What was the philosophy that Americans with a great deal of money should use it for social progress?

The philosophy that wealthy Americans should use their resources for social progress is often associated with the concept of "philanthrocapitalism." This idea, popularized by figures like Andrew Carnegie in his "Gospel of Wealth," posits that the affluent have a moral obligation to contribute to society by funding education, public health, and other social initiatives. The belief is that their wealth can help address social inequalities and improve the overall welfare of the community, thereby creating a better society for all.