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AP The New Wealth of the Late Nineteenth Century The New Industrial Revolution brought forth a flourishing new amount of wealth in America This wealth though was concentrated among a select few This led to a sharp gap in between the wealthy and the poor By the 1890s the richest ten percent of the US population controlled nine-tenths of the nations wealth Industrialization produced a new class of millionaires The United States Steel Corporation was the first billiondollar company This new wealth was embraced by some but others criticized the hands it fell into Horatio Alger Andrew Carnegie and Booker T Washington all displayed different attitudes for different groups of people towards the new wealth that was created during the late nineteenth century Horatio Algers attitude towards the new wealth was perceived by his readers mainly the poor and middle class to be that through honesty hard work and a little luck wealth would surely follow Horatio Alger was a popular novelist during the late 1800s He was a Puritan raised New Englander who became interested in the New York newsboys His juvenile novels numbering over a hundred contained basically the same plot but different characters He advocated in his books that virtue honesty and industry are rewarded by success wealth and honor Instead of survival of the fittest Alger preached survival of the purest Horatio believed that there was always room at the top of the economic ladder His novels created a belief that it was very possible to go from rags-to-riches Andrew Carnegie was a very good example of his belief but most of the time this did not occur Carnegie and Alger shared the belief that the wealth should fall into the hands of virtuous people Unlike Booker T Washington Alger did not advocate that economic equality should come before social equality Andrew Carnegie thankfully appreciated his wealth and preached a Gospel of Wealth to the
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