The Early History Of Greed

The history of avarice as the deadliest vice in western Europe has been said to begin in earnest only with the rise of capitalism or, earlier, the rise of a money economy. In this first full-length study of the early history of greed, Richard Newhauser shows that avaritia, the sin of greed for possessions, has a much longer history, and is more important for an understanding of the Middle Ages, than has previously been allowed. His examination of theological and literary texts composed between the first century CE and the tenth century reveals new significance in the portrayal of various kinds of greed, to the extent that by the early Middle Ages avarice was available to head the list of vices for authors engaged in the task of converting others from pagan materialism to Christian spirituality.

In this full-length study of the early history of greed Richard Newhauser challenges the traditional view that avarice only became a dominant sin with the rise of a money economy. He shows that avaritia, the sin of greed for possessions, was dominant in a wide range of theological and literary texts from the first century CE, and that by the early Middle Ages avarice headed the list of vices for authors aiming to convert others from pagan materialism to Christian spirituality.

The “greater fool” theory of economics states that it’s possible to make money by buying paper (securities), whether overvalued or not, and later, selling it at a profit because there will always be an even greater fool willing to pay the higher price. Many described in this book profited by peddling such worthless junk to foolish investors. But for some people—Bernie Madoff, Norman Hsu, Sholam Weiss, and “Crazie Eddie” Antar, aka the “Darth Vader of Capitalism”—overvalued securities were not enough. Outright fraud was their way of life. History of Greed is the compelling inside story of the names you know—Charles Ponzi, Baron Rothschild, Lou Pearlman—and the names you don’t—Isaac Le Maire, the world’s first “naked” short-seller. It’s also our story—why we ignore the lessons of the past and fall prey, most every time, to the promise of easy money. For thousands of years, alchemists unsuccessfully tried to turn worthless base metals into gold. Where science failed at turning nothing into something, business succeeded. Sometimes we praise the creators of derivatives, collateral debt obligations, subprime mortgages, credit default swaps, or auction rate securities as Wall Street’s new financial wizards, the creators of “magic paper.” Other times, we vilify and prosecute them as scam artists. Sometimes, it’s hard to tell who is who. History of Greed reveals the inside secrets of how the markets really work, and how scam artists abuse them to gain an unfair edge or to outright steal. It describes how luftgescheft (“air business”), wizardry, dishonesty, and fraud are used to swindle people. Along with a comprehensive bibliography, History of Greed also details: 400 years of financial fraud—from everyday fraud to the odd and unusual Accounting fraud (phantom sales), stock option fraud (backdating), auction rate securities, hedge fund fraud, Ponzi schemes, promotion fraud (pump-and-dump scams), and money laundering How to detect fraudulent schemes How government regulation only fixes yesterday’s problems If it’s too good to be true, it probably is. If they say you can’t lose, you probably will. History of Greed shows that there really is no such thing as a free lunch, while also detailing how not to become the “greater fool.”

Why do humans who seem to be exemplars of virtue also have the capacity to act in atrocious ways? What are the roots of tendencies for sin and evil? A popular assumption is that it is our animalistic natures that are responsible for human immorality and sin, while our moral nature curtails and contains such tendencies through human powers of freedom and higher reason. This book challenges such assumptions as being far too simplistic. Through a careful engagement with evolutionary and psychological literature, Celia Deane-Drummond argues that tendencies towards vice are, more often than not, distortions of the very virtues that are capable of making us good. After beginning with Augustine's classic theory of original sin, the book probes the philosophical implications of sin's origins in dialogue with the philosophy of Paul Ricoeur. Different vices are treated in both individual and collective settings in keeping with a multispecies approach. Areas covered include selfishness, pride, violence, anger, injustice, greed, envy, gluttony, deception, lying, lust, despair, anxiety, and sloth. The work of Thomas Aquinas helps to illuminate and clarify much of this discussion on vice, including those vices which are more distinctive for human persons in community with other beings. Such an approach amounts to a search for the shadow side of human nature, shadow sophia. Facing that shadow is part of a fuller understanding of what makes us human and thus this book is a contribution to both theological anthropology and theological ethics.

What has driven human beings throughout history? This lively, fascinating book deals with the nature of human greed and the eternal quest for power that, in every era and culture, has determined the outcome of world events. In a fast track through time, Gigantès introduces on the one hand the great rule-makers for a just society, such as Moses, Solon, Jesus and Muhammad, and on the other, the rule-breakers, or the 'Grand Acquisitors'. The latter use every trick to get more than their fair share - from the warring chieftains of early societies to the robber barons of the nineteenth century and, in our own times, the emergence of the superpower states. Gigantès examines the dramatic consequences of their actions, from Crusades, revolutions and the conquering of continents, to wars, recent events in the US and a world that is turning more and more into a global village.

A vivid history of the economics of greed told through the stories of those major figures primarily responsible. Age of Greed shows how the single-minded and selfish pursuit of immense personal wealth has been on the rise in the United States over the last forty years. Economic journalist Jeff Madrick tells this story through incisive profiles of the individuals responsible for this dramatic shift in our country’s fortunes, from the architects of the free-market economic philosophy (such as Milton Friedman and Alan Greenspan) to the politicians and businessmen (including Nixon, Reagan, Boesky, and Soros) who put it into practice. Their stories detail how a movement initially conceived as a moral battle for freedom instead brought about some of our nation's most pressing economic problems, including the intense economic inequity and instability America suffers from today. This is an indispensible guide to understanding the 1 percent.

A seeming constant in the history of capitalism, greed has nonetheless undergone considerable transformations over the last five hundred years. This multilayered account offers a fresh take on an old topic, arguing that greed was experienced as a moral phenomenon and deployed to make sense of an unjust world. Focusing specifically on the interrelated themes of religion, economics, and health—each of which sought to study and channel the power of financial desire—Jared Poley shows how evolving ideas about greed became formative elements of the modern experience.

This book unravels the complex interaction of the paradigms of luxury and greed which lie at the origins of modern consumption practices. In the Western world, the phenomenon of luxury and the ethical dilemmas it raised appeared, for the first time since antiquity, in early modern Italy. Here, luxury emerged as a core idea in the conceptualization of consumption. Simultaneously, greed--which manifested in new and unrestrained consumption practices--came under close ethical scrutiny. As the buying power of new classes gained pace, these paradigms evolved as they continued both to influence, and be influenced by, other emerging global cultures through the early modern period. After defining luxury and greed in their historical contexts, the volume's chapters elucidate new consumptive goods, from chocolate to official robes of state; they examine how ideas about, and objects of, luxury and greed were disseminated through print, diplomacy, and gift-giving; and they reveal how even the most elite of consumers could fake their luxury objects. A group of international scholars from a range of disciplines thereby provide a new appraisal and vision of luxury and the ethics of greed in early modern Italy.