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; ..... and, after doing so, to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer ..... to produce the most beneficial results for the community-the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than they would or could do for themselves.

ROBBER BARONS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

“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; ____ and, after doing so, to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer ____ to produce the most beneficial results for the community-the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than they would or could do for themselves.”

A	Captain of Industry
B	Robber Baron
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-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.

Detailed explanation-2: -To contradict the creation of wealth, he created the notion of “gospel of wealth.” Carnegie believed that the wealthy had an obligation to give back to society. He donated a large portion of his fortune to education, local libraries, world peace, and scientific research.

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.

There is 1 question to complete.

USA HISTORY

WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900

ROBBER BARONS