- Gebundene Ausgabe: 419 Seiten
- Verlag: Mcgraw Hill Book Co (20. Februar 2008)
- Sprache: Englisch
- ISBN-10: 0071543937
- ISBN-13: 978-0071543934
- Größe und/oder Gewicht: 23,4 x 16 x 3,5 cm
- Amazon Bestseller-Rang: Nr. 651.898 in Englische Bücher (Siehe Top 100 in Englische Bücher)
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One Nation Under Debt
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Produktbeschreibungen
Kurzbeschreibung
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.
Synopsis
A noted economic historian reveals the political and economic battle behind early America's first national debt and its continued legacy today. Since the Revolutionary period, our leaders have warred over the role of debt and finance in building a great nation. In "One Nation Under Debt", noted historian Robert E. Wright expertly explores the story of our first U.S. national debt, which arose during the Revolution and was extinguished during the presidency of Andrew Jackson.Throughout the book, he examines in detail the seminal events that spawned profound changes in the structure of the U.S. financial system and the nature of debt. The author first explains the political and economic importance of government debt markets. He then looks at the long-term development of national debt and the pro-debt views of Alexander Hamilton and those of critics like Thomas Jefferson. Wright also describes Andrew Jackson's complete repayment of the national debt-offering concrete lessons that can help in handling our current and future debt.
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Buchdeckel | Copyright | Inhaltsverzeichnis | Auszug | Stichwortverzeichnis
Buchdeckel | Copyright | Inhaltsverzeichnis | Auszug | Stichwortverzeichnis
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7 Rezensionen
15 von 16 Kunden fanden die folgende Rezension hilfreich
Economics and history perfectly mixed
16. Juli 2008
Format:Gebundene Ausgabe
Dr. Wright's presentation of the nation's first national debt is both engrossing and informative. Perhaps it is his background as an historian, but regardless, his presentation of economics is straightforward and makes for a good read from the layperson's point of view.
Wright shows Alexander Hamilton as the genius that he truly was. While critics of Hamilton tend to focus on his behind-the-scenes machinations during the 1800 election, Wright allows Hamilton's financial wizardry (which should be this founder's true legacy) to shine. Indeed, Hamilton grasped that a national debt and the eventual assumption of states' debts was necessary not only for the new nation to survive practically, but to maintain its international public credit.
I would recommend reading this book in concert with John Miller's biography on Alexander Hamilton, Portrait in Paradox. Both authors show that Hamilton was well ahead of his time.
The chapters read easily, with an early focus on the Dutch and English international finance models of the early and late 18th century. The chapter entitled "Life," which concentrates on a few individual Virgina debt holders, is also engrossing. Wright spotlights the stories of a few individual patriots to show that these debtholders were just as vital to the nation, with their willingness to take a chance on the early United States, as was both France and Holland in their initial financing of the War of Independence.
All in all, a great read.
Dr. Dennis Edwards
Associate Professor of Economics
Wright shows Alexander Hamilton as the genius that he truly was. While critics of Hamilton tend to focus on his behind-the-scenes machinations during the 1800 election, Wright allows Hamilton's financial wizardry (which should be this founder's true legacy) to shine. Indeed, Hamilton grasped that a national debt and the eventual assumption of states' debts was necessary not only for the new nation to survive practically, but to maintain its international public credit.
I would recommend reading this book in concert with John Miller's biography on Alexander Hamilton, Portrait in Paradox. Both authors show that Hamilton was well ahead of his time.
The chapters read easily, with an early focus on the Dutch and English international finance models of the early and late 18th century. The chapter entitled "Life," which concentrates on a few individual Virgina debt holders, is also engrossing. Wright spotlights the stories of a few individual patriots to show that these debtholders were just as vital to the nation, with their willingness to take a chance on the early United States, as was both France and Holland in their initial financing of the War of Independence.
All in all, a great read.
Dr. Dennis Edwards
Associate Professor of Economics
7 von 8 Kunden fanden die folgende Rezension hilfreich
easy and accessable
27. Juni 2008
Format:Gebundene Ausgabe
Anyone intersted in US history will enjoy this book, it was an easy read on what I thought would be a complicated subject.
The author keeps the subject interesting by mixing the "big picture" of international finance with political skullduggery at home and shines more light on the much maligned Alexander Hamilton's role in safeguarding America's first years.
The author keeps the subject interesting by mixing the "big picture" of international finance with political skullduggery at home and shines more light on the much maligned Alexander Hamilton's role in safeguarding America's first years.
8 von 11 Kunden fanden die folgende Rezension hilfreich
A subject matter to which many more should be privy
17. Juni 2008
Format:Gebundene Ausgabe
Why do governments go into debt ? How do they pay for it ? Is that debt a good thing or a bad thing; that is to say, is a national debt a blessing or a curse ? Just what was the breakdown and nature of America's first national debt ? These are just some of the questions answered in Robert Wright's latest work.
It would not be bad bet to wager that few of us in the United States know how and why we incurred our first national debt. Maybe more importantly, even fewer of us probably realize just how much there is to contrast between now and then. Just after the adoption of our Constitution, our debt became, under the care and genius of a young Alexander Hamilton, a relatively temporary and useful tool for putting the credit of the United States on solid footing with Europe; while simultaneously serving as a a positive example to our merchants and businessmen, on whom so much of our finances were dependent. Today, our debt would appear to be nothing more than something for career politicans to continually run up for the sake of votes. Indeed, in today's modern American Nanny State, our so-called care takers seem to have no thought to paying the debt down, nevermind off. A far cry from some 200 years ago ! In Robert Wright's new book, such unfortunate differencees between now and then become all too clear.
There is even something for the more socially minded Historian in Wright's breakdown of those who were our nation's very first creditors. He sheds light on just who these first true patriots were.
In sum, this is a well written book on a very important subject matter.
It would not be bad bet to wager that few of us in the United States know how and why we incurred our first national debt. Maybe more importantly, even fewer of us probably realize just how much there is to contrast between now and then. Just after the adoption of our Constitution, our debt became, under the care and genius of a young Alexander Hamilton, a relatively temporary and useful tool for putting the credit of the United States on solid footing with Europe; while simultaneously serving as a a positive example to our merchants and businessmen, on whom so much of our finances were dependent. Today, our debt would appear to be nothing more than something for career politicans to continually run up for the sake of votes. Indeed, in today's modern American Nanny State, our so-called care takers seem to have no thought to paying the debt down, nevermind off. A far cry from some 200 years ago ! In Robert Wright's new book, such unfortunate differencees between now and then become all too clear.
There is even something for the more socially minded Historian in Wright's breakdown of those who were our nation's very first creditors. He sheds light on just who these first true patriots were.
In sum, this is a well written book on a very important subject matter.
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