I think his wealth was equivalent to 2% of GDP.
striking thing while reading titan — by 1889 rockefeller was only worth about 950 million in contemporary dollars, but considered uniquely, historically, ungodly rich. today, america alone is home to almost 600 billionaires. wealth is not static.
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Dare I bring up the subject of USD vs Gold?
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as mentioned, the figure has been adjusted
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Neither are the owners of it. Take a look at richest 600 then vs. the richest 600 today. Better yet, try just a ten years and see how many of the names are the same.
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it doesn’t feel as insane today bc 1) 19th century set the precedent and 2) our poorest are also far richer. journalists go after the wealth gap today, but nothing like the guilded age. easier to attack the rich when the poor don’t have plumbing or food imo
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Also illuminates history of competition. When there’s no real “wealth” by modern standards, the ambitious get power physically/politically. Conquest, assassinations, East India Company-style corporate sovereignty. Takes a lot of wealth to constrain ambition to $$$.
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imo it was mostly about income inequality!
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Give some credit to the federal reserve, and other central banks, for an expansionary monetary policy... i almost forgot! And to the herd of spineless crony capitalists fishing in the swamp.
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