It's funny how this post subtly buries the lede: > In 1892, the New York Herald Tribune compiled a list of all the millionaires in America. They found 4047 of

It's funny how this post subtly buries the lede: > In 1892, the New York Herald Tribune compiled a list of all the millionaires in America. They found 4047 of them. How many had inherited their wealth then? Only about 20% — less than the proportion of heirs today. And when you investigate the sources of the new fortunes, 1892 looks even more like today. Hugh Rockoff found that "many of the richest ... gained their initial edge from the new technology of mass production." I agree with PG, 1892 is a lot like today. And just like today it was characterized by the formation of huge monopolies that consolidated control of new technologies, as well as rampant inequality and exploitation of workers[1]. The reaction among those that didn't get to benefit from the excesses of this era is also notable - Communism - and not the kind where hipsters complain on the internet but rather the kind where people were willing to violently overthrow governments. [1] https://en.wikipedia.org/wiki/Gilded_Age https://en.wikipedia.org/wiki/Gilded_Age