USA HISTORY

Even the poorest can be made to see this, and to agree that great sums gathered by some of their fellow-citizens and spent for public purposes, from which the masses reap the principal benefit, are more valuable to them than if scattered among them through the course of many years in trifling amounts. “The Gospel of Wealth” by Andrew Carnegie, 1889 Which principle summarizes Carnegie’s philosophy as expressed in the excerpt?

(A) Investment income should be used to support charities.

(B) ** Wealth should be reinvested into expansive public works

(C) Venture capital should be provided to entrepreneurs.

(D) Business profits should be taxed at higher rates

Concept note-1: -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.

Concept note-2: -If money was left for public benefit after death, there was no guarantee that it would be administered well by others. Therefore, Carnegie argued rich men should give their wealth for public good while still alive.

Concept note-3: -There are but three modes in which surplus wealth can be disposed of. It call be left to the families of the decedents; or it can be bequeathed for public purposes; or, finally, it can be administered during their lives by its possessors.

Concept note-4: -The laws of “accumulation” will be left free. This means there will be no laws made to stop people from acquiring great wealth. Carnegie calls this “individualism.” Men of wealth will use their accumulated wealth for the general good: “administering for the community, ” “for the general good, ” …