00] Frick was no puppet, but rather a man willing to take considerable risks in defense of his principles.[37:00] Frick had ambition, a singleness of purpose, and a lack of self—doubt that even Carneige envied.[38:00] Carnegie would repeat the mantra time and again: profits and prices were cyclical, subject to any number of transient forces of the marketplace. Costs, however, could be strictly controlled, and in Carnegie's view, any savings achieved in the costs of goods were permanent.[39:00] On this issue the two men were of one mind. Frick had made his way in coke by the same reckoning that Carnegie had in rail and steel: if you knew your costs down to the penny, you were always on firm ground.[39:00] Frick had always understood how essential new technologies were in driving costs down. Cost control became nearly an obsession.[47:00] [Frick was shot] Only after he was finished with his day's work did Frick permit himself to be carried from the office to an ambulance.[49:00] You must not allow anything to discourage you in the least. Even if things do not go well for some time to come, or even if they should get much worse. Just keep at it, doing the best you can. Do not allow the fact that you are not getting along as well as you would like to lead you to put yourself in a compromising position.[1:03:00] Empires of Light: Edison, Tesla, Westinghouse, and the Race to Electrify the World by Jill Jonnes. (Founders #83)[1:04:00] J.P. Morgan understood the folly of a long-term battle with the Carnegie Company, a firm that controlled its own sources of raw materials, transport, and manufacture, and that was far more deeply capitalized than his or any other of the upstarts. They might stay in the game for a while, and they might put a dent in Carnegie's armor, but in the end, Carnegie would run them into the ground, every one. Subscribe to listen to Founders Premium — Subscribers can ask me questions directly which I will answer in Ask Me Anything (AMA) episodes —I use Readwise to organize and remember everything I read. You can try Readwise for 60 days for free https://readwise.io/founders/—“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

When you hear the word ‘monopoly,' what kind of image does that conjure up in your mind? For many people, when they hear the word monopoly, they think of John D. Rockefeller, the Vanderbilts, and Carnegie Steel. And they think of these titans of industry that were exploiting the populations, taking money from them by no choice of their own, and the government decided to ride in on its white horse like a knight in shining armor and introduced antitrust laws and has been enforcing them ever since to stop the existence of monopolies. Because free markets, of course, are the things that produce the monopolies, and the government is the savior to protect people from them. I am here to show you today that monopolies do not exist in free markets, and any monopolies that do exist only because of the government, not the other way around.

Today we're going to have a foundational episode, laying the framework for further episodes on digital piracy, venture capital, accelerators, Bitcoin, PayPal, Square, and others. I'll try to keep from dense macro and micro economics but instead just lay out some important times from antiquity to the modern financial system so we can not repeat all this in those episodes. I apologize to professionals in these fields whose life work I am about to butcher in oversimplification.  Like a lot of nerds who found myself sitting behind a keyboard writing code, I read a lot of science fiction growing up. There are dystopian and utopian outlooks on what the future holds for humanity give us a peak into what progress is. Dystopian interpretations tell of what amount to warlords and a fragmentation of humanity back to what things were like thousands of years ago. The utopian interpretations often revolve around questions about how society will react to social justice, or a market in equilibrium. The dystopian science fiction represents the past of economics and currency. And the move to online finances and digital currency tracks against what science fiction told us was coming in a future more utopian world. My own mental model of economics began with classes on micro and macro economics in college but evolved when I was living in Verona, Italy. We visited several places built by a family called the Medici's. I'd had bank accounts up until then but that's the first time I realized how powerful banking and finance as an institution was. Tombs, villas, palaces. The Medici built lasting edifices to the power of their clan. They didn't invent money, but they made enough to be on par with the richest modern families.  It's easy to imagine humans from the times of hunter-gatherers trading an arrowhead for a chunk of meat. As humanity moved to agriculture and farming, we began to use grain and cattle as currency. By 8000 BC people began using tokens for trade in the Middle East. And metal objects came to be traded as money around 5,000 BC. And around 3,000 PC we started to document trade. Where there's money and trade, there will be abuse. By 1,700 BC early Mesopotamian even issued early regulations for the banking industry in the Code of Hammurabi. By then private institutions were springing up to handle credit, deposits, interest, and loans. Some of which was handled on clay tablets.  And that term private is important. These banking institutions were private endeavors. As the Egyptian empire rose, farmers could store grain in warehouses and then during the Ptolemeic era began to trade the receipts of those deposits. We can still think of these as tokens and barter items though. Banking had begun around 2000 BC in Assyria and Sumeria but these were private institutions effectively setting their own splintered and sometimes international markets. Gold was being used but it had to be measured and weighed each time a transaction was made.  Until the Lydian Stater. Lydia was an empire that began in 1200 BC and was conquered by the Persians around 546 BC. It covered the modern Western Anatolia, Salihli, Manisa, and Turkey before the Persians took it. One of their most important contributions to the modern world was the first state sponsored coinage, in 700BC. The coins were electrum, which is a mix of gold and silver.  