Take 2 examples

Reader comment on: The Limits of Philanthropy

Submitted by Lyle (United States), Aug 20, 2010 01:55

The Rockefellers essentially lead the charge to modern medicine and eradicated hookworm in the us south among other things. Carnegie build a lot of libraries as well as a few telescopes. Gates is looking to eradicate Malaria which there is no money in because only poor countries have it.

But of course the question is how do you want to be remembered i.e. what is your legacy. If the Rockefellers had kept their money then John D would join Jay Gould, Dan Drew and Thomas Durant in the crew of robber barons. Recall that Carnegie drove a lot of competitors out of business, and did not want to be remembered as a robber baron, so he gave it away.

In Rockefeller's case at least his religion demanded that he give his money away. And just as likely today as in the cases cited there were at least a few less than fully ethical moves in the climb to the top, so people may feel that they need to atone. Rockefeller felt that to whom much is given much is demanded.

Finally these folks feel that leaving a lot of money to their children is a great way to spoil them. So just a life pension is sufficient.

Of course the opposite view is expressed by the Waltons the richest family in the US.

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