In modern times, The Rothschild family is often referred to as archetypal capitalists who were Europe's wealthiest family from 1820 onward and gained this position through their ability to exploit the capitalist system--this widely held view is completely false. The Rothschild family was indeed the Continent's wealthiest family throughout the nineteenth century but they gained this position through the exploitation of governments. Therefore, The Rothschilds should not be labeled as capitalists but rather another group of people in bed with governments, at an enormous scale.
200 years later, this misnomer not only still exists but is probably the most pervasive and deleterious aspect of modern economic thought. People continue to blame society's problems on freedom while neglecting the incessant cronyism, corporatism and government expansion that permeates the economy. This notion was repugnant in the early years of American society which is why the Rothschild family had such difficulty penetrating The United States economy.
Traditionally, The Rothschild family conducted business in countries where they had strong relations with the governments of those nations; otherwise they refused. In the 1830s and 40s, this presented a huge dichotomy to the five Rothschild brothers who were scattered across Europe's financial cities because they also recognized the large economic growth taking place in the United States indicating enormous potential for profits. Not only did the family lack a strong relationship with the federal government but The United States was also in the midst of major financial reform revolving around Andrew Jackson's abolition of the Bank of the United States (BUS).
In the 1998 widely acclaimed book "The House of Rothschild: Money's Prophets 1798-1848" by Niall Ferguson, the author notes:
