GOSPEL OF WEALTH

“In 1889 Andrew Carnegie [the Pittsburgh steel millionaire] published The Gospel of Wealth, his Gilded Age manifesto. He believed that concentrated wealth was essential to capitalism, but that much of that wealth must be given away, in order to maintain a ‘reign of harmony’ with the poor. . . . . Warren Buffett and Bill Gates frequently invoke Carnegie when they speak of their Giving Pledge campaign, which commits billionaires to giving away at least half their money. A hundred and forty others have signed it, including [David] Rubenstein, Carl Icahn, Michael Bloomberg, Mark Zuckerberg, and Elon Musk.”

Alec MacGillis, “The Billionaires’ Loophole,” New Yorker, March 14, 2016, pp: 64-73.