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Two and a half centuries after the American Revolution the United States stands as one of the greatest powers on earth and the undoubted leader of the western hemisphere. This stupendous evolution was far from a foregone conclusion at independence. The conquest of the North American continent required violence, suffering, and bloodshed. It also required the creation of a national government strong enough to go to war against, and acquire territory from, its North American rivals. In A Hercules in the Cradle, Max M. Edling argues that the federal government’s abilities to tax and to borrow money, developed in the early years of the republic, were critical to the young nation’s ability to wage war and expand its territory. He traces the growth of this capacity from the time of the founding to the aftermath of the Civil War, including the funding of the War of 1812 and the Mexican War. Edling maintains that the Founding Fathers clearly understood the connection between public finance and power: a well-managed public debt was a key part of every modern state. Creating a debt would always be a delicate and contentious matter in the American context, however, and statesmen of all persuasions tried to pay down the national debt in times of peace. A Hercules in the Cradle explores the origin and evolution of American public finance and shows how the nation’s rise to great-power status in the nineteenth century rested on its ability to go into debt.
George Washington had Alexander Hamilton. Thomas Jefferson had Albert Gallatin. From internationally known tax expert and former Supreme Court law clerk Gregory May comes this long overdue biography of the remarkable immigrant who launched the fiscal policies that shaped the early Republic and the future of American politics. Not Alexander Hamilton---Albert Gallatin. To this day, the fight over fiscal policy lies at the center of American politics. Jefferson's champion in that fight was Albert Gallatin---a Swiss immigrant who served as Treasury Secretary for twelve years because he was the only man in Jefferson's party who understood finance well enough to reform Alexander Hamilton's system. A look at Gallatin's work---repealing internal taxes, restraining government spending, and repaying public debt---puts our current federal fiscal problems in perspective. The Jefferson Administration's enduring achievement was to contain the federal government by restraining its fiscal power. This was Gallatin's work. It set the pattern for federal finance until the Civil War, and it created a culture of fiscal responsibility that survived well into the twentieth century.
A programme for the opening performance of the theatrical production of Cradle of Hercules written by Michael Boddy.
Ivan Chonkin is a simple, bumbling peasant who has been drafted into the Red Army. Shortly before the outbreak of World War II, he is sent to an obscure village with one week's ration of canned meat and orders to guard a downed plane. Apparently forgotten by his unit, Chonkin resumes his life as a peasant and passes the war peacefully tending the village postmistress's garden. Just after the German invasion, the secret police discover this mysterious soldier lurking behind the front line. Their pursuit of Chonkin and his determined resistance lead to wild skirmishes and slapstick encounters. Vladimir Voinovich's hilarious satire ridicules everything that was sacred in the Soviet Union, from agricultural reform to the Red Army to Stalin, in a refreshing combination of dissident conscience and universal humor.
The unlikely story of how Americans canonized Adam Smith as the patron saint of free markets Originally published in 1776, Adam Smith’s The Wealth of Nations was lauded by America’s founders as a landmark work of Enlightenment thinking about national wealth, statecraft, and moral virtue. Today, Smith is one of the most influential icons of economic thought in America. Glory Liu traces how generations of Americans have read, reinterpreted, and weaponized Smith’s ideas, revealing how his popular image as a champion of American-style capitalism and free markets is a historical invention. Drawing on a trove of illuminating archival materials, Liu tells the story of how an unassuming Scottish philosopher captured the American imagination and played a leading role in shaping American economic and political ideas. She shows how Smith became known as the father of political economy in the nineteenth century and was firmly associated with free trade, and how, in the aftermath of the Great Depression, the Chicago School of Economics transformed him into the preeminent theorist of self-interest and the miracle of free markets. Liu explores how a new generation of political theorists and public intellectuals has sought to recover Smith’s original intentions and restore his reputation as a moral philosopher. Charting the enduring fascination that this humble philosopher from Scotland has held for American readers over more than two centuries, Adam Smith’s America shows how Smith continues to be a vehicle for articulating perennial moral and political anxieties about modern capitalism.