And here's the most important part. The standard weight was guaranteed by an official stamp. The Lydian king Croesus then added the concept of bimetallic coinage. Or having one coin made of gold and the other of silver. Each had a different denomination where the lower denomination was one dozen of the higher. They then figured out a way to keep counterfeit coins off the market with a Lydian stone, the color of which could be compared to other marks made by gold coins. And thus modern coinage was born. And the Lydian merchants became the merchants that helped move goods between Greece and Asia, spreading the concept of the coin. Cyrus the second defeated the Lydians and Darius the Great would issue the gold daric, with a warrior king wielding a bow. And so heads of state adorned coins.  As with most things in antiquity, there are claims that China or India introduced coins first. Bronzed shells have been discovered in the ruins of Yin, the old capital of the Shang dynasty dating back hundreds of years before the Lydians. But if we go there this episode will be 8 hours long.  Exodus 22:25-27 “If you lend money to my people—to any poor person among you—never act like a moneylender. Charge no interest.” Let's put that bible verse in context. So we have coins and banks. And international trade. It's mostly based on the weight of the coins. Commerce rises and over the centuries banks got so big they couldn't be allowed to fail without crashing the economy of an empire. Julius Caeser expands the empire of Rome and gold flows in from conquered lands. One thing that seems constant through history is that interest rates from legitimate lenders tend to range from 3 to 14 percent. Anything less and you are losing money. Anything more and you've penalized the borrower to the point they can't repay the loan. The more scarce capital the more you have to charge. Like the US in the 80s. So old Julius meets an untimely fate, there are wars, and Augustus manages to solidify the empire and Augustus reformed taxes and introduced a lot of new services to the state, building roads, establishing a standing army, the Praetorian Guard, official fire fighting and police and established a lot of the old Roman road systems through the empire that Rome is now known so well for. It was an over 40 year reign and one of the greatest in history. But greatness is expensive.  Tiberius had to bail out banks and companies in the year 33. Moneylending sucks when too many people can't pay you back. Augustus had solidified the Roman Empire and by the time Tiberius came around Rome was a rich import destination. Money was being leant abroad and interest rates and so there was less and less gold in the city. Interest rates had plummeted to 4 percent. Again, we're in a time when money is based on the weight of a coin and there simply weren't enough coins in circulation due to the reach of the empire. And so for all my Libertarian friends - empires learned the hard way that business and commerce are essential services and must be regulated. If money cannot be borrowed then crime explodes. People cannot be left to starve. Especially when we don't all live on land that can produce food any more.  Any time the common people are left behind, there is a revolt. The more the disparity the greater the revolt. The early Christians were heavily impacted by the money lending practices in that era between Julius Caeser and Tiberius and the Bible as an economic textbook is littered with references to usury, showing the blame placed on emerging financial markets for the plight of the commoner. Progress often involves two steps forward and one back to let all of the people in a culture reap the rewards of innovations.   The Roman Empire continued on gloriously for a long, long time. Over time, Rome fell. Other empires came and went. As they did, they minted coins to prove how important the ruling faction was. It's easy to imagine a farmer in the dark ages following the collapse of the Roman Empire dying and leaving half of the farm to each of two children. Effectively each owns one share. That stock can then be used as debt and during the rise of the French empire, 12th century courretiers de change found they could regulate debts as brokers. The practice grew.  Bankers work with money all day. They get crafty and think of new ways to generate income. The Venetians were trading government securities and in 1351 outlawed spreading rumors to lower the prices of those - and thus market manipulation was born. By 1409 Flemish traders began to broker the trading of debts in Bruges at an actual market. Italian companies began issuing shares and joint stock companies were born allowing for colonization of the American extensions to European powers. That colonization increased the gold supply in Europe five fold, resulting in the first great gold rush.  European markets, flush with cash and speculation and investments, grew and by 1611 in Amsterdam the stock market was born. The Dutch East India Company sold shares to the public and brought us options, bonds and derivatives. Dutch perpetual bonds were introduced and one issued in 1629 is still paying dividends. So we got the bond market for raising capital.  Over the centuries leading to the industrial revolution, banking, finance, and markets became the means with which capitalism and private property replaced totalitarian regimes, the power of monarchs, and the centralized control of production. As the markets rose, modern economics were born, with Adam Smith codifying much of the known works at that point, including those from French physiocrats. The gold standard began around 1696 and gained in popularity. The concept was to allow paper money to be freely convertible into a pre-defined amount of gold. Therefore, paper money could replace gold and still be backed by gold just as it was in antiquity. By 1789 we were running a bit low on gold so introduced the bimetallic standard where silver was worth one fifteenth of gold and a predefined market ratio was set.   Great thinking in economics goes back to antiquity but since the time of Tiberius, rulers had imposed regulation. This had been in taxes to pay for public goods and bailing out businesses that had to get bailed out - and tariffs to control the movement of goods in and out of a country. To put it simply, if too much gold left the country, interest rates would shoot up, inflation would devalue the ability to buy goods and as people specialized in industries, those who didn't produce food, like the blacksmiths or cobblers, wouldn't be able to buy food. And when people can't buy food, bad things happen.  Adam Smith believed in self-regulation though, which he codified in his seminal work Wealth of Nations, in 1776. He believed that what he called the “invisible hand” of the market would create economic stability, which would lead to prosperity for everyone. And that became the framework for modern capitalistic endeavors for centuries to come. But not everyone agreed. Economics was growing and there were other great thinkers as well.  