On which of the following principles is Andrew Carnegie's view on Corporate Social Responsibility, as reflected in his book, 'The Gospel of Wealth' based?

(a) Peter Principle

(b) Scaler Principle

(c) Charity Principle

(d) Steward Principle

Choose the correct option from the following:

Key Points

Corporate Social Responsibility

• Corporate social responsibility is a business strategy that encourages businesses to work in ways that benefit society and the environment rather than harming them.
• It aids in enhancing enormous societal facets as well as enhancing the reputation of businesses.

Andrew Carnegie

• Andrew Carnegie, the creator of the multinational US Steel corporation (1835–1919) wrote the book 'The Gospel of Wealth', which was released in 1899.
• It contains the founding principles of CSR (Corporate social responsibility).
• The charity principle and the stewardship principle served as the foundation for Carnegie's perspective.

Important Points

Stewardship Principle

• The stewardship principle requires wealthy people and corporations to see themselves as stewards or caretakers of their assets.
• According to Carnegie, the wealthy should hold their wealth in trust for the rest of society and be free to use it for any worthwhile endeavors that society considers appropriate.
• But he also believed that business had a responsibility to increase its own riches through wise management of the resources it was entrusted with managing for society.

Charity Principle

• According to the charity principle, those in society who are more fortunate should help others who are less fortunate, such as the elderly, the disabled, the sick, and the unemployed. 
• Through organizations like churches and settlement homes, these unfortunates might get direct or indirect assistance.
• Carnegie personally put his words into action by donating millions of dollars to philanthropic and public causes.

Hence, Andrew Carnegie's view on Corporate Social Responsibility, as reflected in his book, 'The Gospel of Wealth' is based on Charity Principle and Steward Principle.