Listen to Russian-American philosopher Ayn Rand's defense of the robber barons, who she says were unjustly vilified.

Listen to an overview of the Gilded Age and the robber barons—including some of the most famous figures from the time and their lasting impact on American society and the economy.

The term 'robber baron' dates back to the Middle Ages and was originally used to describe feudal warlords who built castles alongside narrow parts of rivers and stole cargo from ships passing through.

Philosopher Bertrand Russell's 1932 case for laziness: with modern machinery, society could work four hours a day and still produce just as much.

Ray Dalio has argued that American capitalism is broken, citing economic factors like a growing wealth divide

Dalio also points to stalling income growth, weak healthcare systems, and poor educational outcomes when arguing that American capitalism needs serious reform. However, critics point out that Dalio has amassed a large fortune by running the world's largest hedge fund and question whether Dalio really wants economic reform.

Ida Tarbell's massive investigation into John D. Rockefeller's Standard Oil exposed the unethical, often illegal business practices of the Gilded Age and helped usher in new business regulations.

Some of the robber barons, including Andrew Carnegie and John D. Rockefeller, were among America's greatest philanthropists.

Adam Smith’s 'The Wealth of Nations' introduced concepts like division of labor, productivity, and free markets

Published in 1776, "The Wealth of Nations" is an influential economic work that laid the foundation for modern economic theory. Smith argued for limited government intervention and touted the benefits of self-regulating markets.

Robber barons grew monopolies over their respective industries through a combination of aggressive vertical and horizontal integration strategies.

The Gilded Age, a time period that stretched from the 1870s until the turn of the 20th century, was colored by rapid industrialization, economic change, and widespread financial inequality.

Listen to legendary investor Marc Andreessen argue against the 'lump of labor fallacy,' the idea that there's a finite amount of work in an economy.

Hear Ray Dalio talk about the growth of the Chinese economy

Dalio was an early advocate of US investment in China. While he has previously criticized the authoritarian regime, his criticism of the government has been labeled mild relative to his praise for economic growth and innovation—critics argue that he has minimized human rights violations in the country.

Listen to a podcast episode that outlines 250 years of world trade history.

In 2019, Dutch historian Rutger Bregman went viral for his on-stage criticism of the event

Speaking directly to an audience of billionaires and CEOs, Bregman broke from Davos norms by challenging elite comfort with inequality, arguing that fair taxation—not philanthropy—was the more honest solution, creating one of the Forum’s most widely shared moments.

Modern antitrust law was created to combat the Standard Oil Trust, the massive monopoly run by John D. Rockefeller.

Listen to tech company Palantir's CEO Alex Karp discuss the threat of a surveillance state.

A literary critic on why classic Russian literature matters

Gary Saul Morson has spent his life studying Russian writers like Fyodor Dostoevsky and Leo Tolstoy. In this 2022 talk at Hillsdale College, Morson focuses on classic texts like "The Brothers Karamazov" and "War and Peace," suggesting these Russian novels had as much to say about their home country as they did about the larger world. Most importantly, he argues, they still have much to offer modern readers.

Largely considered to be the inspiration for Gordon Gekko in the movie 'Wall Street,' Ivan Boesky was one of the most high-profile white-collar criminals and faced a $100M fine for insider trading in 1986.

Federalist 10 argued that a large republic best protects liberty

In Federalist 10, James Madison argued that a broad federal government could better control factions than small states (like classical city-states in ancient Greece). This foundational text in American political thought reframed the Constitution as a solution to political division rather than a threat to self-government.

Lenin’s “dictatorship of the proletariat” meant power held by workers, not elites

Lenin argued that capitalism concentrated power in a small ruling class, and only transferring authority to industrial workers could eliminate exploitation and class hierarchy. This five-minute explainer outlines how he envisioned that revolutionary shift.

Listen to a podcast that traces the history of DOJ antitrust enforcement

This podcast series traces how the US government's approach to regulating big business has changed over a century—from the DOJ's breakup of John D. Rockefeller's Standard Oil monopoly, through lawyer Robert Bork's influence on how courts interpret competition law, to the FTC's modern antitrust lawsuit against Amazon.

Critics argued Hamilton prioritized central power over popular sovereignty

This podcast examines Hamilton's belief in expansive federal power and why he was repeatedly labeled a monarchist—tracing how his calls for a strong executive, his life-tenure proposals at the Constitutional Convention, and his admiration for British stability fueled accusations that he favored centralized power over republican rule.

Why some nations reach economic success and others don’t

The 2024 Nobel Prize in Economics winners, Daron Acemoglu, Simon Johnson, and James A. Robinson, were honored for their compelling research on the factors that influence a nation’s prosperity. Spanning two decades, their work presents insights into how societal organization can explain the income discrepancies between different countries. In general, their research shows that economic success favors more free and open societies. Listen for more fascinating insights.

Explore a list of well-known monopolies

Many American monopolies popped up during the rapid industrial growth of the Gilded Age. Industries like steel, tobacco, railroads, and telecommunication have all been monopolized at some point in history.

'Dystopia,' explained

John Stuart Mill introduced the term "dystopia" in 1868 to critique harmful policies, calling it the opposite of utopia, or an ideal world. The concept grew as industrialization and totalitarian regimes exposed societal flaws, inspiring works like George Orwell's "1984" to warn against oppression and moral decay.

'And it can tell us everything about America except why we are proud that we are Americans:' Hear Robert Kennedy's famous 1968 speech criticizing gross domestic product as the primary benchmark for American growth.

Mark Twain coined the phrase 'The Gilded Age'

The writer's 1873 book "The Gilded Age: A Tale of Today" (cowritten with newspaper editor Charles Dudley Warner) satirized the speculative investing and greed that took place following the Civil War. That era is now known as the Gilded Age, a term derived from the novel. (Some readers may experience a paywall.)

