Andrew Carnegie and the foundations of contemporary entrepreneurial philanthropy

Charles Harvey, Mairi MacLean, Jillian Gordon, Eleanor Shaw

Research output: Contribution to journalArticle

63 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)425-450
Number of pages26
JournalBusiness History
Volume53
Issue number3
DOIs
Publication statusPublished - Jun 2011

Keywords

  • Carnegie
  • capital theory
  • entrepreneurship
  • entrepreneurial philanthropy
  • social networks
  • field of power

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