Wealth and Carnegie Link Extremes

Topics: Wealth, Poverty, Capital accumulation Pages: 2 (366 words) Published: October 7, 2011
Name: Sarah Bekhit
1-How does Carnegie link extremes of wealth and poverty with progress? 2-Why would Carnegie have rejected as impractical and reasonable the argument that he should have paid his workers higher wages than distributing his profits to charity?

Andrew Carnegie and the gospel of wealth

Andrew to become successful by amassing wealth in the steel industry. He came from a poor family and had little formal education. When the Carnegies immigrated to America in 1848, Andrew was determined to bring prosperity to his family. He worked many small jobs, which included working for the Pennsylvania Railroad where he first recognized the importance of steel. With this recognition, he resigned and started the Keystone Bridge Company in 1865. He built a steel-rail mill, and bought out a small steel company. In 1888, he had a large plant, which provided many jobs in the United States. His steel company grew until it made him the wealthiest man in the world.

Andrew Carnegie believes in a system based on principles and responsibility. His attempt to show people a way to reach an accommodation between individualism and fairness. The gospel of wealth is primarily about the dispersion of wealth and the responsibilities of those who have it. Carnegie thinks that inheritance is detrimental to society because it does not do any good for the inheritor or the community. Inheritance promotes laziness and the lack of a good work ethic doesn’t not teach the young sons of wealthy men to make money for themselves or help those in community they live in Carnegie believes that charity is also bad and instead of handouts money should be given to those in a position to help the needy themselves.

In the end, he gave away about 90% of his money to various causes. He also preached to others to do the same as in giving money for education and sciences. However that there was such a contrast between the rich and the poor people. By this he was referring to the...
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