LAD #22: Carnegie's Gospel of Wealth
Summarize:
Andrew Carnegie laid out his beliefs about the role of wealthy businessmen in his article, "The Gospel of Wealth". He recognizes the unequal distribution of wealth, and urges other businessmen to use their riches to annihilate the economic gap between the rich and the poor, rather than widen it. Carnegie believes that this divide between classes indicates which individuals are willing to do the hard work. However, since Captains of Industry owe some of their success to the public, so it is only right to give some of their wealth back to the community. Since Carnegie makes it clear that the poor are poor because they are lazy, it makes no sense to give money directly to them. Instead, Carnegie reveals, businessmen should use their wealth to fund institution that the public can use to improve themselves.
Social Darwinism:
The theory that humans are subject to the same laws of natural selection as plants and animals. It attributes success to the work ethic of the individual solely, rather than also taking into account individuals' personal obstacles, or benefits.
Government Regulation vs. Laissez-faire policy:
Carnegie's "Gospel of Wealth" relies heavily on the government's laissez-faire policy during the gilded age. This is because Carnegie describes the role of businessmen as completely in control of the country's economy and social structure, rather than the government itself.
Much like Carnegie, Warren Buffet believes that the rich should not pass their money down to their children, he donated much of his wealth to the public, and plans to donate much more after his death. Additionally, both individuals had a rags to riches story that led to their belief that survival of the fittest is present in the business world.
Andrew Carnegie laid out his beliefs about the role of wealthy businessmen in his article, "The Gospel of Wealth". He recognizes the unequal distribution of wealth, and urges other businessmen to use their riches to annihilate the economic gap between the rich and the poor, rather than widen it. Carnegie believes that this divide between classes indicates which individuals are willing to do the hard work. However, since Captains of Industry owe some of their success to the public, so it is only right to give some of their wealth back to the community. Since Carnegie makes it clear that the poor are poor because they are lazy, it makes no sense to give money directly to them. Instead, Carnegie reveals, businessmen should use their wealth to fund institution that the public can use to improve themselves.
Social Darwinism:
The theory that humans are subject to the same laws of natural selection as plants and animals. It attributes success to the work ethic of the individual solely, rather than also taking into account individuals' personal obstacles, or benefits.
Government Regulation vs. Laissez-faire policy:
Carnegie's "Gospel of Wealth" relies heavily on the government's laissez-faire policy during the gilded age. This is because Carnegie describes the role of businessmen as completely in control of the country's economy and social structure, rather than the government itself.
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| Andrew Carnegie donated a large portion of his profits to the public |
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| Warren Buffet presents many of the same ideals as Carnegie |
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