Question

According to the "Gospel of Wealth" supported by Andrew Carnegie

Answer 1

According to the “Gospel of Wealth” supported by Andrew Carnegie when an individual’s wealth grows then it should contribute to society.

Further explanation:

Carnegie says that when an individual’s wealth grows it should contribute to society. He says that an increase in wealth should be used for the betterment of society and people. In order to understand his work “Gospel of Wealth”, we have to look at his beliefs about capitalism.

CARNEGIE VIEWS’ ON CAPITALISM

Free-market capitalism and the Industrial Revolution increased the profits and scale of production exponentially. He believes that the system ensures that the most talented and smartest businessman rose to the top. These businessmen have become wealthier than other people in society.

He says that and wealth and power of society is in the hands of a few people only, which has widened the gap between rich and poor people. According to Carnegie, this inequality in society is disturbing. He says that the prosperous man should distribute his wealth among the needy people or in society. He should give his wealth to public benefit.

Learn more:

1. Give me four contributory factors that lead to poverty in the community.

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2. How the government is contributing to poverty alleviation in access to free basic education.

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Answer details:

Grade: High School

Subject: Social Studies

Topic: Carnegie views’ on Capitalism

Keywords: Gospel, wealth, industrial, revolution, capitalism, inequality, power, society

Answer 2

For Carnegie, when wealth grows it would contribute to society. He added that once wealth increases, it should be used for good. Carnegie established many libraries and schools with the wealth that he accumulated and many people benefitted from these institutions.