One of the best things I read was an 1889 essay by Andrew Carnegie called The Gospel of Wealth. It makes the case that the wealthy have a responsibility to return their resources to society, a radical idea at the time that laid the groundwork for philanthropy as we know it today.
In the essay’s most famous line, Carnegie argues that “the man who dies thus rich dies disgraced.” I have spent a lot of time thinking about that quote lately. People will say a lot of things about me when I die, but I am determined that “he died rich” will not be one of them.
Carnegie was the smartest of the Robber Barons. He knew what would eventually happen if he didn’t throw the peasants a bone.
He didn’t want a date with Madame Guillotine. And some of the other Robber Barons realized his motive, and the dumber ones just saw it as a competition. Most of them followed his example.
Cuban is trying to use this strategy today with his “Discount Pharmaceutical” thing. It’s not enough.