As Gods Among MenÖ A History of the Rich in the West

How the rich and the super-rich throughout Western history accumulated their wealth, behaved (or misbehaved) and helped (or didn’t help) their communities in times of crisis The rich have always fascinated, sometimes in problematic ways. Medieval thinkers feared that the super-rich would act “as gods among men”; much more recently Thomas Piketty made wealth central to discussions of inequality. In this book, Guido Alfani offers a history of the rich and super-rich in the West, examining who they were, how they accumulated their wealth and what role they played in society. Covering the last thousand years, with frequent incursions into antiquity, and integrating recent research on economic inequality, Alfani finds—despite the different paths to wealth in different eras—fundamental continuities in the behaviour of the rich and public attitudes towards wealth across Western history. His account offers a novel perspective on current debates about wealth and income disparity. Alfani argues that the position of the rich and super-rich in Western society has always been intrinsically fragile; their very presence has inspired social unease. In the Middle Ages, an excessive accumulation of wealth was considered sinful; the rich were expected not to appear to be wealthy. Eventually, the rich were deemed useful when they used their wealth to help their communities in times of crisis. Yet in the twenty-first century, Alfani points out, the rich and the super-rich—their wealth largely preserved through the Great Recession and COVID-19—have been exceptionally reluctant to contribute to the common good in times of crisis, rejecting even such stopgap measures as temporary tax increases. History suggests that this is a troubling development—for the rich, and for everyone else. Cover Contents List of Illustrations Acknowledgements Introduction Studying the History of the Rich So Far: A Brief Overview The Structure of the Book and Its Main Arguments Part I. In the Hands of the Few 1. What Is Wealth, and How Much Is Needed to Be Rich? Defining Wealth across the Ages Who Can Be Considered ‘Rich'? The Historical Sources for Studying Wealth and the Rich: An Overview 2. Wealth Concentration and the Prevalence of the Rich across History: An Overview From the Black Death (and Earlier) to the American Revolution Wealth Concentration in the Modern Age Why Does Wealth Concentration (Almost) Always Grow? How Many Were Rich across Time? Part II. The Paths to Affluence 3. On Aristocracy, New and Past What’s in a Noble? Some Initial Definitions The Enrooting of the Feudal Nobility in Medieval Europe Becoming a Noble, from the Early Modern Period to Napoleon’s Time and Beyond The Survival of the Nobility in the Twentieth and Twenty-First Centuries and the Emergence of New Aristocracies Nobility and Wealth: Some Further Reflections Has a ‘Global Aristocracy’ Arisen Today? 4. On Innovation and Technology Brilliant Sinners: Traders and Merchant-Entrepreneurs in the Middle Ages (and Before) A New World of Opportunities New Opportunities in the Old World The Boon of Technology: Becoming Rich in the Industrial Age The Problem of Entrepreneurial Dynasties: From Merit to Privilege? Achieving Great Wealth in the Age of Information: Opportunities for All? 5. On Finance Usurers or Bankers? The Commerce of Money in Medieval and Early Modern Times Tax Farming, a Necessary Evil On Investors, from Preindustrial to Industrial Times Bankers of the Modern Era: Continuity and Change Women in Finance: An Overview The Progressive Financialization of the Modern Economy 6. The Curse of Smaug: The Saving and Consumption Habits of the Rich The Consumption Habits of the Rich: From Medieval (Relative) Moderation to Conspicuous Consumption The Saving Habits of the Rich: A Historical Overview The Rich, the Race and the Inheritance To Save or Not to Save? A Social Conundrum 7. Making It to the Top: An Overview The Main Paths to Affluence in History: Summing Up The Composition of the Rich from the Late Middle Ages to the Nineteenth Century The Composition of the Richest from the Nineteenth Century to the Interwar Period A Thorny Issue: Inheritance Wealth in the Early Twenty-First Century: Where Are We Heading? Part III. The Rich in Society 8. Why Wealth Concentration Can Be a Social Problem: From Thomas Aquinas to Piketty The Medieval Distrust of the Rich and the Super-Rich Finding a Role for the Rich: From Sinners to Elect Red Threads in History On Inequality and the Perception of the Rich 9. Patrons, Benefactors, Donors Maecenatism