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First Published in 1994. This comprehensive work views U.S. history through the analytical framework of the capitalist process. The highlights of the book are: it weaves together economic history with the history of economic ideas to give a new perspective on the contemporary connections between the economic and social processes; provides an analytical and historical explanation of capitalism as a socioeconomic system; discusses the past and present functioning of the business system, as 'a system of power', with emphasis on the 1970s, 1980s and the stagnation of the 1990s; analyses the relationship between structures of income, wealth and power and class, color and gender; and critically looks at the development and nature of the capitalist state.
From the legendary former Fed Chairman and the acclaimed Economist writer and historian, the full, epic story of America's evolution from a small patchwork of threadbare colonies to the most powerful engine of wealth and innovation the world has ever seen. Shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year Award From even the start of his fabled career, Alan Greenspan was duly famous for his deep understanding of even the most arcane corners of the American economy, and his restless curiosity to know even more. To the extent possible, he has made a science of understanding how the US economy works almost as a living organism--how it grows and changes, surges and stalls. He has made a particular study of the question of productivity growth, at the heart of which is the riddle of innovation. Where does innovation come from, and how does it spread through a society? And why do some eras see the fruits of innovation spread more democratically, and others, including our own, see the opposite? In Capitalism in America, Greenspan distills a lifetime of grappling with these questions into a thrilling and profound master reckoning with the decisive drivers of the US economy over the course of its history. In partnership with the celebrated Economist journalist and historian Adrian Wooldridge, he unfolds a tale involving vast landscapes, titanic figures, triumphant breakthroughs, enlightenment ideals as well as terrible moral failings. Every crucial debate is here--from the role of slavery in the antebellum Southern economy to the real impact of FDR's New Deal to America's violent mood swings in its openness to global trade and its impact. But to read Capitalism in America is above all to be stirred deeply by the extraordinary productive energies unleashed by millions of ordinary Americans that have driven this country to unprecedented heights of power and prosperity. At heart, the authors argue, America's genius has been its unique tolerance for the effects of creative destruction, the ceaseless churn of the old giving way to the new, driven by new people and new ideas. Often messy and painful, creative destruction has also lifted almost all Americans to standards of living unimaginable to even the wealthiest citizens of the world a few generations past. A sense of justice and human decency demands that those who bear the brunt of the pain of change be protected, but America has always accepted more pain for more gain, and its vaunted rise cannot otherwise be understood, or its challenges faced, without recognizing this legacy. For now, in our time, productivity growth has stalled again, stirring up the populist furies. There's no better moment to apply the lessons of history to the most pressing question we face, that of whether the United States will preserve its preeminence, or see its leadership pass to other, inevitably less democratic powers.
This introduction looks at the rise of the American economy from its colonial and frontier beginnings. What made the United States an attractive testing ground for entrepreneurs? How did the United States come to have the largest business enterprises in the world by the early twentieth century? Why did business organizations gain a central place in American society?
Most US historians assume that capitalism either “came in the first ships” or was the inevitable result of the expansion of the market. Unable to analyze the dynamics of specific forms of social labour in the antebellum US, most historians of the US Civil War have privileged autonomous political and ideological factors, ignoring the deep social roots of the conflict. This book applies theoretical insights derived from the debates on the transition to capitalism in Europe to the historical literature on the US to produce a new analysis of the origins of capitalism in the US, and the social roots of the Civil War. Winner of the Paul Sweezy Marxist Sociology Book Award 2013 Short-listed for the 2011 Isaac and Tamara Deutscher Memorial Prize.
Why socialism has failed to play a significant role in the United States - the most developed capitalist industrial society and hence, ostensibly, fertile ground for socialism - has been a critical question of American history and political development. This study surveys the various explanations for this phenomenon of American political exceptionalism.
A leading economic historian traces the evolution of American capitalism from the colonial era to the present—and argues that we’ve reached a turning point that will define the era ahead. “A monumental achievement, sure to become a classic.”—Zachary D. Carter, author of The Price of Peace In this ambitious single-volume history of the United States, economic historian Jonathan Levy reveals how capitalism in America has evolved through four distinct ages and how the country’s economic evolution is inseparable from the nature of American life itself. The Age of Commerce spans the colonial era through the outbreak of the Civil War, and the Age of Capital traces the lasting impact of the industrial revolution. The volatility of the Age of Capital ultimately led to the Great Depression, which sparked the Age of Control, during which the government took on a more active role in the economy, and finally, in the Age of Chaos, deregulation and the growth of the finance industry created a booming economy for some but also striking inequalities and a lack of oversight that led directly to the crash of 2008. In Ages of American Capitalism, Levy proves that capitalism in the United States has never been just one thing. Instead, it has morphed through the country’s history—and it’s likely changing again right now. “A stunning accomplishment . . . an indispensable guide to understanding American history—and what’s happening in today’s economy.”—Christian Science Monitor “The best one-volume history of American capitalism.”—Sven Beckert, author of Empire of Cotton
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.
Applying certain Marxist categories of analysis to the study of American history, the central thesis of this outstanding book is that the main peculiarity of American historical development was the almost direct transition from a colonial to an imperialist economy. Expertly dealing with such topics as: * the American Revolution and the Civil War against the background of the European bourgeois revolutions * the influence of the Western land tenure system on the process of capital accumulation * the passage from plantation slavery to sharecropping in the South and its legacy of racism * the transition to imperialism towards the end of the nineteenth century * the rise of the labour movement and the main American socialist organizations up to the end of the First World War. A valuable resource for postgraduate students and researchers of business studies and American studies, Gaido’s text will undoubtedly find a place on the bookshelves of many.
Here’s the real history of our country. How Capitalism Saved America explodes the myths spun by Michael Moore, the liberal media, Hollywood, academia, and the rest of the anticapitalist establishment. Whether it’s Michael Moore or the New York Times, Hollywood or academia, a growing segment in America is waging a war on capitalism. We hear that greedy plutocrats exploit the American public; that capitalism harms consumers, the working class, and the environment; that the government needs to rein in capitalism; and on and on. Anticapitalist critiques have only grown more fevered in the wake of corporate scandals like Enron and WorldCom. Indeed, the 2004 presidential campaign has brought frequent calls to re-regulate the American economy. But the anticapitalist arguments are pure bunk, as Thomas J. DiLorenzo reveals in How Capitalism Saved America. DiLorenzo, a professor of economics, shows how capitalism has made America the most prosperous nation on earth—and how the sort of government regulation that politicians and pundits endorse has hindered economic growth, caused higher unemployment, raised prices, and created many other problems. He propels the reader along with a fresh and compelling look at critical events in American history—covering everything from the Pilgrims to Bill Gates. And just as he did in his last book, The Real Lincoln, DiLorenzo explodes numerous myths that have become conventional wisdom. How Capitalism Saved America reveals: • How the introduction of a capitalist system saved the Pilgrims from starvation • How the American Revolution was in large part a revolt against Britain’s stifling economic controls • How the so-called robber barons actually improved the lives of millions of Americans by providing newer and better products at lower prices • How the New Deal made the Great Depression worse • How deregulation got this country out of the energy crisis of the 1970s—and was not the cause of recent blackouts in California and the Northeast • And much more How Capitalism Saved America is popular history at its explosive best.
For better or for worse, capitalism is the philosophy that has come to define the United States. In this intriguing essay, Beckert takes a look at the historiography of American capitalism, which has been, according to Beckert, ironically neglected by historians until recently.