Broadly speaking, my approach has been shaped by three propositions, one obvious, the other two hardly less so, although they are easily taken for granted. The first is that from the beginning ours has been a capitalist society; the second, that the chief function of capitalism is to create wealth; and the third, that even at its most successful, left unmediated, capitalism does nothing to ensure the equitable distribution of that wealth. In fact it usually does just the opposite: under its aegis a small number of people become rich, leaving the rest of the population to arrange themselves on the downward sloping terrain below.
The Good Rich and What They Cost Us
by Robert F. Dalzell
This timely book holds up for scrutiny a great paradox at the core of the American Dream: a passionate belief in the principle of democracy combined with an equally passionate celebration of the creation of wealth. Americans treasure an open, equal society, yet we also admire those fortunate few who amass riches on a scale that undermines social equality. In today’s era of “vulture capitalist” hedge fund managers, internet fortunes, and a growing concern over inequality in American life, should we cling to both parts of the paradox? Can we? To understand the problems that vast individual fortunes pose for democratic values, Robert Dalzell turns to American history. He presents an intriguing cast of wealthy individuals from colonial times to the present, including George Washington, one of the richest Americans of his day, the “robber baron” John D. Rockefeller, and Oprah Winfrey, for whom extreme wealth is inextricably tied to social concerns. Dalzell uncovers the sources of contradictory attitudes toward the rich, how the very rich have sought to be perceived as “good rich,” and the facts behind the widespread notion that wealth and generosity go hand in hand. In a thoughtful and balanced conclusion, the author explores the cost of our longstanding attitudes toward the rich. Among the case studies in America’s Good Rich:Puritan merchant Robert KeayneGeorge WashingtonManufacturers Amos & Abbot LawrenceOil magnate John D. Rockefeller …