Document 18-4: Andrew Carnegie, Wealth, 1889

What did Carnegie believe were the relative advantages and disadvantages of competition, the concentration of wealth, and the "law of competition"?

According to Carnegie, the advantages of competition are the prices of paying either for cheap or expensive needs, where people have more options to get what they need. The disadvantages are clear. The employer who employs many is always subject to the strictest market and capital standards. So the wage requirements strain the employer and the workers are strained by underpayment. He pretty much blames it on the capital. Humans lose homogeneity. However he also adds that he owe this law "wonderful material development" and D that it ensures the survival of the fittest in every department so it's best for the human race.

According to Carnegie, what were the revolutionary changes that made it possible for "the poor [to] enjoy what the rich could not before afford"?

Carnegie believe that the revolutionary changes that made it possible for the poor to enjoy what the rich could not afford before was the crude articles at high prices. Or in other words, manufacturing. According to him, the poor people now used things that before was luxuries for necessity. Farmers now have more comforts that those from before to those from the actual landlords.

To what extent would "the millionaire" be a better "trustee for the poor" than government agencies, reform societies, or the poor themselves?

The millionaire is supposed to live a simple life lacking in extravagance. Any extra sum he makes should be put aside as a trust fund where he will decide what to do with it that will benefit the community most. Since these wealthy men know how to make money and how to spend it wisely and know more about the people they are giving it to, they should do better than government agencies when considering the reform societies or the poor themselves.

Why should the goal of the truly wealthy be to bring about "the reconciliation of the rich and the poor"? How should they accomplish that goal, according to Carnegie?

The truly wealthy are only truly wealthy because of the hard work of the poor and so they owe it to the people to reconcile the wage gap through philanthropy. The truly wealthy should distribute their wealth so that it benefits the public and common good because it would be better for a few people to had the money and be using it for others than everyone to have the money.