One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe PDF Download
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Author: Robert E. Wright
Publisher: McGraw Hill Professional
ISBN: 0071543945
Category : Business & Economics
Languages : en
Pages : 433
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Book Description
Like its current citizens, the United States was born in debt-a debt so deep that it threatened to destroy the young nation. Thomas Jefferson considered the national debt a monstrous fraud on posterity, while Alexander Hamilton believed debt would help America prosper. Both, as it turns out, were right. One Nation Under Debt explores the untold history of America's first national debt, which arose from the immense sums needed to conduct the American Revolution. Noted economic historian Robert Wright, Ph.D. tells in riveting narrative how a subjugated but enlightened people cast off a great tyrant-“but their liberty, won with promises as well as with the blood of patriots, came at a high price.” He brings to life the key events that shaped the U.S. financial system and explains how the actions of our forefathers laid the groundwork for the debt we still carry today. As an economically tenuous nation by Revolution's end, America's people struggled to get on their feet. Wright outlines how the formation of a new government originally reduced the nation's debt-but, as debt was critical to this government's survival, it resurfaced, to be beaten back once more. Wright then reveals how political leaders began accumulating massive new debts to ensure their popularity, setting the financial stage for decades to come. Wright traces critical evolutionary developments-from Alexander Hamilton's creation of the nation's first modern capital market, to the use of national bonds to further financial goals, to the drafting of state constitutions that created non-predatory governments. He shows how, by the end of Andrew Jackson's administration, America's financial system was contributing to national growth while at the same time new national and state debts were amassing, sealing the fate for future generations.
Author: Robert E. Wright
Publisher: McGraw Hill Professional
ISBN: 0071543945
Category : Business & Economics
Languages : en
Pages : 433
Get Book Here
Book Description
Like its current citizens, the United States was born in debt-a debt so deep that it threatened to destroy the young nation. Thomas Jefferson considered the national debt a monstrous fraud on posterity, while Alexander Hamilton believed debt would help America prosper. Both, as it turns out, were right. One Nation Under Debt explores the untold history of America's first national debt, which arose from the immense sums needed to conduct the American Revolution. Noted economic historian Robert Wright, Ph.D. tells in riveting narrative how a subjugated but enlightened people cast off a great tyrant-“but their liberty, won with promises as well as with the blood of patriots, came at a high price.” He brings to life the key events that shaped the U.S. financial system and explains how the actions of our forefathers laid the groundwork for the debt we still carry today. As an economically tenuous nation by Revolution's end, America's people struggled to get on their feet. Wright outlines how the formation of a new government originally reduced the nation's debt-but, as debt was critical to this government's survival, it resurfaced, to be beaten back once more. Wright then reveals how political leaders began accumulating massive new debts to ensure their popularity, setting the financial stage for decades to come. Wright traces critical evolutionary developments-from Alexander Hamilton's creation of the nation's first modern capital market, to the use of national bonds to further financial goals, to the drafting of state constitutions that created non-predatory governments. He shows how, by the end of Andrew Jackson's administration, America's financial system was contributing to national growth while at the same time new national and state debts were amassing, sealing the fate for future generations.
Author: Glenn Beck
Publisher: Simon and Schuster
ISBN: 1451693443
Category : Business & Economics
Languages : en
Pages : 416
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Book Description
Briefly surveys more than two centures of American political history to describe how the country has been broken spiritually, politically and financially and advocates a return to core values to restore America's economic and spiritual health.
Author: Carl Lane
Publisher: Westholme Publishing
ISBN: 9781594162091
Category : Debts, Public
Languages : en
Pages : 0
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Book Description
"When President James Monroe announced in his 1824 message to Congress that the [nation's] large public debt, [accumulated since the Revolution], would be extinguished on January 1, 1835, Congress crafted legislation to transform that prediction into reality. Yet John Quincy Adams, Monroe's successor, seemed not to share the commitment to debt freedom, resulting in the rise of opposition to his administration and his defeat for reelection in the bitter presidential campaign of 1828. The new president, Andrew Jackson, was thoroughly committed to debt freedom, and when it was achieved, it became the only time in American history when the country carried no national debt. Lane shows that the great and disparate issues that confronted Jackson, such as internal improvements, the 'war' against the Second Bank of the United States, and the crisis surrounding South Carolina's refusal to pay federal tariffs, become unified when debt freedom is understood as a core element of Jacksonian Democracy."--
Author: Gregory May
Publisher: Simon and Schuster
ISBN: 1621577643
Category : History
Languages : en
Pages : 546
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Book Description
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.
