Question

Can you please thoroughly explain (In one page) this question:

1. What does Andrew Carnegie think we ought to do with our wealth?

Answer 1

Andrew Carnegie wanted to become a philanthropist, a person who gives money to good causes. He believed in the "Gospel of Wealth," which meant that wealthy people were morally obligated to give their money back to others in society.

The greatest problem we face today is the proper administration of wealth, so that the rich and poor can live harmoniously.

Talented people are like simple interest for firms or corporations, bringing in more money than they spend. Those without talent will do the opposite.

Our current condition of affairs is in the best interest of civilization, but it still gives wealth to only the few. What is the proper mode of administering wealth from there?

A proper solution for it shall be ,

There are three ways to dispose of surplus wealth:

1. It can be left to the families of the deceased, passed from generation to generation.

2. It can be bequeathed for public purposes.

3. It can be administered by its possessor.

Most wealth tends to be applied in either the first or second way, but let's consider each in turn.

Wise people will soon conclude that such bequests are an improper use of wealth.

Some parents will fail to educate their children in a way that allows them to earn a livelihood, and these children shouldn't be cast into poverty. But, both they and those who choose to work for public ends without consideration for monetary gains, should be provided for with moderation.

There are instances of millionaires' children who were unspoiled by wealth, and they performed great services in the community. Such people are the salt of the earth, valuable as they are rare.

The second method of disposing excess wealth -- leaving it for public uses -- only works if people are content to wait until they are dead before they allow their wealth to do good in the world. The history of such legacies does not inspire much hope.

There is only one other way of using a great fortune, and within it is the true antidote for the temporary, unequal distribution of wealth. We have the reconciliation of the rich and the poor -- a reign of harmony. It is another ideal, different from the communist one in that it requires only evolution, not the overthrow of our civilization.

Even the poorest can be made to see this and agree that the fortunes gathered by some of their fellow citizens, while being used for the masses' benefit, are more valuable through public use than if the money was scattered among them over the course of many years in trifling amounts.

Rich should be thankful for one important gift: They have the power to make great donations that will have a lasting, positive benefit on their fellows. Through this, the rich can dignify their own lives.

It is the highest form of life.

Rich man's duty:

1. Set an example of modest, unostentatious living, shunning display or extravagance.

2. Provide moderately for the legitimate wants of his dependents.

3. Consider all surplus revenues which come to him simply as trust funds, which he should administer in a way that, to his judgment, will produce the best results for the community.