USA HISTORY

Detailed explanation-1: -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-2: -There are but three modes in which surplus wealth can be disposed of. It can 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.

Detailed explanation-3: -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.