Forty of the nation’s billionaires pledged to give away half of their fortune for some good cause, which means that their intention has compelled them to follow Andrew Carnegie’s doctrine of the ‘gospel of wealth’.
Similar as Carnegie, the people who organized ‘the giving pledge’ Bill and Melinda Gates and Warren Buffett campaigned around to condemn the practice of bestowing their enormous wealth to the posterity of the familial kin, who most of the times have been seen investing that money in taking pleasures and enjoying lavishly and spending upon costly things.
The trio is the panel of Directors of Post Co. and just as Carnegie, and a lot of other 37 billionaires came together, who registered with the pledge. They are the ones, who accumulated their wealth by building great firms and continue to do so.
Some may not like the idea since it is perceived that it must have taken long years of hard work to build that fortune but along with that, the ‘give away’ campaign has brought out the question of the social value and responsibility that one has towards the society.
Last year, in an article, The American Interest, Philip Auerswald and Zoltan Acs of George Mason University offered their stance that entrepreneurial culture is a wealth generating machine, but at the same time the philanthropic structure recycles that wealth in a number of ways, for the betterment of the donator and the society.