Again, things fall apart when people can't get access to food and so Thomas Malthus responded with a theory that the rapidly growing populations of the world would outgrow the ability to feed all those humans. Where Smith had focused on the demand for goods, Malthus focused on scarcity of supply. Which led to another economist, Karl Marx, to see the means of production as key to providing the Maslovian hierarchy. He saw capitalism as unstable and believed the creation of an owner (or stock trader) class and a working class was contrary to finding balance in society. He accurately predicted the growing power of business and how that power would control and so hurt the worker at the benefit of the business. We got marginalize, general equilibrium theory, and over time we could actually test theories and the concepts that began with Smith became a science, economics, with that branch known as neoclassical. Lots of other fun things happen in the world. Bankers begin instigating innovation and progress. Booms or bull markets come, markets over index and/or supplies become scarce and recessions or bear markets ensue. Such is the cycle. To ease the burdens of an increasingly complicated financial world, England officially adopted the gold standard in 1821 which led to the emergence of the international gold standard, adopted by Germany in 1871 and by 1900, most of the world. Gaining in power and influence, the nations of the world stockpiled gold up until World War I in 1914. The international political upheaval led to a loss of faith in the gold standard and the global gold supply began to fall behind the growth in the global economy.  JP Morgan dominated Wall Street in what we now called the Gilded age. He made money by reorganizing and consolidating railroad businesses throughout America. He wasn't just the banker, he was the one helping become more efficient, digging into how the businesses worked and reorganizing and merging corporate structures. He then financed Edison's research and instigated the creation of General Electric. He lost money investing on a Tesla project when Tesla wanted to go wireless. He bought Carnegie Steel in 1901, the first modern buyout that gave us US Steel. The industrialists from the turn of the century increased productivity at a rate humanity had never seen. We had the biggest boom market humanity had ever seen and then when the productivity gains slowed and the profits and earnings masked the slowdown in output a bubble of sorts formed and the market crashed in 1929.  These markets are about returns on investments. Those require productivity gains as they are usually based margin, or the ability to sell more goods without increasing the cost - thus the need for productivity gains. That crash in 1929 sent panic through Wall Street and wiped out investors around the world. Consumer confidence, and so spending and investment was destroyed. With a sharp reduction needed in supply, industrial output faltered and workers were laid off, creating a vicious cycle.  The crash also signaled the end of the gold standard. The pound and franc were mismanaged, commodity prices, new power Germany was having trouble repaying war debts, commodity prices collapsed, and thinking a reserve of gold would keep them legitimate, countries raised interest rates, further damaging the global economy. High interest rates reduce investment. England finally suspended the gold standard in 1931 which sparked  other countries to do the same, with the US raising the number of dollars per ounce of gold from $20 to $35 and so obtaining enough gold to back the US dollar as the de facto standard.  Meanwhile, science was laying the framework for the next huge boom - which would be greater in magnitude, margins, and profits. Enter John Maynard Keynes and Keynesian economics, the rise of macroeconomics. In a departure from neoclassical economics he believed that the world economy had grown to the point that aggregate supply and demand would not find equilibrium without government intervention. In short, the invisible hand would need to be a visible hand by the government. By then, the Bolsheviks had established the Soviet Union and Mao had founded the communist party in China. The idea that there had been a purely capitalist society since the time the Egyptian government built grain silos or since Tiberius had rescued the Roman economy with bailouts was a fallacy. The US and other governments began spending, and incurring debt to do so, and we began to dig the world out of a depression. But it took another world war to get there. And that war did more than just end the Great Depression. World War II was one of the greatest rebalancing of powers the world has known - arguably even greater than the fall of the Roman and Persian empires and the shift between Chinese dynasties. In short, we implemented a global world order of sorts in order to keep another war like that from happening. Globalism works for some and doesn't work well for others. It's easy to look on the global institutions built in that time as problematic. And organizations like the UN and the World Bank should evolve so they do more to lift all people up, so not as many around the world feel left behind.  The systems of governance changed world economics.The Bretton Woods Agreement would set the framework for global currency markets until 1971. Here, all currencies were valued in relation to the US dollar which based on that crazy rebalancing move now sat on 75% of the worlds gold. The gold was still backed at a rate of $35 per ounce. And the Keynesian International Monetary Fund would begin managing the balance of payments between nations. Today there are 190 countries in the IMF Just as implementing the gold standard set the framework that allowed the investments that sparked capitalists like JP Morgan, an indirect financial system backed by gold through the dollar allowed for the next wave of investment, innovation, and so productivity gains. This influx of money and investment meant there was capital to put to work and so bankers and financiers working with money all day derived new and witty instruments with which to do so. After World War II, we got the rise of venture capital. These are a number of financial instruments that have evolved so qualified investors can effectively make bets on a product or idea. Derivatives of venture include incubators and accelerators.  