USA HISTORY

Detailed explanation-1: -“This, then, is held to be the duty of the man of Wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance.”

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: -After retiring in 1901 at the age of 66 as the world’s richest man, Andrew Carnegie wanted to become a philanthropist, a person who gives money to good causes. He believed in the “Gospel of Wealth, ” which meant that wealthy people were morally obligated to give their money back to others in society.

Detailed explanation-4: -What is Carnegie saying is another, alternative mode of dealing with excess wealth? “in the form of wages” i.e. paying people more. In other words, instead of the person of great wealth “administering” this excess wealth while alive and as he sees fit, he would instead raise wages or pay more to those working for him.