LAD #21: Carnegie's Gospel of Wealth

The Bill and Melinda Gates Foundation relates to the Gospel of Wealth in that Bill Gates as an incredibly wealthy person created a charity in which he donates very large amounts of money to for a good cause.



Carnegie's Gospel of Wealth Summary- Andrew Carnegie was an incredibly successful businessman who's wealth was based on the provision of iron and steel to the railways. To resolve what might have been seen as contradictions between creation of wealth and and social provision, he came up with the "gospel of wealth". He gave away his fortune to socially beneficial projects, such as libraries.
        The problem with the age in which he lived is the administration of wealth. The conditions of human life have not only changed, but they have been revolutionized. In the past there was little difference in wealth and social class, now a days there is a huge contrast in wealth and visible social class. This change, however, should be seen as beneficial and essential for the progress of the human race. A relapse to old conditions would be disastrous.
         The condition of affairs that is best for the interests of the race will inevitably give wealth to the few. The question is, what is the proper mode of administering wealth. There are three modes in which surplus wealth can be disposed of. It can be left for the families of the decedents; it can be bequeathed for public purposes; or it can be administered during their lives by its possessors. The first mode is the most injudicious and very monarch like. The second mode, it may be said that this is only a means for the disposal of wealth as it is no real good to the world until his death.  With this the estate of the person is often taxed very heavily after their death. This policy would work powerfully to push very wealthy people to attend to the administration of wealth during his life which would be the most fruitful for the society and people. He then says that this way of society where a few have great wealth is needed otherwise it would be similar to Communism in the fact that all the money would be equally distributed. It can be a much more powerful force for the elevation of our race. Even the poorest can be made to see this, as great sums gathered by few and spent for public purposes, for which the masses reap the benefit, are much more valuable than if the wealth was scattered among them. This is the third mode of using great fortune and by far the best for everyone involved.
          The duty of people of wealth is to first set an example of modest living, and to consider all surplus revenues that come to him to be trust funds of which he should administer in the manner of which their judgement sees as producing the most beneficial result for the community.