The rise of bureaucratic capitalism in the Gilded Age was accompanied by a self-conscious effort, on the part of the new tycoons of the day, to put this kind of language aside, and to promulgate what was considered at the time the bold new philosophy—steel magnate Andrew Carnegie spoke of it as “The Gospel of Wealth”—that value was instead derived from capital itself. Carnegie and his allies embarked on a well-funded campaign of promoting the new gospel, not just in Rotary Clubs and Chambers of Commerce across the nation, but also in schools, churches, and civic associations.35 The basic
...more
