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A passage from The Gospel of Wealth appears below.

"The price which society pays for the law of competition, like the price it pays for cheap comforts and luxuries, is also great; but the advantages of this law are also greater still, for it is to this law that we owe our wonderful material development, which brings improved conditions in its train."
Andrew Carnegie, The Gospel of Wealth, 1889
Which economic philosophy is Carnegie referring to in this quote?


A. anarchism

B. capitalism

C. communism

D. socialism

Respuesta :

letmeanswer

Answer:

The economic philosophy that Andrew Carnegie is referring to in this quote is capitalism.

Explanation:

It is clear from the terms used and the process described in the quote that the philosophy Andrew Carnegie is referring to is none other than capitalism. It is because Carnegie is speaking about 'competition' which according to him is beneficial in the growth.

The term 'material development' also clarifies that the quote is in the praise of capitalism. Moreover, Andrew Carnegie was himself a capitalist.

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