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Transcript of Andrew Carnegie
Carnegie proposed that the best way of dealing with the new phenomenon of wealth inequality was for the wealthy to redistribute their surplus means in a responsible and thoughtful manner. This approach was contrasted with traditional bequest , where wealth is handed down to heirs, and other forms of bequest e.g. where wealth is willed to the state for public purposes.
Carnegie's Final Years
The accumulation of vast amounts of money is futile unless the fortunate billionaire does something useful with the money during his/her lifetime.
The response to Carnegie’s call for philanthropic participation has been overwhelming, although this article dates back to 1889; Americas ultra-rich have not stopped giving.
How did Carnegie justify the accumulation of wealth?
Carnegie believed that people were born with certain abilities to do certain things.
We accept the conditions and work around the obstacles, making the impossible possible. (pg. 20)
It depends on ones' ability, energy, and will to produce that wealth. (pg. 20)
Civilization has changed times through revolution.
“Good Old Times” not actually good old times.
Good Times v. Old Times
No difference between rich and poor.
Wealth was viewed as the same.
Law of competition.
Positive/Negative, make most of it, because it’s inevitable.
If slow down, Human society could loose identity.
Positive: Improved conditions; Price comfort
Negative: Race difference = survival to the fittest.
What three ways did Carnegie suggest of dispose of personal wealth?
It can be left to the families of the descendent. (pg. 21)
It can be bequeathed for public purposes. (pg.21)
It can be donated to a charity organization.
What criteria did Carnegie establish for administering charitable resources? Are his reasons consistent?
Carnegie wrote that any wealth in excess of a family's need should be treated as a trust fund, for the benefit of the community.
He earned a highly respected position, as more people looked up to him. (pg. 21)
He didn't die of disgrace, like other rich man did who didn't share their fame before death. (pg.21)