What did Andrew Carnegie argue in his gospel of wealth?
The ‘Gospel of Wealth’ was an article written by Andrew Carnegie in 1889. Carnegie believed that this philanthropy should not come in the form of direct charity as the poor might squander the money. He believed that it should instead be used for programs and institutions that would benefit the common good.
How did Carnegie justify the accumulation of wealth?
Carnegie justified the accumulation of wealth by explaining that the problem of our age is the proper administration of wealth. If there is proper administration of wealth then the rich and poor will bind together and have harmonious relationships.
Why does Carnegie accept the great gap between the wealth of the millionaire and the relative poverty of the laborer?
Carnegie accepts the great gap between the wealth of the millionaire and the relative poverty of the laborer, believing in the idea of Social Darwinism that has produced a progress of the race. Carnegie also says that there is a great need for the wealthy, for without them there would be no benefactors.
What did Carnegie believe were the advantages and disadvantages of competition and concentration in wealth?
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.
What is the difference between Social Gospel and Gospel of Wealth?
This is the belief that government should only interfere in the economy to protect life, property, and individual freedom. Proponents of the Wealth Gospel differed from those of the Social Gospel in that they rejected even government aid to the poor.