Analysis Of Andrew Carnegie s The Gospel Of Wealth

Old Money Spoils There are many dangers of leaving great sums of inheritance money to the children of those who accumulated their own fortunes. Andrew Carnegie, a self-made philanthropist millionaire who gave away $350 million and built 2,509 libraries before his death in 1919, sees this as a great problem as well and writes about it in â€Å"The Gospel of Wealth;† along with how he believes that the highest obligation of those who have amassed a great fortune is to return their money to the societies where they made it (Jacobus 481-83). Some of the dangers of handing fortunes directly down to kin instead of donating or investing it back into the community, include generating spoiled children and an unproductive hereditary class whose extreme wealth exacerbates the inequality of wealth throughout the nation. Consequently, leaving children hereditary fortunes not only spoils them, but is also economically inefficient, politically troublesome, socially destructive, environmenta lly caustic, and simply unethical. Carnegie writes a great deal about how individual children are often spoiled and therefore harmed by wealth. He states that one reason estates and wealth is left to children is so that â€Å"the vanity of the parent may be gratified by the thought that his name and title are to descend to succeeding generations unimpaired† (489). Doing so is injudicious because it is simply the egotism of that parent which then leaves unearned and undeserved wealth and estate to theirShow MoreRelatedAnalysis Of The Poem The Gospel Of Wealth 2081 Words   |  9 PagesDagan Martinez Dr. Amanda Bruce AMH2020 26 September 2014 Comparison, Analysis, and Criticism of Economic Ideals in the Gilded Age In his essay, â€Å"The Gospel of Wealth,† Andrew Carnegie argues that the imbalance of economic wealth is essential to the advancement of society. In days past, there was little difference between the quality of life between a ruler and his subject. Alluding to a time when Carnegie visited the chief of an indigenous American tribe, he observed that the Chief of the IndiansRead MoreBenefits Of Corporate Social Responsibility Essay1888 Words   |  8 PagesNAME: SUZANNE BRACCI CLASS: BMAL 560 SECTION: D05 FALL 2016 Critical Analysis Topic: Benefits of Corporate Social Responsibility in the Pharmaceutical Industry PRINCIPLE: ï‚ § Corporate Social Responsibility (CSR): a corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environments (Lawrence and Weber, 2017, p. 48). ï‚ § The U.S. pharmaceutical industry is defined by the Census BureauRead MoreHistory of Management Thought Revision17812 Words   |  72 Pagesas his virtues. Though sometimes inconsistent in what he said and what he practiced, there is little doubt that his contributions for his era were substantial. A. Taylor s Early Years 1. His family background provided no indication of what his career would be like. His father had money and property and his mother s family history was deeply rooted in colonial times. Taylor had the advantage of a fine prep school, travels to Europe, and a membership in an exclusive social club. Yet, dueRead MoreContemporary Issues in Management Accounting211377 Words   |  846 Pagesproviding a voice of reason amidst all the consultancy excitement of seemingly new ways of costing the business world. He has played a similar role in the area of accounting standard setting, both taking forward the British tradition of the economic analysis of financial accounting and, of possibly greater significance, providing some very original analyses of the possibilities for meaningful accounting standardization. With an agenda as rich as this, it is all the more praiseworthy that Michael maintained