The Gospel of wealth written by Andrew Carnegie has lessons and solutions for solving the gap between the rich and the poor that is profoundly witnessed in developed countries. The article has influenced many rich people in the world. The issue faced in developed countries is the gap between the rich and the poor. People working hard can become more abundant soon in developed countries. However, the situation is becoming worse as the poor are remaining poor. To sort out the issue, many solutions were suggested by many people however the solution proposed by Andrew Carnegie through Gospel of Wealth Summary has gained more importance as many of the billionaires in the developed countries tried to follow the same.
The content of the article: The author state that rich people have to distribute their wealth to society is responsible.The rich people have to devote themselves to the welfare of society. Practicing their own deeds, the author had given away the majority of his wealth to the community during his death. He has emphasized the focus on higher education and construction of university using the wealth. The Gospel of Wealth has its influence on many people in the developed countries who are rich.
Merits and demerits of capitalism: Readers can only decipher The Gospel of Wealth by understanding the term capitalism. The scale of production and profit has been increased rapidly due to the industrial revolution. The businesses which are smart enough earned more money and became wealthier. The power and the capital are rested within a few people. The inequality created disturbance between many,and the solution was brought through capitalism.
Options for wealth: It is a natural tendency that people follow while earning wealth. They distribute it in a traditional way to their heirs. They spread it for the welfare of the public after death. These two options may not feel too attractive as the heirs without talent and brain may not be worthy of the wealth. The wealth distributed after death may not appropriately be administered. The author has given the solution that the wealth must be utilized for the welfare of the society when they are alive. This will reduce the gap between the rich and the poor. People having abilities of hard work and intelligence and who are wealthy have to serve the society and the welfare of the public when they are alive. The author even advocated for inheritance tax to encourage the wealthy to engage in philanthropy in life. Distributing the wealth among the people will enable to reduce the gap between the rich and the poor. The difference may is not cut completely, however, can be reduced to a greater extent.
The wealthy people by giving their wealth to society when they are alive will even make them involve themselves in the welfare activities on their own. Most of the rich people in developed countries are doing the same. They are distributing their wealth to the common good such as the construction of libraries and universities and even contributing to higher education. This is emphasized in the Gospel of Wealth to reduce the gap between the rich and the poor. This will, in turn, reduce the disturbances among the people.