Andrew Carnegie's and John D Rockefeller's Perception on The Distribution of Wealth

Introduction

Andrew Carnegie was an industrialist and philanthropist throughout the Gilded Age. He founded Carnegie Steel, wrote The Gospel of Wealth, and made a fortune within his lifetime. The Gospel of Wealth states that the wealthy should use their money for the betterment of society and not just for themselves. Although Carnegie believed that the unequal distribution of wealth was a temporary matter, it has proven to be a lasting issue, making the gap between the rich and the poor prominent to this day. Industrialists and entrepreneurs like John D. Rockefeller and Mark Zuckerberg attempt to address this disparity by giving back to those who need it the most. The unequal distribution of wealth continues to this day due to the hierarchy of power held by the wealthy within the business industry.

Andrew Carnegie's and John D. Rockefeller's Perception on the Distribution of Wealth

Andrew Carnegie's The Gospel of Wealth discusses the large gap between the rich and the poor due to industrialization and Carnegie's beliefs on why the wealthy should distribute their money to the less fortunate. Carnegie believes society will benefit as a whole if the rich do this, which will help mend the gap between the rich and the poor. In order to address this void, Carnegie explains what wealthy individuals could do with excess money and how they can use this surplus wealth to benefit society and the less fortunate. Carnegie explains how the extra money should be “left to the families of the decedent's; or it can be bequeathed for public purposes; or finally it can be administered during their lives by its possessors” (Carnegie). Although Carnegie believes giving away surplus wealth will benefit the community, he describes how it will only be beneficial and right if deserving people attain this wealth. He believes that if you are wealthy, you have worked hard to reach that level of success, and if you are not, you must not work hard enough to be rewarded. He explains that distributing excess wealth is only effective and beneficial to the well-being of society if it is given to people who are worthy of receiving the money, as opposed to somebody who doesn't deserve it. This idea highlights the importance of responsible philanthropy, ensuring that resources are directed toward initiatives that create lasting impact. This relates to our world today because there is still a large gap of wealth between the rich and the poor.

Although Andrew Carnegie believed that the unequal distribution of wealth was a temporary matter, it is very much permanent, and the gap between the wealthy and the poor will remain. Just like Andrew Carnegie, people like the industrialist John D. Rockefeller distribute their wealth in order to work towards closing this gap. John D. Rockefeller was a captain of industry of his time, meaning that he was an entrepreneur whose fortune had a positive impact on society. Rockefeller influenced America industrially with his Standard Oil Company. Due to his extreme wealth gained from his company, he became a philanthropist. This meant that a large portion of his earnings went to charitable organizations, which had a beneficial and positive effect on the community. In 1913, The Rockefeller Organization was established “to promote the well-being of humanity throughout the world” (Rockefeller). To this day, this foundation is still running and solving issues around the globe, addressing challenges ranging from economic mobility to power or health, and having an immense impact on the world. As a whole, Rockefeller donated more than half a billion dollars to various educational, religious, and scientific causes. This relates back to our world today because there is still a prominent gap between the rich and the poor. Rockefeller tried filling this gap by using his surplus wealth to give back to them.

The Modern Philanthropy of Mark Zuckerberg

Entrepreneur Mark Zuckerberg distributes his money due to his surplus wealth, just like Carnegie and Rockefeller. Zuckerberg influenced the world technologically with his invention of Facebook. It was an easily accessible way of communication, which made it much simpler for people to connect with one another worldwide. Soon enough, Zuckerberg became one of the world's wealthiest men alive, “His net worth is around $74 billion… which means he’s amassed an average of $5.97 million per day” (Wells). Zuckerberg pledges to give 99% of his Facebook shares to charity due to his surplus wealth. He and his wife also began the Zuckerberg Initiative, which is an organization that “aims to create education reform, biomedical advancements, immigration reform, and housing affordability” (Sheffer). These initiatives reflect a modern approach to philanthropy, using technology and innovation to tackle complex societal issues. Just like Carnegie and Rockefeller, Zuckerberg uses his wealth to help fill the lasting gap between the wealthy and the poor by giving back to the community through his organizations.

Conclusion

The unequal circulation of wealth is still an ongoing problem to this day due to the wealthy's hierarchy of power within the business industry. Many of the wealthy captains of industries from both our time and the Gilded Age are philanthropists and share some of their earnings with the people who need it most. Although Carnegie believed that the unequal distribution of wealth was a temporary matter, it has proven to be a permanent issue, making the gap between the rich and the poor prominent to this day. It is crucial for modern society to continue addressing this imbalance through responsible and impactful philanthropy.

References

1. Carnegie, A. (1889). The Gospel of Wealth.
2. Rockefeller, J. D. (1913). The Rockefeller Foundation Charter.
3. Wells, J. (2023). Mark Zuckerberg's Net Worth. Forbes.
4. Sheffer, J. (2023). The Zuckerberg Initiative: A Modern Approach to Philanthropy. Charity Times.