9780071543934

One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe

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  • ISBN13:

    9780071543934

  • ISBN10:

    0071543937

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2008-03-12
  • Publisher: McGraw-Hill Education
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Summary

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 Debtexplores 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 Biography

Robert E. Wright teaches financial history at New York University's Stern School of Business and is a curator for the Museum of American Finance. He is the author of scores of articles, entries, reviews, and chapters, and has authored or coauthored nine books. Wright has written for Barron's, the Chronicle of Higher Education, Forbes.com, and other prominent publications, and has appeared on NPR, C-SPAN, and the BBC.

Table of Contents

Prefacep. vii
A Twinkle In The Eye: The Importance of Government Debtp. 1
Parentage: European Precedentsp. 17
Conception: Financing Revolutionp. 41
Gestation: The Constitution and the National Debtp. 75
Birth: Alexander Hamilton's Grand Planp. 123
Youth And Maturity: The Public Debt Grows Up, Then Slims Downp. 161
Life: The Life and Times of Federal Bondholders in Virginiap. 187
Blessings: American Economic Growthp. 237
Death And Reincarnation: Jackson's Triumph and Failurep. 269
Appendixp. 285
Notesp. 333
Bibliographyp. 371
Indexp. 387
About the Authorp. 421
Table of Contents provided by Ingram. All Rights Reserved.

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