Read more about Palantir cofounder Peter Thiel's political beliefs and activity

At Stanford University, Thiel founded "The Stanford Review," a libertarian magazine dedicated to being against "political correctness." Since then, Thiel has railed against American universities as failing institutions, given lectures about the coming of the Antichrist, and donated money to high-profile political campaigns (including those of President Donald Trump and Vice President JD Vance).

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

Benjamin Graham is known as the 'father of value investing'

Graham was an investor, author, and professor who was also Warren Buffett's teacher and mentor during his time at Columbia University. Graham is still considered one of the most influential people in the world of investing today.

Some people are against Black Friday, saying it promotes consumerism

This comprehensive podcast video episode from NYU Professor Scott Galloway offers a deep dive into the economics of Black Friday, Galloway believes Black Friday allows corporations to exploit the worst parts of Americans’ consumerist impulses, and warns Americans should not believe purchasing things leads to greater happiness.

JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In the aftermath of the Great Depression, Congress learned that Morgan and his banking partners had avoided paying any federal income tax in 1931 and 1932. By claiming their losses in the stock market, they seemingly erased what they owed.

Garry Kasparov, former world chess champion, is a critic of authoritarian regimes

World champion from 1985 to 2000, Kasparov was politically outspoken during the Soviet era, clashing with authorities over censorship and restrictions. After retirement, he became a leading Russian dissident and fierce critic of Vladimir Putin, eventually fleeing the country in 2013.

In defense of the advertisement economy

Advertising is frequently reviled for how it clutters up public spaces and our everyday experiences. Nonetheless, it allows for vast amounts of goods and services to be rendered free to millions of users—and gives users the option to pay with money or time and attention.

John Maynard Keynes was one of the most influential economists of the 20th century

Keynes influenced economic thought by arguing that governments should spend to stabilize economies during downturns. His ideas shaped the postwar international order and remain central to modern economic policy debates.

Hear about how the Founders placed the pursuit of happiness at the center of good governance.

'Profits made out of the distress of the people are always much smaller than profits made out of the most lavish service of the people at the lowest prices that competent management can make possible.'

- Henry Ford

In 1936, the federal government passed the Robinson-Patman Act, an antitrust law initially aimed at breaking up the power of the grocery store chain A&P.

An overview of monopolies, when one company controls an entire market

In the business world, a monopoly exists when one company controls the entire market. Regulators take issue with monopolies because they have been found to limit consumer choices, raise prices, and hurt competition.

Critics argue that the World Bank, IMF, and WTO were designed to serve Western interests

Some analysts from developing nations argue that the Bretton Woods institutions were designed to reinforce Western economic dominance rather than to promote fair development for poorer countries. Supporters respond that these institutions have improved living standards worldwide.

Read a breakdown of the 1869 'Black Friday' gold panic, the gold market crash orchestrated by robber barons Jay Gould and Jim Fisk.

Monopoly was based on the satirical Landlord's Game, which criticized the abilities Monopoly rewarded.

Why school boards ban dystopian books

Journalist Ali Velshi analyzes the lasting appeal of Lois Lowry's "The Giver" and George Orwell's "1984," two dystopian novels that have courted controversy since their publications. Beyond his interpretations, though, Velshi wants to understand why school boards perennially ban these books—and what makes them so fascinating for adolescent readers. In his search, he talks to Lowry about the lasting influence of her novel and to Orwell expert James McCallister about the prescient political portrait in "1984."

The venture capital mindset is shaping the US into a 'portfolio state'

For decades, the US has operated as a low-regulation, private-sector-driven, globalized economy (also known as neoliberalism). In recent years, the Trump administration has taken direct stakes (rather than providing subsidies) in private companies with strategic products like semiconductors and rare earths. This paper argues the approach allows the US to capture the upside of growth.

Political science professors say dystopias are defined by government coercion

Shauna Shames and Amy Atchison, two political science professors and the authors of "Survive and Resist: The Definitive Guide to Dystopian Politics,” argue that defining a real-world dystopia depends on whether a government is using coercion to protect its citizens or to control them. Shames and Atchison seek to provide a more nuanced understanding of the word “dystopia,” one they note they began hearing more and more as the COVID-19 pandemic progressed.

Market concentration and high markups don't always signal a monopoly

When regulators and economists evaluate whether a company constitutes an illegal monopoly, they often consider its overall market share or its relatively high price markups. This piece argues that the Olley-Pakes decomposition is a better measure, identifying whether customers within a market are switching to more productive companies.

Understanding the differences between capitalism and socialism

The two economic systems are rarely found in their pure form. Capitalism emphasizes private property, capital accumulation, and limited government regulation, while socialism favors government control of production to meet the needs of everyone rather than to generate profit. Most economies are a mix of both.

Legendary venture capitalist Peter Thiel once wrote that 'competition is for losers'

With Peter Thiel's "Monopoly Theory," the Founders Fund partner argued that investing in companies that create new categories, rather than those that compete with other businesses in existing ones, is a best practice in venture capital.

Early Americans hated the idea of a central bank

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

Understanding Thoreau's critique of American work

John Kaag, a coauthor of "Henry at Work: Thoreau on Making a Living," explains how the writer is often mischaracterized as a layabout who avoided responsibilities. Kaag, though, notes that Thoreau was a jack-of-all-trades—working as a schoolteacher and a handyman, and even for his father's pencil-manufacturing company—who came to believe that relentless striving was getting in the way of authentic living.

Justice Oliver Wendell Holmes championed the idea of speech as a 'marketplace of ideas'

In his landmark dissent in Abrams v. United States, Justice Holmes argued that the best way to combat harmful ideas is through open competition—a principle that became foundational to modern First Amendment law.