
The Gospel of Wealth
'The Gospel of Wealth' Summary
Carnegie proposed that the best way of dealing with the new phenomenon of wealth inequality was for the wealthy to utilize their surplus means in a responsible and thoughtful manner (similar to the concept of noblesse oblige). This approach was contrasted with traditional bequest (patrimony), where wealth is handed down to heirs, and other forms of bequest e.g. where wealth is willed to the state for public purposes. Benjamin Soskis, a historian of philanthropy, refers to the article as the 'urtext' of modern philanthropy.
Carnegie argued that surplus wealth is put to best use (i.e. produces the greatest net benefit to society) when it is administered carefully by the wealthy. Carnegie also argues against wasteful use of capital in the form of extravagance, irresponsible spending, or self-indulgence, instead promoting the administration of said capital over the course of one's lifetime toward the cause of reducing the stratification between the rich and poor. As a result, the wealthy should administer their riches responsibly and not in a way that encourages "the slothful, the drunken, the unworthy".
At the age of 35, Carnegie decided to limit his personal wealth and donate the surplus to benevolent causes. He was determined to be remembered for his good deeds rather than his wealth. He became a "radical" philanthropist. Prior to publishing his ideas about wealth, he began donating to his favorite causes, starting by donating a public bath to his hometown of Dunfermline. As Carnegie tried to live his life in a way that the poor could benefit from his wealth, he decided he needed to share his ideas with the public.
Book Details
Language
EnglishOriginal Language
EnglishPublished In
1889Genre/Category
Tags/Keywords
Authors

Andrew Carnegie
United States, Scotland
Andrew Carnegie was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in...
Books by Andrew CarnegieDownload eBooks
Listen/Download Audiobook
- Select Speed
Related books

Miscellanea Curiosa, Vol 1 by Edmond Halley
''Miscellanea Curiosa, Vol 1'' by Edmond Halley is a collection of scientific papers presented to the Royal Society during the late 17th and early 18t...

Bible (YLT) NT 23-25: Epistles of John by Young's Literal Translation
This book is a literal translation of the Epistles of John from the New Testament of the Bible. It is presented in Young's Literal Translation, which...

Русско-еврейская литература by Vasily Lvov-Rogachevsky
This book explores the development of Jewish themes in Russian-language literature from the early 19th century to the early 20th century. It traces th...

Popular History of France from the Earliest Times vol 6 by François Pierre Guillaume Guizot
François Pierre Guillaume Guizot's "A Popular History of France" is a comprehensive and engaging six-volume work that chronicles the history of France...

United States Constitution and Amendments by United States Government
This book presents the full text of the United States Constitution, including its original articles and all twenty-seven amendments. It is a primary...

Tea Drinking In 18th-Century America: Its Etiquette And Equipage by Rodris Roth
This book, published in 1961 as a Smithsonian Institution bulletin, explores the intricate world of tea drinking in 18th-century America. It delves i...

Memoir, Correspondence and Miscellanies, Volume I by Thomas Jefferson
It is a collection of personal writings by Thomas Jefferson, the third president of the United States. This book includes a compilation of his persona...

Maitrayana Upanishad by Anonymous
Maitra (Sanskrit: मैत्र) and Maitri (मैत्री) are related words which literally mean "kindly, benevolent, good will, amity, friend of all creatures". T...

Carpenter's Geographical Reader: North America by Frank G. Carpenter
This book offers a comprehensive exploration of North America, guiding readers through the diverse landscapes, cultures, and societies of the continen...

National Geographic Magazine Vol. 09 - 07. July 1898 by National Geographic Society
The National Geographic Magazine, an illustrated monthly, Vol IX, July 1898, the N.E.A. Number, is a collection of articles on various aspects of geog...
Reviews for The Gospel of Wealth
No reviews posted or approved, yet...