"Wealth",[2] more commonly known as "The Gospel of Wealth",[3] is an essay written by Andrew Carnegie in June[4] of 1889[5] that describes the responsibility of philanthropy by the new upper class of self-made rich. The article was published in the North American Review, an opinion magazine for America's establishment. It was later published as "The Gospel of Wealth" in The Pall Mall Gazette.
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.[6]
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 this 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.[7] As Carnegie tried to live his life in such a way that the poor could benefit from his wealth, he decided he needed to share his ideas with the public.
- ^ "Andrew Carnegie". npg.si.edu. Archived from the original on 2021-01-14. Retrieved 2021-03-02.
- ^ Carnegie, Andrew (June 1889). "Wealth". Archived from the original on December 20, 2005. Retrieved July 30, 2010.
- ^ Carnegie, Andrew (March 31, 1901). "The Gospel of Wealth and Other Timely Essays". Century. Archived from the original on December 30, 2023. Retrieved March 17, 2023 – via Google Books.
- ^ "Carnegie.Gospel of Wealth". www.swarthmore.edu. Archived from the original on December 14, 2015. Retrieved December 14, 2015.
- ^ "The Gospel According to Andrew: Carnegie's Hymn to Wealth". Archived from the original on June 14, 2010. Retrieved July 13, 2010.
- ^ "Both More and No More: The Historical Split between Charity and Philanthropy". hudson.org. Archived from the original on December 6, 2018. Retrieved August 27, 2018.
- ^ Snow, Vernon (July 1991). "Andrew Carnegie's Gospel of Wealth". Society. 28 (5): 53–57. doi:10.1007/bf02695689. S2CID 144414272.