13 Jun *Ages of American Capitalism*
The author is Jonathan Levy (U. Chicago) and the subtitle is A History of the United States, noting it is mostly an economic history from a left-mercantilist, nation-building point of view. So far on p.95 I quite like the book, here is one excerpt:
Ironically enough, in some respects Jefferson’s Empire of Liberty came to resemble the eighteenth-century British empire. Congress revoked all internal taxes. The military budget was cut in half. A provision of the 1789 Constitution, the Commerce Clause, granted Congress the authority to regulate commerce “among the several states,” forbidding interstate mercantilist discrimination. The result was to check state discrimination, opening up a unitary commercial space and increasing the extent of markets and thus the demand for goods. Empires, while forging common political jurisdiction, accommodate pluralism and difference in rule, often so that different elements in the empire might engage in commerce. In this respect, the Louisiana Purchase, in essence, handed the United States its own version of a West Indies in the lower Mississippi Valley. By 1810 already 16 percent of the U.S. slave population lived in the trans-Appalachian West. New slave-based triangular trades appeared on the North American continent, in a great counterclockwise national wheel of commerce.
741 pp. of text in this one, I am curious to see what comes next. And my colleague Steven Pearlstein wrote a very good review of the book.
Read the Full Article here: >Marginal Revolution