Money and Finance
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Money and Finance
The Gospel of Wealth by Andrew Carnegie
Description from Wikipedia:
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"Wealth", or what is more commonly known as "The Gospel of Wealth", is an essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich. The central thesis of Carnegie's essay was the peril of allowing large sums of money to be passed into the hands of persons or organizations ill-equipped mentally or emotionally to cope with them. As a result, the wealthy entrepreneur must assume the responsibility of distributing his fortune in a way that it will be put to good use, and not wasted on frivolous expenditure. The very existence of poverty in a capitalistic society could be negated by wealthy philanthropic businessmen and women.
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Andrew Carnegie effectively softened some of the harshness of the theory of social Darwinism. He preached that ostentatious living and amassing private treasures were wrong. Carnegie professed the virtues of a laissez-faire system in which the government did not interfere with an individual or organization's right to do as it pleased. His "gospel of wealth" earned much praise, but did not win many converts. Carnegie made it clear that the wealthy were responsible for the recirculation of their money back into society where it could be used to support the greater good. He claimed that, in bettering society and people here on earth, one would be rewarded at the gates of Paradise.
Andrew Carnegie effectively softened some of the harshness of the theory of social Darwinism. He preached that ostentatious living and amassing private treasures were wrong. Carnegie professed the virtues of a laissez-faire system in which the government did not interfere with an individual or organization's right to do as it pleased. His "gospel of wealth" earned much praise, but did not win many converts. Carnegie made it clear that the wealthy were responsible for the recirculation of their money back into society where it could be used to support the greater good. He claimed that, in bettering society and people here on earth, one would be rewarded at the gates of Paradise.
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Carnegie based his philosophy on the observation that the heirs of large fortunes frequently squandered them in riotous living rather than nurturing and growing them. Even bequeathing one's fortune to charity was no guarantee that it would be used wisely, since there was no guarantee that a charitable organization not under one's direction would use the money in accordance with one's wishes. Carnegie disapproved of charitable giving that merely maintained the poor in their impoverished state, and urged a movement toward the creation of a new mode of giving which would create opportunities for the beneficiaries of the gift to better themselves. As a result, the gift would not be merely consumed, but would be productive of even greater wealth throughout the society.
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Carnegie based his philosophy on the observation that the heirs of large fortunes frequently squandered them in riotous living rather than nurturing and growing them. Even bequeathing one's fortune to charity was no guarantee that it would be used wisely, since there was no guarantee that a charitable organization not under one's direction would use the money in accordance with one's wishes. Carnegie disapproved of charitable giving that merely maintained the poor in their impoverished state, and urged a movement toward the creation of a new mode of giving which would create opportunities for the beneficiaries of the gift to better themselves. As a result, the gift would not be merely consumed, but would be productive of even greater wealth throughout the society.
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Carnegie put his philosophy into practice through a program of gifts to endow public libraries in cities and towns throughout the United States, with the idea that he was thus providing people with the tools to better themselves. In order to ensure that his gifts would not be wasted, he stipulated that the municipality must pass an ordinance establishing a tax to support the library's ongoing operating costs after the initial grant provided the costs for building and equipping the library. After several communities squandered their grants on extravagant buildings, Carnegie established a system of architectural guidelines that mandated simplicity and functionality. When it became obvious that Carnegie could not give away his entire fortune within his lifetime, he established the Carnegie Foundation to continue his program of giving.
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Read: THE GOSPEL OF WEALTH
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Related Book: The Autobiography of Andrew Carnegie and The Gospel of Wealth
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Other biographies: Andrew Carnegie By Joseph Frazier Wall; Andrew Carnegie By David Nasaw
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- Top 15 Business Books Recommended By Today’s Top Entrepreneurs
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- The Most Successful People Practice Better, Not More
Thanks to Barry for passing this along. How long does it take to become elite at your craft? And what do the people who master their goals do differently than the rest of us? That’s what John Hayes, a cognitive psychology professor at Carnegie Mellon...
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Great article with great advice. Thanks to Will for passing this along. I understand why the top students in America study physics, chemistry, calculus and classic literature. The kids in this brainy group are the future professors, scientists, thinkers...
- My Philanthropic Pledge - By Warren Buffett
Thanks to Will for passing this along. In 2006, I made a commitment to gradually give all of my Berkshire Hathaway stock to philanthropic foundations. I couldn't be happier with that decision. Now, Bill and Melinda Gates and I are asking hundreds...