The best example of the early venture capital deals would be when Ken Olson and Harlan Anderson raised $70,000 in 1957 to usher in the age of transistorized computing. DEC rose to become the second largest computing company - helping revolutionize knowledge work and introduce a new wave of productivity gains and innovation. They went public in 1968 and the investor made over 500 times the investment, receiving $38 million in stock. More importantly, he stayed friends and a confidant of Olson and invested in over 150 other companies.  The ensuing neoclassical synthesis of economics basically informs us that free markets are mostly good and efficient but if left to just Smith's invisible hand, from time to time they will threaten society as a whole. Rather than the dark ages, we can continue to evolve by keeping markets moving and so large scale revolts at bay. As Aasimov effectively pointed out in Foundation - this preserves human knowledge. And strengthens economies as we can apply math, statistics, and the rising computers to help apply monetary rather than fiscal policy as Friedman would say, to keep the economy in equilibrium.  Periods of innovation like we saw in the computer industry in the post-war era always seem to leave the people the innovation displaces behind. When enough people are displaced we return to tribalism, nationalism, thoughts of fragmentation, and moves back into the direction of dystopian futures. Acknowledging people are left behind and finding remedies is better than revolt and retreating from progress - and showing love to your fellow human is just the right thing to do. Not doing so creates recessions like the ups and downs of the market in the years as gaps between innovative periods formed. The stock market went digital in 1966, allowing more and more trades to be processed every day. Instinet was founded in 1969 allowing brokers to make after hour trades. NASDAQ went online in 1970, removing the floor or trading market that had been around since the 1600s. And as money poured in, ironically gold reserves started to go down a little. Just as the Romans under Tiberius saw money leave the country as investment, US gold was moving to other central banks to help rebuild countries, mostly those allied with NATO, to rebuild their countries. But countries continued to release bank notes to pay to rebuild, creating a period of hyperinflation. As with other times when gold became scarce, interest rates became unpredictable, moving from 3 to 17 percent and back again until they began to steadily decline in 1980.  Gold would be removed from the London market in 1968 and other countries began to cash out their US dollars for gold. Belgium, the Netherlands, then Britain cashed in their dollars for gold, and much as had happened under the reign of Tiberius, there wasn't enough to sustain the financial empires created. This was the turning point for the end of the informal links back to the gold standard. By 1971 Nixon was forced to sever the relationship between the dollar and gold and the US dollar, by then the global standard going back to the Bretton Woods Agreement, became what's known as fiat money. The Bretton Woods agreement was officially over and the new world order was morphing into something else. Something that was less easily explainable to common people. A system where the value of currency was based not on the link to gold but based on the perception of a country, as stocks were about to move from an era of performance and productivity to something more speculative. Throughout the 80s more and more orders were processed electronically and by 1996 we were processing online orders. The 2000s saw algorithmic and high frequency trading. By 2001 we could trade in pennies and the rise of machine learning created billionaire hedge fund managers. Although earlier versions were probably more just about speed. Like if EPS is greater than Expected EPS and guidance EPS is greater than EPS then buy real fast, analyze the curve and sell when it tops out. Good for them for making all the moneys but while each company is required to be transparent about their financials, the high frequency trading has gone from rewarding companies with high earnings to seeming like more a social science where the rising and falling was based on confidence about an industry and the management team. It became harder and harder to explain how financial markets work. Again, bankers work with money all day and come up with all sorts of financial instruments to invest in with their time. The quantity and types of these became harder to explain. Junk bonds, penny stocks, and to an outsider strange derivatives. And so moving to digital trading is only one of the ways the global economy no longer makes sense to many.  Gold and other precious metals can't be produced at a rate faster than humans are produced. And so they had to give way to other forms of money and currency, which diluted the relationship between people and a finite, easy to understand, market of goods.  As we moved to a digital world there were thinkers that saw the future of currency as flowing electronically. Russian cyberneticist Kitov theorized electronic payments and then came ATMs back in the 50s, which the rise of digital devices paved the way to finally manifest themselves over the ensuing decades. Credit cards moved the credit market into more micro-transactional, creating industries where shop-keepers had once kept debits in a more distributed ledger. As the links between financial systems increased and innovators saw the rise of the Internet on the way, more and more devices got linked up. This combined with the libertarianism shown by many in the next wave of Internet pioneers led people to think of ways for a new digital currency. David Chaum thought up ecash in 1983, to use encrypted keys, much as PGP did for messages, to establish a digital currency. In 1998, Nick Szabo came up with the idea for what he called bitgold, a digital currency based on cryptographic puzzles and the solved puzzles would be sent to a public registry using a public key where the party who solved the puzzle would receive a private key. This was kinda' like using a mark on a Lydian rock to make sure coins were gold. He didn't implement the system but had the initial concept that it would work similar to the gold standard - just without a central authority, like the World Bank.  This was all happening concurrently with the rise of ubiquitous computing, the move away from checking to debit and credit cards, and the continued mirage that clouded what was really happening in the global financial system. There was a rise in online e-commerce with various sites emerging to buy products in a given industry online. Speculation increased creating a bubble around Internet companies. That dot com bubble burst in 2001 and markets briefly retreated from the tech sector.  Another bull market was born around the rise of Google, Netflix, and others. Productivity gains were up and a lot of money was being put to work in the market, creating another bubble. Markets are cyclical and need to be reigned back in from time to time. That's not to minimize the potentially devastating impacts to real humans. The Global Financial Crisis of 2008 came along for a number of reasons, mostly tied to the bursting of a housing bubble to oversimplify the matter. The lack of liquidity with banks caused a crash and the lack of regulation caused many to think through the nature of currency and money in an increasingly globalized and digital world. After all, if the governments of the world couldn't protect the citizenry of the world from seemingly unscrupulous markets then why not have completely deregulated markets where the invisible hand does so? Which brings us to the rise of cryptocurrencies. Who is John Galt? Bitcoin was invented by Satoshi Nakamoto, who created the first blockchain database and brought the world into peer-to-peer currency in 2009 when bitcoin .1 was released. Satoshi mined block 0 of bitcoin for 50 bitcoins. Over the next year Satoshi mined a potential of about a million bitcoins. Back then a bitcoin was worth less than a penny. As bitcoin grew and the number of bitcoins mined into the blockchain increased, the scarcity increased and the value skyrocketed reaching over $15 billion as of this writing. Who is Satoshi Nakamoto? No one knows - the name is a pseudonym. Other cryptocurrencies have risen such as Etherium. And the market has largely been allowed to evolve on its own, with regulators and traditional financiers seeing it as a fad. Is it? Only time will tell.  There is about an estimated 200,000 tonnes of gold in the world worth about 93 trillion dollars if so much of it weren't stuck in necklaces and teeth buried in the ground. The US sits on the largest stockpile of it today, at 8,000 tonnes worth about a third of a trillion dollars, then Germany, Italy, and France. By contrast there are 18,000,000 bitcoins with a value of about $270 billion, a little less than the US supply of gold. By contrast the global stock market is valued at over $85 trillion. The global financial markets are vast. They include the currencies of the world and the money markets that trade those. Commodity markets, real estate, the international bond and equity markets, and derivative markets which include contracts, options, and credit swaps. This becomes difficult to conceptualize because as one small example in the world financial markets, over $190 billion is traded on stock markets a day.  Seemingly, rather than running on gold reserves, markets are increasingly driven by how well they put debt to work. National debts are an example of that. The US National Debt currently stands at over $27 trillion dollars. Much is held by our people as bonds, although some countries hold some as security as well, including governments like Japan and China, who hold about the same amount of debt if you include Hong Kong with China. But what does any of that mean? The US GDP sits at about $22.3 trillion dollars. So we owe a little more than we make in a year. Much as many families with mortgages, credit cards, etc might owe about as much as they make. And roughly 10% of our taxes go to pay interest. Just as we pay interest on mortgages.  Most of this is transparent. As an example, government debt is often held in the form of a treasury bond. The treasury.gov website lists who holds what bonds: https://ticdata.treasury.gov/Publish/mfh.txt. Nearly every market discussed here can be traced to a per-transaction basis, with many transactions being a matter of public record. And yet, there is a common misconception that people think the market is controlled by a small number of people. Like a cabal. But as with most perceived conspiracies, the global financial markets are much more complex. There are thousands of actors who think they are acting rationally who are simply speculating. And there are a few who are committing a crime by violating or inorganically manipulating markets, as has been illegal since the Venetians passed their first laws on the matter. Most day traders will eventually lose all of their money. Most market manipulators will eventually go to jail. But there's a lot of grey in between. And that can't entirely be planned for.  At the beginning of this episode I mentioned it was a prelude to a deeper dive into digital piracy, venture capital, Bitcoin, PayPal, Square, and others. Piracy, because it potentially represents the greatest redistribution of wealth since the beginning of time. Baidu and Alibaba have made their way onto public exchanges. ANT group has the potential to be the largest IPO in history. Huawei is supposedly owned by employees. You can also buy stocks in Russian banking, oil, natural gas, and telecom.  Does this mean that the split created when the ideas of Marx became a political movement that resulted in communist regimes is over? No. These have the potential of creating a bubble. One that will then need correcting, maybe even based on intellectual property damage claims. The seemingly capitalistic forays made by socialist or communist countries just go to show that there really isn't and has never been a purely capitalist, socialist, or communist market. Instead, they're spectrums separated by a couple of percentages of tax here and there to pay for various services or goods to the people that each nation holds as important enough to be universal to whatever degree that tax can provide the service or good.  So next time you hear “you don't want to be a socialist country, do you?” Keep in mind that every empire in history has simply been somewhere in a range from a free market to a state-run market. The Egyptians provided silos, the Lydians coined gold, the Romans built roads and bailed out banks, nations adopted gold as currency, then build elaborate frameworks to gain market equilibrium. Along the way markets have been abused and then regulated and then deregulated. The rhetoric used to day though is really a misdirection play handed down by people with ulterior motives. You know, like back in the Venetian times. I immediately think of dystopian futures when I feel I'm being manipulated. That's what charlatans do. That's not quite so necessary in a utopian outlook.

