sophia_sadek (sophia_sadek) wrote in talk_politics,

The Wealth of the Nation

A member of this community made a reading recommendation for a thin tome on plutocrats. I looked in vain for the text at our local public library, so I went to the regional library system to find that only two copies of the book were available. The request was satisfied by a suburban Catholic college library. In essence, the book holds up a half dozen plutocrats throughout the history of American industrial development as paragons of virtue. The author makes the argument that these esteemed gentlefolk created the wealth of the nation.

In order to come to such an understanding, the author, Burton W. Folsom, Jr. had to completely ignore the processes of wealth creation and focus solely on the processes of wealth accumulation. His blinders caused him to see the apex of the pyramid with the remainder shrouded in a fog of delusion.

Folsom's tribute to the plutocracy is not without merit. It shows us why some people value capital accumulation and the people who have exceeded in the Rat Race. It also shows us how competing plutocrats use the tools of governance and deception to accomplish their ends. By looking at the way Folsom ignores the loose cannon aspects of the policies of a plutocrat such as James Jerome Hill, we can come to an understanding of the essential distinction between a Left-Libertarian and a Right-Libertarian.

What is wealth? How is wealth created? How is wealth destroyed? How is wealth preserved? Who is ultimately responsible for managing the wealth of any given nation?
Tags: books, capitalism
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