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#1 - Part 1, The Problem of the Administration of Wealth

Gospel of Wealth

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What is the proper mode of administering great wealth? It is to address this question that steel tycoon Andrew Carnegie's famous essay "Wealth", or more commonly known as "The Gospel of Wealth" was written (in 1889). His answer โ€“ Philanthropy. Not just any philanthropy, but specifically, projects funded and overseen during the life of the magnate, for things that benefit the community and engage the public in maintaining long after the magnate is gone -- libraries, parks, universities, hospitals, medical labs, observatories, entertainment halls, swimming pools, etc. Carnegie deemed it the responsibility of every self-respecting self-made rich person in America and the world, to help the poorer classes to rise. Before he died he had built over 3,000 public libraries throughout the world, and to this day various Carnegie foundations continue his work in support of various social causes. (Summary by Michele Fry)

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