Books To Read: Andrew Carnegie’s Gospel Of Wealth

Have you ever wondered why the world is split in half when it concerns conversations about wealth? Why there are rich people and poor people? Has your thought process ever tilted towards how the world could become a better place if rich people could perhaps, share a little piece of their wealth? If it has, maybe you’re just a philanthropist without realizing it and, there’s nothing wrong with feeling that way.

Here’s the bummer. Even though wealth sharing is a pretty unpopular opinion — and has always been — you would not be the first person to ever think that it is a formula that could work in dealing with wealth inequality.

What is the gospel of wealth?

In June 1889, industrialist Andrew Carnegie made popular the opinion of wealth creation by publishing a book, “The Gospel of Wealth”. In simpler terms, the word ‘gospel’ comes from the old English god which means ‘good’, and spel which means ‘news’ or a story. Good news.

In Christianity, the good news is a term that refers to telling the story of Jesus Christ’s birth, death, and resurrection. But how does this relate to ‘The Gospel Of Wealth’? It means that rather than the story of Jesus Christ, a story about wealth (money, or something else valuable) is, told.

Who wrote the gospel of wealth?

The author of the Gospel of Wealth, Andrew Carnegie was a Scottish-American industrialist and philanthropist. In the late 19th century, Carnegie was the brain behind the expansion of the American steel industry, making him the second-richest American man (after John D. Rockefeller) in history.

After he became a leading philanthropist in not just America, but the British Empire. He donated around $350 million, which was almost 90 per cent of his life’s fortune to charities, foundations and universities.

Carnegie thought that the idea of leaving all of one’s fortune to their heirs was not just bad, but disgraceful. He also disagreed with forms of extravagance for the rich and irresponsible spending, arguing that wealth would have to be, spent thoughtfully and responsibly.

He believed that if one must be a philanthropist, it shouldn’t come in the form of direct charity but as a program or an institution, that way, the poor would find it difficult to squander the money. It was for this reason Carnegie spent the latter part of his life investing heavily in local libraries, world peace, education and scientific research.

When was the gospel of wealth written?

After Carnegie became a radical philanthropist and lived his life in a way the poor could benefit from his wealth. He decided another better way would be to share his ideas with the public.

In June 1889, he wrote an article that described the responsibility of philanthropy by the new upper class of self-made rich.

Where was the gospel of wealth published?

The gospel of wealth, originally published as an article titled “Wealth”, and in opinion magazine, North American Review was Carnegie’s fifth work. It was later re-published as “The Gospel Of Wealth” by evening newspaper Pall Mall Gazette.

How did the gospel of wealth interpret poverty?

Giving one’s fortune to charity was no guarantee that it would be spent wisely because no one could guarantee that a charitable organization not under one’s control would utilize the money according to one’s preferences.

Hence, Carnegie opposed charitable giving that would keep the poor poor, and he advocated for the development of a new method of giving that would allow them to better themselves. As a result, wealth would not only be consumed but would also be used to generate even more riches throughout the family.

What type of document was the gospel of wealth?

In the realm of philanthropy, Carnegie’s essay “The Gospel of Wealth” is often regarded as a foundational publication. For nonprofit organizations or charitable bodies, a foundation document defines how decisions are made and who has the authority to make them.