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Contains information on the costs to Britain of having waged "the American war" from 1776 to 1779.
This book will be the first full length biography of William Morgan, a founding figure in the development of actuarial science and the insurance business in the UK. This biography explains William Morgan’s role in developing the mathematics that underpin the money management of pension funds. It focuses also on the experiment in which Morgan created an X-ray tube, and examines his outspoken political views and turbulent private life. As well as exploring his public life, this biography uses unpublished family letters to open a window on Morgan’s private life.
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. 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 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.