description The Gospel of Wealth Overview
The Gospel of Wealth is an essay by the Scottish-American industrialist Andrew Carnegie, first published in 1889 in the North American Review under the title 'Wealth.' Carnegie argues that while the unequal distribution of wealth is a natural consequence of capitalism, those who accumulate surplus fortunes have a moral obligation to distribute them for public benefit during their lifetimes. He specifically advocates against large inheritances and directs his recommendations toward funding institutions such as public libraries, universities, and research foundations. The essay became one of the most influential statements on philanthropy in American history.
help The Gospel of Wealth FAQ
Who wrote The Gospel of Wealth?
"The Gospel of Wealth" is a highly influential essay written by the Scottish-American industrialist Andrew Carnegie. It was originally published in the North American Review in 1889, during the height of the Gilded Age.
What is the main argument of Andrew Carnegie's The Gospel of Wealth?
Carnegie argued that the wealthy elite should distribute their surplus fortunes to benefit the public good during their lifetimes, rather than leaving it all to their heirs. He believed that the rich were simply trustees of their wealth, meant to administer it for the betterment of society.
How did The Gospel of Wealth influence Andrew Carnegie's real-life actions?
True to his essay, Carnegie eventually gave away roughly 90% of his massive steel fortune to fund public libraries, universities, and scientific research. He established famous institutions like the Carnegie Corporation of New York and Carnegie Mellon University.
Did Andrew Carnegie believe in leaving large inheritances to children?
In his essay, Carnegie strongly criticized the practice of leaving massive sums of money to heirs, warning that it could lead to idleness and family downfall. He believed that leaving a family only a modest allowance was far better for their character than turning them into idle millionaires.
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