I assume we're talking about an offroad kart, here, because of the 14" tires. 50 mph is pretty hairy offroad, especially with no suspension to soak up irregularities in the surface. My kart does 45 mph, and every now and then I take a run on the gravel road. I don't have enough space in my yard or driveway (also gravel) to hit top speed. On the road, the steering is hair-trigger at that kind of speed, and while the rear disc brake is very functional, it is only rear. If I were to have a real braking emergency, it wouldn't work out well for me. With the gravel underneath me, there's not a lot of traction to be had, and the potholes chan change my direction of travel instantly. I CAN picture doing 50, but I really think that it's a stretch, bordering on freaky. Safety is paramount under these circumstances. My kart is built like a brick s**thouse, 300lbs without my own weight. I have a 4-pt harness and a modified roll bar from an actual race car. Helmet, gloves, jacket etc are necessary for the speed runs, too.
Basically, just keep in mind that on or off road, make sure your kart is up to the task if you're going to attempt such speeds. A 50mph failure could be fatal. Use common sense and don't skimp out on safety.
Now that I'm done sounding like "dad", you're looking a two possibilities. 1)Motorcycle or quad engine and gearbox or sled engine and CVT, or 2)Mod your 11hp and get a CVT such as a Comet 40 or similar. I won't go over the mods as suggestions have already been made, but dealing with the governor is at the top of the list. You're very unlikely to hit 50 turning 3600 RPM. I'm turning about 4100 or so at 45MPH.
Put up some pics of your kart, that'll help with the suggestions.