Leaders Notable People

Men of Wealth; The Story of Twelve Significant Fortunes from by John T. Flynn

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By John T. Flynn

This ebook reminds us what a extraordinary author and journalist John T. Flynn actually used to be. it's a top quality company historical past, by way of any general. it's the tale of serious fortunes made via the main extraordinary males of wealth in background: Jacob Fugger, John legislation, Nathan Rothschild, Thomas Gresham, Robert Owen, Cornelius Vanderbilt, and all through J.P. Morgan and J.D. Rockefeller.

But there's a distinctive twist to the tale: the writer is aware economics and the kingdom, so he has a distinct eye for ferreting out the variation among industry capability and unjust technique of buying wealth. The tales are all attention-grabbing and the prose is impeccable.

Truly, one is tempted to claim that this booklet is a masterpiece, and it definitely might be a staple in company economics. The tragedy that this 1941 e-book was once ever out of print is mitigated by means of this excellent re-creation from the Mises Institute.

What gave upward thrust to such an awesome treatise? It used to be the recent Deal itself. As an old-time revolutionary, Flynn was once scandalized by means of the level of the involvement of enormous company the USA within the regimentation of FDR. He knew what such a lot of "liberals" refused to stand: the hot Deal used to be fairly a model of company fascism dressed up within the guise of populist financial policy.

This truth made Flynn all in favour of the connection among the kingdom and the wealthy all through heritage. instead of in simple terms bemoan occasions, he started working in this learn undertaking. He stumbled on that it was once constantly complex: the wealthier sessions were entrepreneurial in either nice and evil methods. He illustrates how in those biographical essays, which educate background in mild of twentieth century financial events.

This booklet is additionally a reminder of what outstanding newshounds have been as soon as operating and writing during this state. Flynn have the capacity to mixed scholarship, fiscal figuring out, mature analytics, and a speeding variety to create an impossible to resist package deal.

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Extra resources for Men of Wealth; The Story of Twelve Significant Fortunes from the Renaissance to the Present Day

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The princes, nobles, gentlemen, and the richer merchants were his customers. The lords and gentry and well-to-do townspeople were collecting their dues and fines and taxes in money, and there was a growing volume of silver and gold to spend. The lords had a constant flow of moneys which were for the most part dissipated. The income of Europe was beginning to pile up in the hands of the large merchants. Inevitably these men were bankers舒bankers to other merchants, to farmers, to weavers, and to governments large and small.

Jacob, however, was marked for holy orders. He proceeded as far as his first vows and was prebendary in Herrieden when his strong-minded mother decided he should forsake the sanctuary for the countinghouse. He left the cathedral in Franconia and went to serve his apprenticeship at Venice. In 1478, aged nineteen, he returned to Augsburg and took his place as a partner in the business which was then known as Ulrich Fugger and Brothers. Thus Jacob did not start from scratch. It was into a very flourishing enterprise he stepped as a partner when he began his business career.

The layman who takes modern business methods for granted scarcely dreams of the immense advances made with this dynamic energy of credit. At first, when one man loaned a hundred drachmas to another, the drachmas had to be in existence before they could be loaned. We have proceeded so far that now we have the modern miracle of the bank loan in which money is actually created by the very act of lending it, so that we have the phenomenon of a nation using for its money the debts of its people. In the chapters that follow I have kept these facts in mind.

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