and Patronage between Public Good and Personal Interest: From Antiquity to Early Modern Times Benefactors and Philanthropists of the Industrial Age A Modern Dilemma: To Donate or to Pay Tax? 10. The Super-Rich and Politics Wealth as a Path to Politics in Early Republics Wealth as a Path to Politics in Modern Parliamentary Democracies Politics as a Path to Wealth Politics and Taxation 11. The Rich in Times of Crisis from the Black Death to COVID-19 The Rich and the Black Death: Boom or Bust? The Crises of Early Modern Times: Plagues and Famines The Rich during Wars and the Wars of the Rich The Rich during Financial Crises The Rich and COVID-19 Concluding Remarks Appendix: Sources for Tables and Figures in the Main Text Notes Bibliography Index 'In this masterly book, [Alfani] offers an insightful long-run perspective and fascinating lessons for the future. A must-read!'—Thomas Piketty, author of Capital in the Twenty-First CenturyA sweeping narrative that shows how the rich historically justified themselves by helping their societies in times of crisis, why they no longer do, and what that may mean for social stabilityThe rich have always fascinated, sometimes in problematic ways. Medieval thinkers feared that the super-rich would act'as gods among men'; much more recently Thomas Piketty made wealth central to discussions of inequality. In this book, Guido Alfani offers a history of the rich and super-rich in the West, examining who they were, how they accumulated their wealth and what role they played in society. Covering the last thousand years, with frequent incursions into antiquity, and integrating recent research on economic inequality, Alfani finds—despite the different paths to wealth in different eras—fundamental continuities in the behaviour of the rich and public attitudes towards wealth across Western history. His account offers a novel perspective on current debates about wealth and income disparity.Alfani argues that the position of the rich and super-rich in Western society has always been intrinsically fragile; their very presence has inspired social unease. In the Middle Ages, an excessive accumulation of wealth was considered sinful; the rich were expected not to appear to be wealthy. Eventually, the rich were deemed useful when they used their wealth to help their communities in times of crisis. Yet in the twenty-first century, Alfani points out, the rich and the super-rich—their wealth largely preserved through the Great Recession and COVID-19—have been exceptionally reluctant to contribute to the common good in times of crisis, rejecting even such stopgap measures as temporary tax increases. History suggests that this is a troubling development—for the rich, and for everyone else. "All human societies, from prehistory through to today, have been characterized by some degree of economic inequality. Arguably, complex societies would not have thrived if they had been unable to concentrate and redistribute resources effectively. We frequently talk about the top 5% or 1% today but, as Guido Alfani explains in this book, concerns about the rich and super-rich and their potential to influence contemporary politics and society are nothing new - just take the Medici family and Renaissance Tuscany as one example. The medieval theologian Nicole Oresme's fear of the super-rich individual acting "as God among men" resonates with much of what present-day economist Thomas Piketty cautioned against in his landmark Capital in the Twentieth Century. As Gods Among Men represents the first scholarly attempt to provide a general overview of role and significance of the rich and the super-rich in the long run of history. With a focus on the West, particularly Europe and North America, Alfani's research spans a thousand years of history. He draws from a wealth of comparative data, as well as insights gleaned from the latest research in economic history, sociology, and anthropology, to show how society's problematic relationship with the super-rich cannot be fully understood without a careful analysis of the ways in which they have built their enormous wealth, and how they have used that wealth to gain influence. Alfani highlights important aspects of their behavior, such as their attitudes toward saving and consumption, or their propensity to act as patrons of the arts and of the sciences or as benefactors of the weakest part of society, to build up a profile of the richest members of our society and to trace patterns throughout history, underlining elements of both continuity and change over the period"-- Provided by publisher