Andrew Carnegie and the foundations of contemporary entrepreneurial philanthropy

Abstract

This paper focuses upon the relationship between the business and philanthropic endeavours of world-making entrepreneurs; asking why, how and to what ends these individuals seek to extend their reach in society beyond business. It presents an original model of entrepreneurial philanthropy which demonstrates how investment in philanthropic projects can yield positive returns in cultural, social and symbolic capital, which in turn may lead to growth in economic capital. The model is applied to interpret and make sense of the career of Andrew Carnegie, whose story, far from reducing to one of making a fortune then giving it away, is revealed as more complex and more unified. His philanthropy raised his stock within the field of power, helping convert surplus funds into social networks, high social standing and intellectual currency, enabling him to engage in world making on a grand scale

A Rolling Stone Gathers Momentum: Generational Units, Collective Memory, and Entrepreneurship

“…"Entrepreneurial philanthropists" have received some attention in the management literature, and much more in the popular media (Harvey, Maclean, Gordon, & Shaw, 2011;Shaw, Gordon, Harvey, & Maclean, 2013). "Entrepreneurial philanthropists" have received some attention in the management literature, and much more in the popular media (Harvey, Maclean, Gordon, & Shaw, 2011;Shaw, Gordon, Harvey, & Maclean, 2013).…”

Review of periodical literature published in 2011

“…Millward evaluates the relative importance of market failure problems as opposed to geo‐political factors prompting state intervention in infrastructure industries and demonstrates the strong differences between Britain, US, Continental Europe, and Japan. Harvey et al. demonstrate how investment in philanthropic projects by Andrew Carnegie yielded positive returns in cultural, social, symbolic, and economic capital.…”

Vocational Education and Training

“…In their analysis of Andrew Carnegie's philanthropic behaviour, Harvey et al (2011) describe how dominant economic actors have abundant power (defined as command of resources) and their governing position is gained not through passivity, but inevitably requires victory in a succession of contests for control. The action of the wealthy philanthropist is:…”