Andrew Carnegie live according to The Gospel of Wealth by prioritizing philanthropy over personal riches.
Scottish-born American industrialist and philanthropist Andrew Carnegie. In the late 19th century, Carnegie oversaw the growth of the American steel industry and rose to become one of the wealthiest people in history. He rose to prominence as a philanthropist both in the British Empire and the United States.
The Council's founder, Andrew Carnegie, may have been the first to openly assert that the wealthy have a moral duty to donate their wealth. In his 1889 book The Gospel of Wealth, Andrew Carnegie argued that all personal wealth that is accumulated above what is needed to support one's family should be treated as a trust fund that should be managed for the good of the community. Carnegie himself donated over $350 million during his lifetime. Andrew, a loom maker's son.
The article "Wealth," also referred to as "The Gospel of Wealth," was written by Andrew Carnegie in June 1889 and discusses the obligation of generosity by the new upper class of self-made wealthy people. The North American Review, a publication representing the establishment in America, published the piece. Later, the Pall Mall Gazette published it under the title "The Gospel of Wealth."
Carnegie argued that the wealthy should use their extra resources responsibly and thoughtfully in order to address the emerging phenomena of wealth inequality (similar to the concept of noblesse oblige). This strategy was compared to traditional gift (patrimony), in which wealth is passed down to heirs, and other types of bequest, such as when wealth is willed to the state for public reasons. The article is referred regarded as the "urtext" of modern philanthropy by Benjamin Soskis, a historian of philanthropy.
According to Carnegie, when extra wealth is wisely managed by the wealthy, it is best utilised and results in the greatest net benefit to society. Carnegie also opposes the wasteful use of money through extravagance, reckless spending, or self-indulgence. Instead, he advocates managing money over the course of a lifetime in order to lessen the gap between the rich and the poor. In order to avoid encouraging "the slothful, the intoxicated, the worthless," wealthy people should appropriately manage their wealth.
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