History 6.3 Andrew Carnegie's "Wealth"

What was Carnegie's view of how growing wealth and industrialism benefits all of society?

the poor could afford what used to be unavailable to the rich

Why does Carnegie think that having a large income gap between rich and poor is beneficial to society?

trickle-down economy, lower class strives to do more

Why does Carnegie support social Darwinism?

"it is best for the race," good for industry/business

spending it within your lifetime

YOLO

Anarchists and Socialists...?

can't have a society where hard-workers and not-hard-workers get the same payment

What does Carnegie say is the true issue to be discussed?

distribution of wealth

donation

doing something that will give the community lasting good, improve the condition of people and give pleasure, best benefit community, people may not use the money for what you would've wanted (postmortem)

Andrew Carnegie's three ways/means of wealth distribution

inheritance (after death), donation, spending it within your lifetime

What does Carnegie state is the only truly beneficial means of distributing wealth?

it's given to a few individuals and used for something for the entire community rather than giving it to everyone and being used for a small personal thing

How did the new industrial paradigm affect relationships between employers and employees?

less employees to an employer = employer can take the time to care about employees, now more employees = impossible for employers to care about every employee, employees lose their identity

inheritance

places a burden on the inheritor -- doesn't know how to spend or earn money, doesn't appreciate money, not good for family or state's economy

When might inherited wealth be considered a boon to society?

when the inheritor is unspoiled by wealth and provides for the community/uses the money to donate for charity