How does one package and sell confidence in the stability of a nation riven by civil strife? This was the question that loomed before the Philadelphia financial house of Jay Cooke & Company,&8239;entrusted&8239;by the US government with an unprecedented sale of bonds to finance the Union war effort in the early days of the American Civil War.&8239;How the government and its agents marketed these bonds revealed a version of the war the public was willing to buy and buy into, based not just in the full faith and credit of the United States but also in the success of its armies and its long-term vision for open markets. From Maine to California, and in foreign halls of power and economic influence,&8239;thousands of agents were deployed to&8239;sell&8239;a clear message: Union victory was unleashing the American economy itself. This fascinating work of&8239;financial and political history&8239;during&8239;the Civil War&8239;era&8239;shows&8239;how the marketing and sale of bonds crossed the Atlantic to Europe and beyond, helping ensure foreign countries' vested interest in the Union's success. Indeed, David K. Thomson demonstrates how Europe, and ultimately all corners of the globe, grew deeply interdependent on American finance during, and in the immediate aftermath of, the American Civil War.&8239;
In fiscal year 1981-82, state and local government spending actually exceeded federal nondefense spending. However, past research in public finance has focused on federal spending and policies and paid little attention to the economic problems of state and local governments. Studies in State and Local Public Finance goes far in correcting this omission. Developed from a National Bureau of Economic Research conference on state and local financing, the volume includes papers summarizing and extending recent research as well as commentaries. Covering a wide range of topics, the papers share an empirical orientation and a concern with policy issues. The first two papers look at the role of tax-exempt bonds in local public finance. Their findings suggest that tax policies significantly affect municipal borrowing practices and that financial advantage can be achieved under certain of these practices. Other papers address specific issues related to state and local tax policy: the impact of local taxes on location decisions; efficient road-use charges for trucks; and the relation of income and general sales tax systems over time. Examining issues related to United States federalism, the last paper focuses on the impact of federal grant aid to states. The research and findings these papers report make an important contribution to the study of local public finance and should be of particular interest to policymakers and those involved in private and public financing at the local, state, or federal level.
Washington’s Government shows how George Washington’s administration—the subject of remarkably little previous study—was both more dynamic and more uncertain than previously thought. Rather than simply following a blueprint laid out by the Constitution, Washington and his advisors constructed over time a series of possible mechanisms for doing the nation’s business. The results were successful in some cases, disastrous in others. Yet at the end of Washington’s second term, there was no denying that the federal government had achieved remarkable results. As Americans debate the nature of good national governance two and a half centuries after the founding, this volume’s insights appear timelier than ever. Contributors Lindsay M. Chervinsky, Iona College * Gautham Rao, American University * Kate Elizabeth Brown, Huntington University * Stephen J. Rockwell, St. Joseph’s College * Andrew J. B. Fagal, Princeton University, * Daniel Hulsebosch, New York University * Rosemarie Zagarri, George Mason University
"Habitually interpreted as the fundamental law of the American republic, the US Constitution was in fact designed as an instrument of union between thirteen American republics and as a form of government for their common central government. It offered an organizational solution to the security concerns of the newly independent American states. Confederation was an established means for weak states to maintain their independence by joining in union to manage relations with the outside world from a position of strength. Confederation also transformed the immediate international environment by turning neighboring states from potential enemies into sister states in a common union or peace pact. The US Constitution profoundly altered the structure of the American union and made the federal government more effective than under the defunct Articles of Confederation. But it did not transform the fundamental purpose of the federal union, which remained the management of relations between the American states, on the one hand, and between the American states and foreign powers, on the other hand. As had been the case under the articles, the states regulated the social, economic, and civic life of their citizens and inhabitants with only limited supervision and control from the federal government. Interpreting the Constitution as an instrument of union has important implications for our understanding of the American founding. The Constitution mattered much more to the international than to the domestic history of the United States. Its importance to the latter was dwarfed by that of state constitutions and legislation"--