Andrew and Henry Clay Frick come to a final and complete rupture and Andrew considers selling Carnegie Steel.

103 World History Changes with the Industrial Revolution Steam Engine and Captains of Industry is a World History Study Guide. In this podcast we breakdown the Industrial Revolution's British Origins, the expansion of resources, Standard Oil, Carnegie Steel, how revolutionary the changes in the world were, resources of the American Industrial Revolution, capitalism, and the human-environmental impact of industrialization in summary. This is an overview of 2-3 classes of material, hitting the high notes to remember for a test review.   Thanks Podbean for donating this educational bandwidth.    Hauger History Store on AmpedUpLearning!

In 1892 Homestead, Pennsylvania, was the site of a strike, pitting the Amalgamated Association of Iron and Steel Workers, one of the most powerful unions, against Carnegie Steel, owned by Andrew Carnegie and run by Carnegie and his partner, Henry Clay Frick.  The strike turned into a full fledged riot on July 6.  Today we tell the story of the Homestead Strike. You can subscribe to the Stories podcast at RadioPublic, Stitcher, Apple Podcasts, Spotify and on many other podcast apps. Thanks for listening and sharing our stories of Appalachian history with your friends.

“Of every thousand dollars spent in so-called charity today, it is probable that $950 is unwisely spent, so spent indeed as to produce the very evils which it proposes to mitigate or cure.” In this episode of Made You Think, Neil and Nat discuss The Gospel of Wealth by Andrew Carnegie. An essay written later in Carnegie’s life on his philosophy on using money, wealth (and the power that comes with it) well. While still very relevant today it goes against the idea that successful business people are bad people. It’s a model for how wealthy people should use their money for the good of the community. "The man who dies thus rich dies disgraced." We cover a wide range of topics, including: Billionaires through the ages Monopolies and antitrust laws Ways of disposing of wealth (including our Patreon page) Tangents on life expectancy, intergalactic travel and cyborg pets! Carnegie’s legacy of libraries, music halls and universities Using wealth to enrich the lives of others How to help others and effective altruism And so much more! Please enjoy, and be sure to grab a copy of The Gospel of Wealth by Andrew Carnegie You can also listen on Google Play Music, SoundCloud, YouTube, or in any other podcasting app by searching “Made You Think.” If you enjoyed this episode, be sure to check out our episode on The Psychology of Human Misjudgements by Charlie Munger to uncover your mental biases and Skin In The Game by Nassim Taleb for more on responsibility and reciprocity. Be sure to join our mailing list to find out about what books are coming up, giveaways we’re running, special events, and more. Links from the Episode Mentioned in the show Carnegie’s Wealth [01:50] Richest People in History [01:58] Monopoly & Antitrust laws [02:55] Microsoft [03:24] Google [03:33] The Giving Pledge [04:58] Robber barons [06:08] GM [06:28] Amazon [06:45] Medicare [07:08] Income Tax [07:13] Hunter-Gatherer Tribes [07:41] Feudal Societies [07:49] Invention of the Telegram [08:05] History of the Railroad [08:08] Stratification [08:18] Mæcenas [08:44] Ghana [09:21] Garden of Eden [09:29] Socialist Societies [10:01] Subsistence Farming [10:19] Internet Explorer [11:33] Bing [11:35] Safari [11:38] Yahoo [11:39] Google Ventures [12:16] Alphabet Inc [12:22] Google AdWords [12:33] Justice Department [12:42] Carnegie Steel [13:00] AT&T [13:05] Market cap [14:20] Dell [14:25] Microsoft Windows [14:28] Microsoft Office [14:30] Skype for Business [14:32] Windows Phones [14:47] Microsoft Hardware [14:49] Facebook [14:54] Apple [15:16] iPhone [15:36] iMac G3 [16:55] Instagram [17:25] WhatsApp [17:26] Facebook Messenger [17:28] Growth Machine [19:13] WordPress [19:27] AmazonBasics [20:23] FBA [20:38] Costco [21:03] Bud Light [21:21] Super Bowl Ads [21:43] Kirkland Products [21:48] Absolut [22:00] Anheuser-Busch [22:35] Strand bookstore [24:19] Forest fire analogy [24:39] Economics [25:11] Mythology [25:19] Psychology [25:33] MadeYouThink Podcast Patreon [25:36] Bitcoin [28:35] Monarchy [30:29] Denial of Death [30:39] Darwinism [31:35] Evolution [31:37] Creationism [32:30] Dictatorship [34:27] Democracies [34:32] Russian Roulette [35:16] Athenian Democracy [35:28] Gmail [35:33] Hotmail [35:37] Social Security [35:37] Skin in the Game [35:55] Ponzi Scheme [37:09] Baby Boomers [37:14] Life Expectancy [37:28] Genetic Engineering [38:22] Stem Cells [39:24] Telomeres [39:26] Mars [40:06] Carnegie Library [41:49] Carnegie Mellon University [41:52] Carnegie's Daughter [43:30] Facebook Aquila Drone [46:01] SpaceX Satellites [46:03] Amazonian tribes [46:29] MIT Courses [46:36] Stanford’s Courses [46:38] DuoLingo [47:04] Reddit [47:26] Pornhub [47:36] Bill and Melinda Gates Foundation [49:16] Gates Centre [50:01] Steve Jobs Theatre [50:21] Effective Altruism [50:31] GiveDirectly [50:45] Kiva [51:51] Heifer International [52:24] Toms Shoes [53:23] Medium [56:34] Marshmallow Test [57:13] Power Posing [57:14] Stanford Prison Experiment [57:15] Smiling To Make You Happier [57:17] Inattentional Blindness [57:25] Relativity [59:34] Flat Earth Theory [59:51] Flat Earth Subreddit [01:00:05] Climate Change [01:00:37] Twitter [01:01:17] Ice Wall Theory [01:01:49] Strong man Argument [01:02:22] Sphinx [01:02:26] Aquatic Apes [01:02:41] Polynesian Islands [01:03:36] Intergalactic Travel [01:03:52] Milky Way [01:04:04] Hawaii [01:04:38] Jupiter Moons [01:06:03] Give a Man a Fish Quote [01:08:33] Compound Effect [01:09:05] Almsgiving [01:09:21] Cannibalism [01:10:28] Gun Control [01:12:01] (podcast episode) Books mentioned The Gospel of Wealth by Andrew Carnegie Atlas Shrugged by Ayn Rand [00:34] Skin in the Game by Nassim Taleb [04:38] (Nat’s notes) (Neil’s notes) (Book Episode) Andrew Cargegie - A Biography by David Nassau [05:11] The Jungle by Upton Sinclair [25:33] (Nat’s notes) (book episode) Denial of Death by Ernest Becker [30:39] (Nat’s notes) (book episode) The Fat Tail by Ian Bremmer [35:14] Godel, Escher, Bach by Douglas Hofstadter [43:07] (Nat’s notes) (book episode) The Beginning of Infinity by David Deutsch [59:07] (book episode) People mentioned Andrew Carnegie Rockefeller [01:58] J. P Morgan [01:59] Jeff Bezos [02:08] Mellon family [02:34] Vanderbilt family [02:38] Henry Frick [02:40] Paul Allen [3:25] Google Founders [03:33] Warren Buffett [04:56] Elon Musk [27:01] (Elon Musk episode) Socrates [27:15] Ron Paul [36:20] Bill Gates [49:10] Nassim Taleb [51:30] (Skin in the Game Episode) (Antifragile Episode) Charlie Munger [55:41] (The Psychology of Human Misjudgments Episode) Amy Cuddy [59:27] Kanye West [01:11:51] (The College Dropout Episode) Senator Stanford [01:13:03] Show Topics 00:14 – This episode has been planned since April, however other books and travel got in the way. So we pushed it on so we could record a good episode for us. Carnegie’s still here and relevant whenever we do the episode. 00:46 – Background on the book, written as an essay later in life. Covers his philosophy of wealth, based on his experience of getting more money and power as he got older. 01:25 – Historical context for the book, how the era it was written in was one of the first periods where it was possible to amass such wealth as an individual business man. 01:36 – Excess of money as a new problem to be solved. Posing the question - How do we use it well? 01:50 – Converting Carnegie’s wealth in today’s dollars and how far beyond current wealth it still is today. Comparing wealthy figures from the past like Rockefeller, Mellon, J.P Morgan and Vanderbilt with the likes of Jeff Bezos today. 02:55 – Monopoly laws, levels of wealth and disparity between the business owner and the second layer of workers within the company.  Microsoft, Google and their worth. 03:52 – Relevance of the advice Carnegie gives today. Going against the idea of super successful business people as inherently bad people. He says that people should be able to gain heights of success and then they can do good things with their wealth. 04:21 – Carnegie’s model of distributing wealth for good acts. He also followed these rules using his own money. This essay was a call to arms to voluntarily use wealth wisely. 04:56 – Warren Buffett and The Giving Pledge. Carnegie wanted to convince others but also rehabilitate his own image following strikes by his workers. Carnegie’s biography contained context to this essay. He originally saw himself as a self-made man however he realized that during the strikes at his own companies that he had lost his connection with the poor. 05:48 – He described the issues with amassing wealth as ‘the problem of his age’. First national corporations, the catalysts of the railroad creating a transformational era. 07:00 – Lack of social safety nets during Carnegie’s era which created freedom to build runaway success. Levels of wealth, tribal equality through poverty. 08:20 – He poses the question - is inequality a bad thing? Or are we all better off today? Irregularity of income is better than universal squalor. Garden of Eden concept. "The good old times, were not good old times. Neither master nor servant was as well situated then as today." 