LAD #21: Carnegie's Gospel of Wealth

Andrew Carnegie was a very successful business man, earning his wealth from his investments in the steel industry. He came up with the concept of the "Gospel of Wealth," defining how a capitalistic society is beneficial for big businesses. Carnegie gave to many charities, especially libraries. He asserts that it is important that there are people who are wealthier than others. This allows for the patronage of the arts that can help to advance society. He also states that all men should reach for wealth, despite only some actually achieving it. Carnegie discusses the different ways wealth can be divided in a society, including the idea of inheritance, often used in European societies, and the idea of leaving money at death for public use. He argues that taxing one's wealth after death is beneficial to society because it prevents men from hoarding wealth throughout their lives, since money is best used to aid society than to be hoarded. Finally, Carnegie claims that spending one's wealth on productive items is the best way to disperse one's wealth. By spreading money to different people in society, one can help society immensely.