An American of Scottish descent, Andrew Carnegie made his wealth in the steel business. One of the most generous industrialists in history, and his name is synonymous with benevolence and the betterment of society. Carnegie was born in Scotland in 1835, but he and his family eventually moved to the United States. At 16, he became a telegrapher, and later he worked for railroads. In the 1870s, Carnegie started his foray into the steel industry by establishing the Carnegie Steel Company, which would go on to become one of the world's most prestigious and influential steel manufacturers. Carnegie was wealthy and successful, but he still encountered many obstacles in his life and work. The catastrophic recession the United States economy endured during the Panic of 1893 was one of the biggest setbacks. A lot of Carnegie's wealth was lost during this period. But eventually, he was able to recoup it through a string of profitable inv...