10:49 – Acceptable levels of inequality. Monopolies in technology today, Google, Yahoo, AT&T and the dismantling of corporations. Antitrust lawsuits impacting on the innovation of Microsoft. Apple, iPhones and the ‘non-corporate’ design of their devices. Breaking up Google and Facebook in smaller companies. 17:34 – Competition in business and the improvements it brings. Lowering prices caused by competition. Amazon as hyper-efficient. Removing bloat from traditional businesses. Costco and their own brand product range passing cost benefits on to the consumer. 24:04 – Revival of independent bookstores, clearing the playing field for those that can deliver true value. Competition forest-fire analogy. Podcast themes and common topics. 25:36 – Join our Patreon to get book notes, bonus audio, upcoming book info. 26:19 – Ways of administering wealth when it’s in the hands of the few. Three modes - Inheritance, Government or use it yourself. Bad impact on society when generational wealth is handed down or wasted when given to government. 31:30 – Darwinism, Evolution. Financial competence of government officials. Dictatorships vs democracies. 35:46 – Tangent. Opting out of social security, skin in the game problem. Young vs Old and who benefits most. Biological limiters for aging, extension of life expectancy. Intergalactic space travel and cyborg Pepper. 40:52 – Lump sums of money making the most difference. Small monetary gains don’t change the individual but collectively that could benefit the community. Libraries and universities as great uses for wealth. Books as a way of speaking to great people throughout history. 43:30 – Carnegie family and descendants. Priorities in wealth building. Unostentatious living followed by surplus revenues given to the community. By building wealth you are better placed to distribute it wisely. 45:29 – Modern community benefits, Internet access as equivalent to libraries. University education as accessible knowledge. Language learning simplified by technology. Impact on exposing tribes to technology. 49:10 – Bill Gates, philanthropy as a legacy. Effective altruism. Charity organizations and the second order effects of disrupting economies. 56:13 – Book on second-order effect follies. Medium blog posts, psychological fallacies. Gorilla tests and inattentional blindness. 59:51 – Flat earth theory, getting angry on the Internet. Climate change denial, ice wall theory. Strongman arguments. 01:02:26 – Sphinx, aquatic ape theory, Polynesian Islands and travel within our galaxy. Communication and sustaining life in space. 01:07:53 – Carnegie suggested that the goal of being wealthy should be to enrich the lives of others. Helping those that help themselves first. Compound effect of aiding those who are motivated to improve. Dangers of charity. "Neither the individual nor the race is improved by almsgiving those worthy of assistance except in rare cases seldom require assistance." 01:09:56 – How to help those that won’t help themselves? Tune in next week! Nat the cannibal. Kanye West episode, positive role models in society. 01:12:27 – Dying rich means dying disgraced. Wealth is like a trust fund that should be used for the betterment of society. 01:14:01 – So if you enjoyed this episode, definitely check us out on Patreon. It's a good way to use your wealth. It gets you access to discussions for these episodes, the book notes, show notes, what is coming up and any bonus material we record before or after the episode. Leave us a review on iTunes that just helps more people find the show. Tweet us, we love hearing from you guys. I'm @NatEliason and I'm @TheRealNeilS. Send book recommendations, what you think about the show, feedback. 01:17:31 – You can always also go to MadeYouThinkPodcast.com/support. We've got some show supporting sponsors there that'll give you discounts that give us a little kick back at no cost to you. We will see you all next week where we will continue some of the themes that we discussed today. Join Patreon if you want to know what that is ahead of time so you can read the book before then. Cheers everyone. See you next time. If you enjoyed this episode, don’t forget to subscribe at https://madeyouthinkpodcast.com

In the summer of 1892 the workers of the Homestead Steel Works and security forces hired by Carnegie Steel went to war. Known as a watershed moment in the history of American Labor, the Homestead Steel Strike saw full scale combat during the heart of the Industrial Age. On this episode our guests are Rivers of Steel CEO Augie Carlino and retired professor Charlie McCollester...spared no expense. 

At the end of the nineteenth century, both capital and labor formed new kinds of organizations.