ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Originally titled simply “Wealth” and published in the North American Review in June 1889, Andrew Carnegie’s essay “The Gospel of Wealth” is considered a foundational document in the field of philanthropy.

Detailed explanation-2: -One of the captains of industry of 19th century America, Andrew Carnegie helped build the formidable American steel industry, a process that turned a poor young man into the richest man in the world. Carnegie was born in Dunfermline, Scotland, in 1835.

Detailed explanation-3: -Carnegie wrote frequently about political and social matters, and his most famous article, “Wealth, ” appearing in the June 1889 issue of the North American Review, outlined what came to be called the Gospel of Wealth.

Detailed explanation-4: -In addition to funding libraries, he paid for thousands of church organs in the United States and around the world. Carnegie’s wealth helped to establish numerous colleges, schools, nonprofit organizations and associations in his adopted country and many others.

Detailed explanation-5: -In “The Gospel of Wealth, ” Carnegie argued that extremely wealthy Americans like himself had a responsibility to spend their money in order to benefit the greater good. In other words, the richest Americans should actively engage in philanthropy and charity in order to close the widening gap between rich and poor.