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nydus/The History of the Great American FortunesPublic

This work examines the origins of large American fortunes by analyzing the social and industrial systems that facilitate their accumulation. The author seeks to move beyond both celebratory narratives and sensationalist critiques to provide a factual, systemic interpretation of how these vast concentrations of wealth are formed.

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Table of Contents

CHAPTER VII

as it is constituted, and often makes no concealment of contempt.

LAW THE STRONGEST ASSET.

In penetrating into the origin and growth of the great fortunes, this vital fact is constantly forced upon the investigator: that Law has been the most valuable asset possessed by the capitalist class. Without it, this class would have been as helpless as a babe. What would the medieval baron have been without armed force? But note how sinuously conditions have changed. The capitalist class, far shrewder than the feudalistic rulers, dispenses with personally equipped armed force. It becomes superfluous. All that is necessary to do is to make the laws, and so guide things that the officials who enforce the laws are responsive to the interests of the propertied classes. Back of the laws are police forces and sheriffs and militia all kept at the expense of city, county and State—at public expense. Clearly, then, having control of the laws and of the officials, the propertied classes have the full benefit of armed forces the expense of which, however, they do not have to defray. It has unfolded itself as a vast improvement over the crude feudal system.

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