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Reveals how people transformed their experiences of financial crisis into a single event that would serve as a turning point in American history.
In the spring of 1837, people panicked as financial and economic uncertainty spread within and between New York, New Orleans and London. Although the period of panic would dramatically influence political, cultural and social history, those who panicked sought to erase from history their experiences of one of America's worst early financial crises. The Many Panics of 1837 reconstructs this period in order to make arguments about the national boundaries of history, the role of information in the economy, the personal and local nature of national and international events, the origins and dissemination of economic ideas, and most importantly, what actually happened in 1837. This riveting transatlantic cultural history, based on archival research on two continents, reveals how people transformed their experiences of financial crisis into the 'Panic of 1837', a single event that would serve as a turning point in American history and an early inspiration for business cycle theory.
For a while, it seemed impossible to lose money on real estate. But then the bubble burst. The financial sector was paralyzed and the economy contracted. State and federal governments struggled to pay their domestic and foreign creditors. Washington was incapable of decisive action. The country seethed with political and social unrest. In America's First Great Depression, Alasdair Roberts describes how the United States dealt with the economic and political crisis that followed the Panic of 1837. As Roberts shows, the two decades that preceded the Panic had marked a democratic surge in the United States. However, the nation’s commitment to democracy was tested severely during this crisis. Foreign lenders questioned whether American politicians could make the unpopular decisions needed on spending and taxing. State and local officials struggled to put down riots and rebellion. A few wondered whether this was the end of America’s democratic experiment. Roberts explains how the country’s woes were complicated by its dependence on foreign trade and investment, particularly with Britain. Aware of the contemporary relevance of this story, Roberts examines how the country responded to the political and cultural aftershocks of 1837, transforming its political institutions to strike a new balance between liberty and social order, and uneasily coming to terms with its place in the global economy.
The mass industrial democracy that is the modern United States bears little resemblance to the simple agrarian republic that gave it birth. The market revolution is the reason for this dramatic - and ironic - metamorphosis. The resulting tangled frameworks of democracy and capitalism still dominate the world as it responds to the panic of 2008. Early Americans experienced what we now call 'modernization'. The exhilaration - and pain - they endured have been repeated in nearly every part of the globe. Born of freedom and ambition, the market revolution in America fed on democracy and individualism even while it generated inequality, dependency, and unimagined wealth and power. In this book, John Lauritz Larson explores the lure of market capitalism and the beginnings of industrialization in the United States. His research combines an appreciation for enterprise and innovation with recognition of negative and unanticipated consequences of the transition to capitalism and relates economic change directly to American freedom and self-determination, links that remain entirely relevant today.
The first president born after America's independence ushers in a new era of no-holds-barred democracy The first "professional politician" to become president, the slick and dandyish Martin Van Buren was to all appearances the opposite of his predecessor, the rugged general and Democratic champion Andrew Jackson. Van Buren, a native Dutch speaker, was America's first ethnic president as well as the first New Yorker to hold the office, at a time when Manhattan was bursting with new arrivals. A sharp and adroit political operator, he established himself as a powerhouse in New York, becoming a U.S. senator, secretary of state, and vice president under Jackson, whose election he managed. His ascendancy to the Oval Office was virtually a foregone conclusion. Once he had the reins of power, however, Van Buren found the road quite a bit rougher. His attempts to find a middle ground on the most pressing issues of his day-such as the growing regional conflict over slavery-eroded his effectiveness. But it was his inability to prevent the great banking panic of 1837, and the ensuing depression, that all but ensured his fall from grace and made him the third president to be denied a second term. His many years of outfoxing his opponents finally caught up with him. Ted Widmer, a veteran of the Clinton White House, vividly brings to life the chaos and contention that plagued Van Buren's presidency-and ultimately offered an early lesson in the power of democracy.