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Andrew Carnegie (/kɑrˈneɪɡi/ kar-NAY-gee, but commonly /ˈkɑrnɨɡi/ KAR-nə-gee or /kɑrˈnɛɡi/ kar-NEG-ee; November 25, 1835 – August 11, 1919) was a Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century. He was also one of the highest profile philanthropists of his era; his 1889 article proclaiming "The Gospel of Wealth" called on the rich to use their wealth to improve society, and stimulated a wave of philanthropy.Carnegie was born in Dunfermline, Scotland, and emigrated to the United States with his very poor parents in 1848. Carnegie started as a telegrapher and by the 1860s had investments in railroads, railroad sleeping cars, bridges and oil derricks. He built further wealth as a bond salesman raising money for American enterprise in Europe. He built Pittsburgh's Carnegie Steel Company, which he sold to J.P. Morgan in 1901 for $480 million (the equivalent of approximately $13.6 billion in 2013), creating the U.S. Steel Corporation. Carnegie devoted the remainder of his life to large-scale philanthropy, with special emphasis on local libraries, world peace, education and scientific research. With the fortune he made from business, he built Carnegie Hall, and founded the Carnegie Corporation of New York, Carnegie Endowment for International Peace, Carnegie Institution for Science, Carnegie Trust for the Universities of Scotland, Carnegie Hero Fund, Carnegie Mellon University and the Carnegie Museums of Pittsburgh, among others. His life has often been referred to as a true "rags to riches" story.
Adam Smith (5 June 1723 OS (16 June 1723 NS) – 17 July 1790) was a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the "father of modern economics" and is still among the most influential thinkers in the field of economics today.Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot, John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirized by Tory writers in the moralizing tradition of William Hogarth and Jonathan Swift. In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time. Former UK Prime Minister Margaret Thatcher, it is said, used to carry a copy of the book in her handbag.