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Contrary to your point, the 19th century was a deflationary period and there was massive wealth creation and innovation. Inflation is not and was never a lubri
by TDL 14y ago
Contrary to your point, the 19th century was a deflationary period and there was massive wealth creation and innovation. Inflation is not and was never a lubricant for social mobility.
- WiseWeasel 14y agoThere was tremendous wealth concentration, ultimately leading to the New Deal and Federal Reserve.
- TDL 14y agoThe New Deal had absolutely nothing to do with the late Victorian period (or the 19th century.) The New Deal was a reaction to the Great Depression. There was indeed great wealth concentration in the 19th century, but there was also a massive amount of wealth creation that benefited more than just the very wealthy. The Federal Reserve had little to do with the concentration of wealth. The Federal Reserve was the culmination of decades of lobbying to bring back a central bank the U.S.