From Smithsonian's Past Imperfect blog:
The redistribution of wealth, it seems safe to say, is vital to any functioning economy. Historians can point to plenty of examples of the disasters that follow whenever some privileged elite decides to seal itself off from the hoi-polloi and pull up the ladder that its members used to clamber to the top of the money tree. And while there always will be argument as to how that redistribution should occur (whether compulsorily, via high taxation and a state safety net, or voluntarily, via the hotly debated “trickle-down effect”), it can be acknowledged that whenever large quantities of surplus loot have been accumulated, the sniff of wealth tends to create fascinating history—and produce some remarkable characters as well.
Take William Crockford, who began his career as a London fishmonger and ended it, half a century later, as perhaps the wealthiest self-made man in England. Crockford managed this feat thanks to one extraordinary talent—an unmatched skill for gambling—and one simple piece of good fortune: to be alive early in the 19th century, when peace had returned to Europe after four decades of war and a generation of bored young aristocrats, who a few years earlier would have been gainfully employed in fighting Napoleon, found themselves with far too much time on their hands.
The result was a craze for heavy gambling that ran throughout the notoriously dissolute Regency period (c.1815-1838). The craze made Crockford rich and bankrupted a generation of the British aristocracy; at the height of his success, around 1830, the former fishmonger was worth the equivalent of perhaps $160 million today, and practically every cent of it had come straight from the pockets of the aristocrats whom “Crocky” had lured into the luxurious gambling hell that he had built on London’s fashionable St. James’s Street. So successful was Crockford at his self-appointed task of relieving his victims of their family fortunes that there are, even today, eminent British families that have never properly recovered from their ancestors’ encounters with him....MUCH MORE
