As Gods Among Men: A History of the Rich in the West

In this outstanding book, Alfani (economic history, Bocconi Univ., Milan; Calamities and the Economy in Renaissance Italy) uses empirical research methods to explore how the Western world’s wealth accumulated from roughly 1860 to the present and the oversized role some wealthy people play in society. Framing history, he points out that some medieval thinkers believed that superrich people would automatically act as “gods among men” and use their wealth to help their communities. Others felt that an excessive amount of wealth was evil, sinful, and contrary to the good of most people. In the 20th century, the wealthy—notably millionaires Leland Stanford and Herbert Hoover—provided much-needed help during the Great Depression and the stock market crash by financing many social benefit programs. Nonetheless, Alfani argues, the wealthy maintain a strong grip on their money by avoiding taxes and finding ways to make economic gains in times that devastate others, such as a recession or a pandemic.