At The Money: How Greed Became a Virtue

In this episode of "At The Money," Barry Ritholtz interviews Paul Vigna, author of "The Almightier," about the historical transformation of greed from a vice to a virtue. Vigna traces the concept back to 15th-century Florence, discussing figures like Poggio Bracchiolini and Cosimo de' Medici, and explains how the ethos of beneficial greed influenced the Catholic Church and later the Protestant Reformation through figures like John Calvin. The conversation explores how this shift in attitude facilitated the rise of capitalism, particularly in the United States, where the pursuit of wealth became a foundational principle. Vigna argues that while capitalism has lifted many out of poverty, the worship of money has created modern societal imbalances, exacerbated by technological advancements that have outpaced economic models. The discussion also covers the historical perspective of debt and debt jubilees.