Andrew Carnegie - Wealth - Speech 1914

Andrew Carnegie reading from his book, “Wealth”, published in 1889
Edison Motion Picture Film Studio, Bronx, NY
January 20, 1914
Record format: Edison Kinetophone Cylinder
(00:00 – 01:19)
“I quote from the Gospel of Wealth published twenty-five years ago. This then, is held to be the duty of the man of Wealth:
First: to set an example of modest, unostentatious living, shunning display; to provide moderately for the legitimate wants of those dependent upon him; and after doing so to consider all surplus revenues which come to him simply as trust funds, which he is strictly bound as a matter of duty to administer in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community – the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience, and ability to administer, (…)” [pp.661-662]
(01:20 – 1:56)
“Those who would administer wisely must, indeed be wise, for one of the serious obstacles to the improvement of our race is indiscriminate charity. It were better for mankind that the millions of the rich were thrown into the sea than so spent as to encourage the slothful, the drunken, the unworthy. (…)” [p. 662]
(01:57 – 02:30)
“In bestowing charity, the main consideration should be to help those who help themselves; to provide part of the means by which those who desire to improve may do so; to give to those who (…) desire to rise the aids by which they may rise; to assist, but rarely or never to do all. (…)” [p. 663]
(02:30 – 02:59)
“He is the only true reformer who is as careful and as anxious not to aid the unworthy as he is to lead the worthy, and, perhaps even more so, for in alms-giving more injury is may be done by promoting vice than by relieving virtue. (…)” [p. 663]
(02:59 – 04:14)
“Thus is the problem of the Rich and Poor to be solved. The laws of accumulation should be left free; the laws of distribution free. Individualism will continue, but the millionaire will be but a trustee for the poor; entrusted for a season with a part of the increased wealth of the community, but administering it for the community far better than it could or would have done of itself. The best in minds will thus have reached a stage in the development of the race in which it is clearly seen that there is no mode of disposing of surplus wealth creditable to thoughtful and earnest men into whose hands it flows save by using it year by year for the general good. This day already dawns. (…)” [pp. 663 – 664]
(04:15 – 05:57)
“Men may die without incurring the pity of their fellows, (…) sharers in great business enterprises from which their capital cannot be or has not been withdrawn, (…) which is left entirely at death for public uses, yet the day is not far distant when the man who dies leaving behind him millions of available wealth, which was free for him to administer during life, will pass away “unwept, unhonored, and unsung,” no matter to what use he leaves the dross which he cannot take with him. Of such as these the public verdict will then be: “The man who dies thus rich dies disgraced. Such, in my opinion is the true gospel concerning Wealth, obedience to which is destined someday to solve the problems of the Rich and the Poor, to hasten the coming brotherhood of man, and at last to make our earth a heaven.” [p. 664]

Shiller, Finance and The Good Society

"At its broadest level, finance is the science of goal architecture of the structuring of the economic arrangements necessary to achieve a set of goals and of the stewardship of the assets needed for that achievement."

"Most people define finance more narrowly. Yet financing an activity really is creating the architecture for reaching a goal - and providing stewardship to protect and preserve the assets needed for the achievement and maintenance of that goal"

Prof. Robert J. Shiller

1. Introduction and What this Course Will Do for You and Your Purposes

Fear

Sometimes you realise that you have crossed a line, a limit, a boundary and there is no turning back. You can not come back anymore. You are alone from now on. Everything it's new and you don't know anything about this new situation, about this new path.

Maybe you are not the responsible for this. Maybe someone is. Maybe something is. But doesn't matter anymore, all things were left behind. You don't care about who or what did this with you.

There are no more options on the table. You have only one thing to do, move on.

This is feeling is called - FEAR.

See you soon!!