Author: William Stansmore
Publisher: Xlibris Corporation
ISBN: 1462873413
Category : Literary Criticism
Languages : en
Pages : 110
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Book Description
This book was inspired by my old friend and scholar, Norman Dodd, who many years ago brought to my attention the idea of a Natural Order, "an order laid down by God," as a means to bring our country back to the course first established by our nation ́s Founding Fathers, a course from which we have dangerously strayed. It is my contention that such a natural order does exist, and there will truly never be peace in the world until humanity is made aware of, understands, and ultimately conforms to that order. In light of experience two conclusions may be observed: 1) History attests to the sensitivity of men to the existence of this order. 2) That sensitivity has been intelligently nullified. It is our intention to present the nature of The Natural Order, to indicate why our sensitivity to that order has been nullified, and to demonstrate the means by which that order may restored, implemented and made universally known. This work is an attempt to re-establish the importance of absolute values in a world where such values are becoming increasingly irrelevant, and the necessity of preserving those immutable and self-evident truths upon which was established our nation ́s framework and foundation. Norman Dodd ́s dream was to establish and implement a Curriculum of The Civilizing Arts, whose purpose is to clarify and strengthen the original commitments which underlie and empower the United States Constitution and Declaration of Independence. It is my purpose to help make his dream a reality. As such it is a compilation of our shared ideas and mutual dreams. I was born in England but spent most of my life on the east coast of the United States. I am intent on protecting, preserving and implementing the hopes and aspirations of our country ́s Founding Fathers. My formal education consists of a BA from Brown University, Masters of Divinity (M.Div) from Yale University, and a Ph.D from Trinity College, Cambridge University, England.
Author: Elizabeth Hewitt
Publisher: Oxford University Press
ISBN: 0192602993
Category : Literary Criticism
Languages : en
Pages : 345
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Book Description
Speculative Fictions places Alexander Hamilton at the center of American literary history to consider the important intersections between economics and literature. By studying Hamilton as an economic and imaginative writer, it argues that we can recast the conflict with the Jeffersonians as a literary debate about the best way to explain and describe modern capitalism, and explores how various other literary forms allow us to comprehend the complexities of a modern global economy in entirely new ways. Speculative Fictions identifies two overlooked literary genres of the late eighteenth-century as exemplary of this narrative mode. It asks that we read periodical essays and Black Atlantic captivity narratives with an eye not towards bourgeois subject formation, but as descriptive analyses of economic systems. In doing so, we discover how these two literary genres offer very different portraits of a global economy than that rendered by the novel, the imaginative genre we are most likely to associate with modern capitalism. Developing an aesthetic appreciation for the speculative, digressive, and unsystematic plotlines of these earlier narratives has the capacity to generate new imaginative projects with which to make sense of our increasingly difficult economic world.
Author: Eric Lomazoff
Publisher: University of Chicago Press
ISBN: 022657959X
Category : Political Science
Languages : en
Pages : 264
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Book Description
The Bank of the United States sparked several rounds of intense debate over the meaning of the Constitution’s Necessary and Proper Clause, which authorizes the federal government to make laws that are “necessary” for exercising its other powers. Our standard account of the national bank controversy, however, is incomplete. The controversy was much more dynamic than a two-sided debate over a single constitutional provision and was shaped as much by politics as by law. With Reconstructing the National Bank Controversy, Eric Lomazoff offers a far more robust account of the constitutional politics of national banking between 1791 and 1832. During that time, three forces—changes within the Bank itself, growing tension over federal power within the Republican coalition, and the endurance of monetary turmoil beyond the War of 1812 —drove the development of our first major debate over the scope of federal power at least as much as the formal dimensions of the Constitution or the absence of a shared legal definition for the word “necessary.” These three forces—sometimes alone, sometimes in combination—repeatedly reshaped the terms on which the Bank’s constitutionality was contested. Lomazoff documents how these three dimensions of the polity changed over time and traces the manner in which they periodically led federal officials to adjust their claims about the Bank’s constitutionality. This includes the emergence of the Coinage Clause—which gives Congress power to “coin money, regulate the value thereof”—as a novel justification for the institution. He concludes the book by explaining why a more robust account of the national bank controversy can help us understand the constitutional basis for modern American monetary politics.
