USA HISTORY

Detailed explanation-1: -Carnegie argued that excess wealth should be used to benefit society. He stated the wealthy should not be irresponsible with money waste or self-indulgent. Instead, one should use one’s wealth throughout their life for good social causes.

Detailed explanation-2: -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.

Detailed explanation-3: -He believed in the “Gospel of Wealth, ” which meant that wealthy people were morally obligated to give their money back to others in society. Carnegie had made some charitable donations before 1901, but after that time, giving his money away became his new occupation.

Detailed explanation-4: -By dominating the steel industry, Andrew Carnegie took his place alongside other fabulously wealthy captains of industry like Rockefeller and Vanderbilt. He became convinced that men like him had a responsibility to spend their money to benefit the greater good. This belief became known as the Gospel of Wealth.