Andrew Carnegie’s Gospel of Wealth Explained and Annotated
Below we present an annotated version of Andrew Carnegie’s 1889 essay Wealth (better known as the Gospel of Wealth).
Economics
Economics is the social science that studies the production, distribution, trade, and consumption of goods and services. Economics uses a mix of psychology, mathematics, experiment, and analysis to predict and understand economies.
The Purpose of the Social Safety Net
The Social Safety net is a collection of welfare services meant to help people bounce up when they hit bottom, it is not meant as a net to trap the poor under.
Wage Slavery and Chattel Slavery are Different Fact
Wage slavery (where an entity’s livelihood depends on wages or a salary) and actual “chattel” slavery (where an entity is enslaved by another entity) are very different.
Increasing the Minimum Wage Stimulates the Economy Fact
Generally speaking, a modest increase to the minimum wage will increase household spending and thus stimulate the economy. However, this can be offset by job loss or hour reduction, inflation, and other factors.
Slots Account for More Revenue than all other Casino Games Combined Fact
According to 2016 data, slot machines account for more revenue than all other casino games combined, and penny slots account for more revenue than any other casino game.
The Estate Tax Is Fair Fact
The federal estate tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs is a fair tax that helps prevent a wealth gap over time.
The Dutch Traded Manhattan for Nutmeg Fact
At the height of the spice trade, the Dutch traded Manhattan to the English for the Nutmeg-rich Run Island via the 1674 Treaty of Westminster.
About Half of Americans Own Stocks Fact
According to a 2016 Gallup poll about half of American adults own stocks and about half don’t. This is down since 2007 when around 65% of American adults owned stocks.
The U.S. Has the Highest Incarceration Rate in the World Fact
The United States has the world’s highest incarceration rate and hosts more prison inmates than all other developed nations combined.
Understanding Marx and Marxian Class Theory
We present a simple guide to Marx, Marxian class theory, Marx’s theory of history, and Marx’s economic theories to help westerners understand what Marx was all about.