This nation would still be composed of ranches and farms were it not for capital.
We would not have railroads, airplanes, steel mills, factories, jet airplanes, tanks, and a lot more other than for capital.
We want a TV, we use capital.
We want to go on a vacation... we use capital
We want our home painted or the electrician to come help us, we need capital
If you hate Capital, how will you live.
When the Soviets formed, all they had on farms was dirt and seeds. What were they missing? Capital is what they lacked.
Nobody said they hated anything. There has to be balance between labor and capital.
Think of the 1880's and the robber barons. Great progress was made. Labor was abused terribly. Unions rose and labor laws were passed
Robber Barons: The Definition of the Dark Side of Capitalism | The Motley Fool
Using unethical business practices, robber barons have exploited capitalism for personal gain.
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The unequal distribution of wealth remained high during this period. From 1860 to 1900, the wealthiest 2% of American households owned more than a third of the nation's wealth, while the top 10% owned roughly three quarters of it. The bottom 40% had no wealth at all.
The guilded age ended in depression
The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through March 1879, or 1896, depending on the metrics used. ... At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction.
Now we get to the roaring 20's. We know how that ended up.
Income Gap
During the 1920s, the gap between the rich (Top 10% of citizens) and the poor (Bottom 90% of citizens) was at the highest it had ever been in United States history before that point. This was mostly due to the stock market boom that occurred during this time, as well as a massive confidence spike from investors in certain stocks.
There was also a mass belief that the United States was entering a state of prosperity for all; that it was "Too big to fail", so to speak. However, this was entirely a false idea, as 60% of all Americans during this time were below the poverty line (Textbook). Additionally, the 30% of the population that were not in poverty, and were not in the top 10% richest, only had a minor wealth gain of below 10%: a healthy amount, but certainly not "Roaring". As a whole, this false prosperity kept a majority of people from noticing the oncoming depression until it eventually occurred.
And here we are today
America's Wealth Inequality Is At Roaring Twenties Levels
What is the common denominator between U.S. wealth inequality during the Roaring Twenties and now? A massive stock market bubble.
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