"To compensate a little for the treachery and weakness of my memory, so extreme that it has happened to me more than once to pick up again, as recent and unknown to me, books which I had read carefully a few years before . . . I have adopted the habit for some time now of adding at the end of each book . . . the time I finished reading it and the judgment I have derived of it as a whole, so that this may represent to me at least the sense and general idea I had conceived of the author in reading it." (Montaigne, Book II, Essay 10 (publ. 1580))

Monday, September 19, 2016

The Richest Man Who Ever Lived - The Life and Times of Jacob Fugger (Greg Steinmetz, 2015)

Generally interesting and worthwhile - but where was the editor?  Fugger lived an amazing life during amazing times - all this would have spoken for itself - but the author endlessly wrote in hyperbolic fashion (starting with the overwrought title).  (By comparison - this book discussing very much the same time period was enjoyable - and credible - in significant part because it was so matter-of-fact.  Let a good story tell itself!)

The author also occasionally descends into tropes-about-business - taking shots at "capitalism" here and there, when someone like Fugger generally was involved in pure-play "crony capitalism" - not at all the same thing.  Made most of his money by getting monopolies (often on metals) backed, of course, by state violence - this is not capitalism.  Sometimes he was involved in what I would consider capitalism (or what this author would refer to as "trade tested betterment,")

Great stories of Fugger's interactions or cause/effect relationships with all the big players in the last part of the 15th and first of 16th centuries - several Hapsburgs (his financing could swing Holy Roman Empire elections it seems); several popes; Francis I, Suleiman the Magnificent, Charles V.  Ferdinand and Isabella/Columbus; voyages of exploration; New World gold (and food); Henry VIII; Martin Luther (supposedly the aggressive ramping up of indulgence sales was prompted in significant part by the need to repay Fugger loans).  Finances spice trips with Portuguese (as discussed in this book); Venice still powerful but loss of overland spice trade monopoly was a factor in gradual loss of influence.  Hapsburgs rising from pretty much nothing, then in right place at right time (with right financier) via HRE elections, savvy marriages and New World discoveries.  Later in Fugger's life - peasant revolts in Germany; Luther becomes more conservative.

An early adopter of double-entry bookkeeping (learned from the Italians).

Author considers Fugger to have been a sincere practitioner of his religion notwithstanding tough business practices.  Puts up a housing complex for needy workers - ahead of his time here as well.

The years around 1500 were pretty amazing; endlessly interesting; this was a different perspective.

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