[MUSIC]. The first thing I'd like to do is talk about a model different from the standard one, that's based on the idea of corporate philanthropy. So as the first alternative to the standard story about business. The first new model of business in society. I'm going to call it the corporate philanthropy model. And the idea here, really, it goes back to Andrew Carnegie's two principles of wealth and this tradition of noblesse oblige. Those who have in society I give and take care of those who have not. Current these two principles of wealth were as follows. The first, the principle of charity. The principle of charity requires the more fortunate members of society to assist the less fortunate. That sounds like a pretty good idea if you have, if you have a lot of stuff help those who don't. It's there in almost every religious tradition, and Carnegie articulated this as a way for business executives to think about it. The second principle he called the stewardship principle and he took this from the Christian Bible, but it's in other places as well. And this requires business and wealthy individuals to view themselves as stewards or caretakers of their property. They hold money in trust, they hold property in trust for the rest of society and they use it for purposes that society deems legitimate. Now this sounds pretty good but I'm not so sure that Carnegie's motives were so pure because he thought that really most people couldn't really be trusted to do what was best for society. He thought that business people actually knew better than anyone else how to do, what's best for society. And sometimes, today, if you listen to some business executives talk. they talked as if they really know best how to solve, some of these problems. Carnagie was a pretty complicated fellow who built a great companies and left behind philanthropic organization that's still there today. According to my friend Kip Tendall who you'll meet later on, the CEO of the container store. Carnagie articulated his business philosophy this way. If you fill the other guys basket to the brim in business, you'll never want for profit. Fill the other guys basket to the brim and you won't be sorry. You won't want for profit. So even Carnegie understood the mutually of business relationships. And he understood the connection between business and society as a whole. But it wasn't just Andrew Carnegie or Andrew Mellon of the same era in the U.S. Donated enough art to start the National Gallery of Art which we still enjoy today. John Rockefeller gave $60 million to restore Colonial Williamsburg and has been the single greatest funder of medical research. Henry Ford Created Henry Ford Health System in 1915 and the Ford Foundation was started by his son in 1936, to improve the well being of society. It's now the third biggest charity in the US. And Milton Hershey of the Hershey chocolate company founded the Milton Hershey School Trust in 1909. He endowed it with 60 million dollars, and 486 acres, and the Milton Hershey foundation with 5,000 shares of the Hershey company. Which have been incredibly valuable over the years. That tradition of thinking of business in society set through its philanthropic anti-, activities is still alive today. It should cause us to question this idea about business being only for shareholders. has it ever really been followed or is that just the rhetoric to the old model? What I'd like you to think about in discussion forums. What do you, what do you think of Andrew Carnegie's idea that those more fortunate need to take care of those who are less fortunate? How does that work in your society? How does it work really?