The article talks about the challenges of and solution to wealth administration in the modern society. According to the author, about 100 years back, there was substantial socio-political equality with the…
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Carnegie faults poor wealth administration for this unequal wealth distribution and therefore seeks to provide a solution without losing the benefits of civilization.
Civilization has eroded communism but propagated individualism. Carnegie chooses to view this as not being wholly negative but as “essential for the progress of the race” (1). The author argues that those with experience in various affairs should create capital and generate income; those with ability should accumulate wealth and energy. Failure to support this individualism would be tantamount to “attacking the foundation upon which civilization itself rests” (Carnegie 3). Furthermore, having tried out communism and settling on individualism, it would be in order to carry on with the latter. Nonetheless, the author faults individualism for giving wealth to the few. Therefore, the article seeks to provide an appropriate approach to wealth administration.
To achieve its objective, therefore, this article evaluates three common modes of disposal of surplus wealth. Leaving such surplus wealth to families of the dead, mostly first sons, would have the wealth distributed to many generations to come. However, depreciation in the value of land and follies of heirs have thwarted this approach. Moreover, surplus wealth has proved to be more harmful than good to heirs. This is, therefore, an improper way of wealth administration. The other option would be to bequeath wealth for public purposes. Such wealth only “becomes of much good in the world” upon the death of the subject (Carnegie 5). However, it is common not to honor the wishes of the dead and such wealth would be spent in unintended manner. Furthermore, supporters of this proposal could go with their wealth after they die could this be possible, only that upon death, one cannot help but leave such wealth to the community. Such persons do not, therefore, deserve praise for doing the inevitable. Hence, the author supports taxation on
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