Gospel of Wealth
Definition
The Gospel of Wealth is an article written by Andrew Carnegie in 1889 where he argued that wealthy individuals have a moral obligation to distribute their wealth in ways that promote the welfare and happiness of others.
Analogy
Imagine if you're playing a game with unlimited resources like Minecraft. You've gathered so much material - diamonds, gold etc., now it's your responsibility (according to Gospel of Wealth) not just hoard them but build structures or share these resources for other players' benefit too.
Related terms
Philanthropy: This refers to charitable acts or donations made by individuals or organizations for societal good.
Robber Barons/Captains of Industry: These terms refer respectively either negatively or positively towards powerful businessmen who amassed significant wealth during the Industrial Age through questionable means.
Laissez-faire: This is an economic theory that advocates for minimal government intervention in the economy, often associated with free-market capitalism.
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