Andrew Carnegie and the foundations of contemporary entrepreneurial philanthropy

Charles Harvey, Mairi MacLean, Jillian Gordon, Eleanor Shaw

Research output: Contribution to journalArticle

55 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.
LanguageEnglish
Pages425-450
Number of pages26
JournalBusiness History
Volume53
Issue number3
DOIs
Publication statusPublished - Jun 2011

Fingerprint

Philanthropy
Worldmaking
Social Networks
Symbolic Capital
Convert
Fortune
Economics
Currency
Social Capital
Surplus
Cultural Capital
Entrepreneurs
Cultural capital
Symbolic capital
Social capital
Economic capital
Social networks

Keywords

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

Cite this

Harvey, Charles ; MacLean, Mairi ; Gordon, Jillian ; Shaw, Eleanor. / Andrew Carnegie and the foundations of contemporary entrepreneurial philanthropy. In: Business History. 2011 ; Vol. 53, No. 3. pp. 425-450.
@article{f7f2ef3de3534271995b812a952517c1,
title = "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.",
keywords = "Carnegie, capital theory, entrepreneurship, entrepreneurial philanthropy, social networks, field of power",
author = "Charles Harvey and Mairi MacLean and Jillian Gordon and Eleanor Shaw",
year = "2011",
month = "6",
doi = "10.1080/00076791.2011.565516",
language = "English",
volume = "53",
pages = "425--450",
journal = "Business History",
issn = "0007-6791",
number = "3",

}

Andrew Carnegie and the foundations of contemporary entrepreneurial philanthropy. / Harvey, Charles; MacLean, Mairi; Gordon, Jillian; Shaw, Eleanor.

In: Business History, Vol. 53, No. 3, 06.2011, p. 425-450.

Research output: Contribution to journalArticle

TY - JOUR

T1 - Andrew Carnegie and the foundations of contemporary entrepreneurial philanthropy

AU - Harvey, Charles

AU - MacLean, Mairi

AU - Gordon, Jillian

AU - Shaw, Eleanor

PY - 2011/6

Y1 - 2011/6

N2 - 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.

AB - 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.

KW - Carnegie

KW - capital theory

KW - entrepreneurship

KW - entrepreneurial philanthropy

KW - social networks

KW - field of power

U2 - 10.1080/00076791.2011.565516

DO - 10.1080/00076791.2011.565516

M3 - Article

VL - 53

SP - 425

EP - 450

JO - Business History

T2 - Business History

JF - Business History

SN - 0007-6791

IS - 3

ER -