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Andrew Carnegie

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What era where the gospel of wealth and social darwinism were in?

The Gospel of Wealth and Social Darwinism were prominent ideologies in the late 19th and early 20th centuries, known as the Gilded Age era. This period was characterized by rapid industrialization, wealth accumulation, and growing social inequality in the United States.


What is Andrew Carnegie's perspective on wealth and inequality in industrial society?

Andrew Carnegie believed in the concept of "the Gospel of Wealth," which argued that wealthy individuals had a responsibility to use their wealth to benefit society. He believed that inequality was natural in society but could be justified if the wealthy used their resources for the greater good. He emphasized the importance of philanthropy and believed that the wealthy should donate their wealth for the betterment of society.


What does it mean to redistribute the wealth?

To redistribute wealth means to bring equality to everyone in wealth. To achieve this, the government for example, will tax the wealthy to provide for the poor. That is what it is to redistribute wealth.


What is stratification of wealth?

Stratification of wealth refers to the unequal distribution of assets, resources, and income among individuals or groups within a society. This can lead to the concentration of wealth and power in the hands of a few, while others may experience financial hardship or limited opportunities. Social stratification based on wealth can contribute to societal inequalities and disparities.


Which is distributed more unequally in US income or wealth?

Income is a flow variable of economics and measures the amount of money earned over a period of time whereas wealth is a stock variable and is the net worth (total assets - total liabilities) of a person defined at a specific point of time. In US, the Gini coefficient(which varies for 0 to 1, with 0 representing complete equality and 1 representing total inequality) is an effective measure of the extent of income and wealth inequality. Over the years the gini index for wealth has been greater then that of income. Hence, wealth is more unevenly distributed in the US.