The Economist magazine recently called him "a Robin Hood of the
law": American lawyer LOUIS DEMBITZ BRANDEIS (1856-1941) developed
the concept of the "right to privacy" in an 1890 law journal
article, and-in this classic 1914 work-he denounced investment
banking, corporatism, monopolies, and the consolidation of American
wealth in the hands of a privileged few. In this collection of
essays first published the year before in Harper's Weekly, Brandeis
championed the progressive economic ideals of Woodrow Wilson's "New
Freedom," explained how entrepreneurial efforts and small
businesses were being stifled and innovation and competition
smothered in the fiscal environment he saw, and offered suggestions
for reversing the trend. Hugely influential at the time, Other
People's Money and How The Bankers Use It may have contributed to
Brandeis's ascension to the United States Supreme Court Justice in
1916 (he would serve until 1939). Today, it serves another purpose:
to remind us how the great experiment of American capitalism went
astray... again, even in the wake of this powerful and important
warning about the same dangers a century ago.
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