The Gospel of Wealth: Harnessing Fortune for the Greater Good
Via Blue Skies and Green Pastures
Summary
Andrew Carnegie's 1889 essay "The Gospel of Wealth" remains one of the most influential arguments for philanthropic responsibility ever written. Carnegie argued that extreme concentrations of wealth were an inevitable product of capitalism, but that the rich were merely trustees of that wealth on behalf of society, obligated to distribute it wisely rather than pass it to heirs.
Carnegie's prescribed best uses for fortunes included founding universities, public libraries, and hospitals. He embodied his philosophy by giving away approximately 90 percent of his wealth during his lifetime, most famously establishing over 2,500 public libraries across the English-speaking world. Contemporary commentators note both its enduring relevance — as debates over the Giving Pledge echo Carnegie's framework — and its limitations, including a paternalistic assumption that wealthy individuals are better judges of the public good than democratic institutions.
