The proper administrant of wealth is an ideology that was developed by Andrew Carnegie a business person who had amassed a lot of wealth by supplying railways companies with iron as well as steel. In his efforts to settle contradictions that emerged because of unequal distribution of wealth as a result of unchangeable social laws he developed the notion called “gospel of wealth”. He argued that as much as the status of human life had revolutionalized the systems of administering wealth were a big problem so that despite their discrepancies in terms of lifestyle the poor and the rich lived harmoniously (History Matters, 1). He argued that the entrepreneur had a responsibility or ensuring his fortune was distributed to members of the society who would put it into good investments (Carnegie, 1).
In a modern society where family fortune is more than often passed down to a heir on heiress who may not be able to manage it well but instead squander it, it is important to use this notion so as to evade a loss and also assist the poor upgrade their economic status. This is by giving back to the society by donating money to charitable organizations who use to improve the lives of less fortunate in the society. For example; Warren Edward Buffet the CEO OF Berkshire Hathaway in an interview with the New York Times referred to those born in rich families “members of the lucky sperm club” (History Matters. 1). He will ensure that his children inherit a small portion of this wealth while the rest goes to charitable foundations such as Bill and Melinda foundations, Nuclear Threat Initiative among other organizations.
It is crucial to note that although this notion seems to work for the interests of both the rich and the poor there are various objections to it; Even though it’s a noble thing, equitable distribution of wealth could reduce the value of wealth in a society; in giving towards charity, it kis also important to help those who truly understand the meaning of the help and to those willing to take the initiative to ensure the assistance improves their lives. Not many people have these qualities (History Matters, 1).
This should not however mean that the well off members should not give back to the society. It is through giving back that we support and maintain a balance of circulation of resources in the society which ensures that that the economy grows (Carnegie, 1).
In conclusion, in order to solve the problem, the laws of accumulation and distribution of wealth should be let free.T he society’s wealth will be entrusted with the rich who in turn are expected to help the community through charity.
References
History Matters. The Gospel According to Andrew: Carnegie’s Hymn to Wealth. 1968. Web. 18 Oct. 2012. <http://historymatters.gmu.edu/d/5767/>
Carnegie, Andrew. The Gospel of Wealth, 1889. 1997. Web. 18 Oct. 2012. <http://www.fordham.edu/halsall/mod/1889carnegie.asp>
