Synopses & Reviews
The American economy has provided a level of well-being that has consistently ranked at or near the top of the international ladder. A key source of this success has been widespread participation in political and economic processes. In The Government and the American Economy, leading economic historians chronicle the significance of Americaand#8217;s open-access society and the roles played by government in its unrivaled success story.
Americaand#8217;s democratic experiment, the authors show, allowed individuals and interest groups to shape the structure and policies of government, which, in turn, have fostered economic success and innovation by emphasizing private property rights, the rule of law, and protections of individual freedom. In response to new demands for infrastructure, Americaand#8217;s federal structure hastened development by promoting the primacy of states, cities, and national governments. More recently, the economic reach of American government expanded dramatically as the populace accepted stronger limits on its economic freedoms in exchange for the increased security provided by regulation, an expanded welfare state, and a stronger national defense.
Review
and#8220;Ever since Adam Smith, our intuition has led us to believe that good government and good institutions are absolutely central to economic development. Modern economic theory and empirical analysis have now converted that intuition into concrete fact. Government and the American Economy is a superb example of this conversion. It is a must read for anyone interested in what makes for long run economic success.and#8221;--Jeffrey G. Williamson, Laird Bell Professor of Economics, Harvard University
Review
"An invaluable resource for anyone who wishes to know more about public economies and economic history. The volume includes contributions from leading economic historians, and readers are sure to find the essays easy to understand and enjoyable to read. . . . Highly recommended."
Review
and#8220;This book is a penetrating analysis of the changing role of the government in the U.S. economy from colonial time to the present.and#160; Each chapter is a cameo presentation of its topic or period.and#8221;--Robert W. Fogel, Charles R. Walgreen Distinguished Service Professor of American Institutions, University of Chicago, winner of the 1993 Nobel Prize in Economic Sciences
Review
"They say that history is written by the winners, but history might be even more interesting when it's written by the economists. . . . It's a fascinating journey."
Review
"An invaluable resource for anyone who wishes to know more about public economies and economic history. The volume includes contributions from leading economic historians, and readers are sure to find the essays easy to understand and enjoyable to read. . . . Highly recommended."--Choice(Choice, Nov 1 2007 )
Review
"A series of stimulating cameos by a distinguished assemblage of economic historians. . . . [The volume] can be recommended with confidence to scholars, students and interested readers."
Review
and#8220;This engaging and unique book tells the story of the evolution of the American economy from colonial times to the present and#8211; the journey of the United States from a peripheral state in the Atlantic economy to world leader. Along the way, it not only tells the economic story, but a political one, emphasizing the role of the government and interest groups in American economic development. The contributors represent a major portion of who's who in economic history.and#8221;--Barry R. Weingast, Senior Fellow at the Hoover Institution and the Ward C. Krebs Family Professor in the Department of Political Science, Stanford University
Review
and#8220;This is an important contribution to understanding both continuities and changes in the dynamics of the American economy and the role of governments at the federal, state, and local levels. The highly stimulating essays on the evolving role of government in the American economy, contributed by world class scholars, will be of interest to economists, political scientists, economic historians, and historians of public policy, who will find much to learn and much to teach.and#8221;--Paul Rhode, University of Arizona
Review
and#8220;Written for the general audience as well as the specialist, this is an ambitious, nuanced and thought-provoking critical evaluation of governmentand#8217;s role in the American economyand#8212;from its early history to the postwar eraand#8212;by a distinguished cast of economic historians.and#8221;
Review
"This volume not only deftly investigates whether and to what extent these and other policies have augmented standards of living. It also recognizes that such policies produce unintended consequences, including a government--read military-industrial-congressional complex--on which we increasingly rely."
About the Author
Price V. Fishback is the Frank and Clara Kramer ProfessorofEconomics at the University of Arizona and a research associate of the National Bureau of Economic Research. He is the author of A Prelude to the Welfare State: The Origins of Workers' Compensation.
Table of Contents
Dedicationand#160;and#160; v
and#160;and#160; Price Fishback
List of Tables and Figuresand#160; xiii
About the Authorsand#160;and#160; xv
Foreword xvii
and#160;and#160; Douglassand#160;C. North
1. Government and the Economy
and#160;and#160; Price Fishback
2. Goverment in Colonial America
and#160;and#160; Stanley L. Engerman
3. The Founding Era, 1774-1791
and#160;and#160; Robert A. McGuire
4. Property Rights and Federal Land Policy
and#160;and#160; Gary D. Libecap
5. Reversing Financial Reversals: Government and the Financial System since 1789
and#160;and#160; Richard Sylla
6. The National Era
and#160;and#160; John Joseph Wallis
7. The Civil War and Reconstruction
and#160;and#160; Jeffrey Rogers Hummel
8. Government and the American Dilemma
and#160;and#160;and#160;Robert A. Margo
9. The Gilded Ageand#160;and#160; Mark Guglielmo and Werner Troesken
10. The Progressive Era
and#160;and#160; Price Fishback
11. Government and the People: Labor, Education, and Health
and#160;and#160; Sumner J. La Croix
12. The Federal Bureaucracy: From Patronage to Civil Service
and#160;and#160; Gary D. Libecap
13. The New Deal
and#160;and#160; Price Fishback
14. The World Wars
and#160;and#160; Robert Higgs
15. The Growth of U.S. Farm Programs
and#160;and#160; Randal R. Rucker and E. C. Pasour Jr.
16. Shaping Welfare Policy: The Role of the South
and#160;and#160; Lee J. Alston and Joseph P. Ferrie
17. Seeking Security in the Postwar Era
and#160;and#160; Price Fishback
Appendix A. Key Indicators of Economic and Government Activity
and#160; John Joseph Wallis and Price Fishback
Appendix B. The Articles of the Confederation
Appendix C. The Constitution of the United States
Appendix D. The Bill of Rights
Index