Author: Robert Eric Wright
Publisher: Columbia University Press
ISBN: 0231150555
Category : Business & Economics
Languages : en
Pages : 161
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Book Description
Today's financial crisis is the result of dismal failures on the part of regulators, market analysts, and corporate executives. Yet the response of the American government has been to bail out the very institutions and individuals that have wrought such havoc upon the nation. Are such massive bailouts really called for? Can they succeed? Robert E. Wright and his colleagues provide an unbiased history of government bailouts and a frank assessment of their effectiveness. Their book recounts colonial America's struggle to rectify the first dangerous real estate bubble and the British government's counterproductive response. It explains how Alexander Hamilton allowed central banks and other lenders to bail out distressed but sound businesses without rewarding or encouraging the risky ones. And it shows how, in the second half of the twentieth century, governments began to bail out distressed companies, industries, and even entire economies in ways that subsidized risk takers while failing to reinvigorate the economy. By peering into the historical uses of public money to save private profit, this volume suggests better ways to control risk in the future. Additional Columbia / SSRC books on the privatization of risk and its implications for Americans: Health at Risk: America's Ailing Health System--and How to Heal ItEdited by Jacob S. Hacker Laid Off, Laid Low: Political and Economic Consequences of Employment InsecurityEdited by Katherine S. Newman Pensions, Social Security, and the Privatization of RiskEdited by Mitchell A. Orenstein
Author: Richard X. Bove
Publisher: Penguin
ISBN: 1101608218
Category : Business & Economics
Languages : en
Pages : 253
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Book Description
Since the financial crisis, amid outrage at the likes of Citigroup and JPMorganChase and Washington's rejiggering of the financial system, the banking industry has had one major defender: Richard X. Bove. Now he explains why big banks are the nation's lifeline to success, and why financial disaster will ensue if we make it impossible for them to fill their role in the economy. Bove argues that big banks are necessary to ensure America's position in global finance; to assist corporations in achieving their goals against foreign competition; and, most importantly, to defend the average household's access to financial services.
Author: Adrian Kuzminski
Publisher: Lexington Books
ISBN: 0739177184
Category : Political Science
Languages : en
Pages : 153
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Book Description
Modern economies must "grow" because money borrowed for investment can be repaid only by expanding production and consumption to meet the burden of usurious rates of interest. The roots of this dynamic between debt and growth lay in the financial revolution of the late seventeenth and early eighteenth centuries in Britain which established a new usurious monetary system. For the first time in history credit was made widely available, but only on condition of an exponentially increasing debt burden. To pay back debts production had to increase correspondingly, leading to the industrial revolution, economic "growth", and modernity itself. Though private creditors gained a monopoly over the creation of credit, and were disproportionately enriched, the resulting economic growth for a time was great enough to benefit most debtors as well as creditors, ensuring widespread prosperity. That is no longer the case. With today's eco-crisis we have reached the limits of growth. We no longer have the natural resources to grow fast enough to pay our debts. This is the real root of our current financial crisis. If we are to live sustainably, our system of money and credit must be transformed. We need a non-usurious monetary system appropriate to a steady-state economy, with capital broadly distributed at non-usurious rates of interest. Such a system was developed by an early nineteenth century American thinker, Edward Kellogg, and is explored here in depth. His work inspired the populist movement and remains more relevant than ever as a viable alternative to the a financial system we can no longer afford.
