LAD #17: Andrew Carnegie's Gospel of Wealth

The essay describes the responsibility of philanthropy by the new upper class of self-made rich. The central thesis of Carnegie's essay was the danger of allowing a lot of money to be passed into the hands of persons or organizations ill-equipped mentally or emotionally to deal with them. As a result, the wealthy entrepreneur must assume the responsibility of trickling his fortune in a way that it will be put to good use, and not wasted on frivolous things. The sole existence of poverty in a such a society could be negated by wealthy philanthropic businessmen. He wanted to erase the entire possibility of doing a 360 degree turn, and ending back where the country started; it would destroy our civilization. Carnegie said, "There are but three modes in which surplus wealth can be disposed of. It can be left to the families of the decedents; or it can be bequeathed for public purposes; or, finally, it can be administered during their lives by its possessors." He had a distinct plan on how to manage the problems of poverty and stopping ill-equipped people from handling the money of the nation. He said it was the duty of the wealthy to set a good example to the less fortunate people of the country. As Carnegie stated in the essay, "This is not wealth, but only competence, which it should be the aim of all to acquire."