'... the State marks its condemnation of the selfish millionaire's unworthy life.'

What Hundreds of American Public Libraries Owe to Carnegie’s Disdain for Inherited Wealth

One reason why the steel magnate spent much of his fortune building libraries is that he saw handing large fortunes to the next generation as a waste of money.

The Conversation | Arlene Weismantel

The same ethos that turned Andrew Carnegie into one of the biggest philanthropists of all time made him a fervent proponent of taxing big inheritances. As the steel magnate wrote in his seminal 1899 essay, The Gospel of Wealth:


Carnegie argued that handing large fortunes to the next generation wasted money, as it was unlikely that descendants would match the exceptional abilities that had created the wealth into which they were born. He also surmised that dynasties harm heirs by robbing their lives of purpose and meaning.

He practiced what he preached and was still actively giving in 1911 after he had already given away 90 percent of his wealth to causes he cared passionately about, especially libraries. As a pioneer of the kind of large-scale American philanthropy now practiced by the likes of Bill Gates and George Soros, he espoused a philosophy that many of today’s billionaires who want to leave their mark through good works are still following.
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(Carnegie was far from perfect. But he knew what hard work and self-education meant, unlike today's pompous, self-righteous conservatives who want to cut any form of public assistance and hide their wealth in offshore tax havens.)