The Great Idea
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Andrew Carnegie (November 25, 1835–August 11, 1919) was a Scottish immigrant who epitomized the American Dream during its Gilded Age. He oversaw an immense expansion of both the transportation and steel industries in the United States which allowed a new America to overtake his former homeland of Great Britain as the world’s largest economy. Carnegie achieved his remarkable success through the adoption of a new and distinctly American model of entrepreneurship and free markets. In turn, Andrew Carnegie went on to develop a philanthropic philosophy which he chronicled in his 1889 article that was later reprinted and commonly called The Gospel of Wealth.1
KeywordsCapital Structure Corporate Finance Carnegie Institute Equity Holder Optimal Capital
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- 1.Andrew Carnegie, The Gospel of Wealth and Other Timely Essays, New York: The Century Co., 1901.Google Scholar
- 2.F. Modigliani and M. Miller, “The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review, vol. 48, no. 3. 261–97.Google Scholar
- 5.F. Modigliani and M. Miller, “Corporate Income Taxes and the Cost of Capital: a Correction”, American Economic Review 53(3), 1963, pp. 433–43.Google Scholar