Final answer:
The wealth created by successful capitalists like Andrew Carnegie led to high levels of giving in society, driven by the view that the wealthy have a responsibility to redistribute their fortunes. Carnegie used his wealth to fund philanthropic efforts, setting a precedent for others. This philanthropy has benefited public welfare and private sector growth.
Step-by-step explanation:
The element that has created the wealth that has stimulated such a high level of giving is the successful capitalist economy, as exemplified by individuals like Andrew Carnegie. Carnegie's story of rising from poverty to wealth through his steel empire reflects the broader economic opportunities available during the Industrial Revolution in America. This generated vast wealth for some individuals, which could, in turn, be used to fund philanthropic efforts.
Carnegie believed in the responsibility of the wealthy to redistribute their fortune for the common good, which he articulated in his essay 'The Gospel of Wealth'. His philanthropic legacy included the establishment of numerous public libraries, support for scientific research, and various other cultural and educational institutions. He set a precedent for high-profile industrialists to act as benefactors to society, especially in light of the conditions that allowed them to amass such wealth.
The 1980s saw a resurgence in the public celebration of wealth, partially influenced by religious connotations of prosperity as a sign of divine favor. Yet, the philanthropic expectation articulated by Carnegie decades earlier continued to influence wealthy individuals' giving habits. The broader impact of this wealth creation and subsequent philanthropy can be seen in the funding of entities that promote private sector growth, innovation, and public welfare.