Wealth Inequality Quotes
Leaders of nations for years only trusted as truly patriotic those man—usually nobles of the aristocracy—who owned land. If an invader came and seized their land, they would lose their wealth. However money is fungible, and a banker can easily move his money abroad and join another nation or side in a war. If the country is ruined by war, the manufacturer cannot obtain labor or raw materials, The financier depends on none of these and so hs not the vested interest in the welfare of the nation.
Stamp was a banker and the 2nd richest man in England at the time. Yet he warned about aspects of banking that needed reform and regulation.
Samuel Langhorne Clemens, 1835-1910. Ironically, during the McCarthy period and the Red Scare of the 1950s, some of the right wingers charged that Mark Twain’s writing was “Communist Propaganda”. Most of the accusers had never read most of Train’s work. At the time, the Communists had condemned the racial segregation that was then legal in America and most of the staunch Southern segregationists accused anyone who attacked segregation as a communist. Twain was one of the leading voices against American racism. As for communism, the accusers of Train had probably never read this particular quotation. Twain was an early severe critic of communism and used his favorite weapon—humor—to attack it.
See Jonathan Swift {35359} and William Shenstone {642165} for a later expression of this notion.
The text in bold is most commonly citied part of this quote.
She was referring to the high percentage of Rockefeller workers who were killed in industrial accidents with little or no management concern for workplace safety. In addition, she accused Rockefeller (and other very rich employers) of paying such low wages that full time workers lived in abject poverty and suffering the short lifespan that went with poverty then (and even today, but less so.)
The major problem at the time was not the capitalist in the industrial revolutionary sense of the word as there was little industry. China as an agrarian society but the vast majority of the land was owned by relatively few wealthy families. It was close to a feudal system and that was the target for the Communists and their revolution. There was a very small proletariat. Their methods were brutal, but they executed the landlords and the class warfare ended quickly. Sun Yat-sen was not able to solve the land problem, nor was Chiang Kai-shek as most of his major supporters were landowners of warlords who controlled the landowners.
Abrams originated this famous phrase which many have been used subsequently for various “socialized” government benefits that were available to the rich but not the poor. He was referring to the fact that at the time, the government provided housing assistance to the rich by having federally insured mortgages and granting tax deductions for the interest in home mortgages, but there was no assistance to the poor who could only afford to rent and had no tax deductions nor was there any federal public housing assistance. During the Great Recession the phrase was often used when the government gave bail out money to General Motors and the largest banks who were close to bankruptcy, but the landscaping gardener or the hot dog vendor whose business was falling because of the recession were told that is the capitalist system—there are some winners and some losers. The government officials who advocated the bailout did not disagree about the fairness and appropriateness of the Abrams phrase but if they had not bailed the banks out, the entire economic system of the country would probably have collapsed and the ensuing depression would hurt the average worker and the poor even more. Related to the recent “too big to fail” concept.
