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Hamilton Unbound: Finance and the Creation of the American Republic (Contributions in Economics and Economic History,)

Tekijä: Robert E. Wright

JäseniäKirja-arvostelujaSuosituimmuussijaKeskimääräinen arvioKeskustelut
413,410,100 (4)-
Modern financial theories enable us to look at old problems in early American Republic historiography from new perspectives. Concepts such as information asymmetry, portfolio choice, and principal-agent dilemmas open up new scholarly vistas. Transcending the ongoing debates over the prevalence of either community or capitalism in early America, Wright offers fresh and compelling arguments that illuminate motivations for individual and collective actions, and brings agency back into the historical equation.Wright argues that the Colonial rebellion was in part sparked by destabilizing British monetary policy that threatened many with financial insolvency; that in areas without modern financial institutions and practices, dueling was a rational means of protecting one's creditworthiness; that the principle-agent problem led to the institutionalization of the U.S. Constitution's system of checks and balances; and that a lack of information and education induced women to shift from active business owners to passive investors. Economists, historians, and political scientists alike will be interested in this strikingly novel and compelling recasting of our nation's formative decades.… (lisätietoja)
Viimeisimmät tallentajataeijtzsche, MarkStickle, MStickle
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In a work that is really a collection of somewhat loosely related essays, Wright explores the transformation of American financial markets between 1780 and 1840, emphasizing the impacts of Revolution (it was largely about interest rates!), constitutional settlement, an energetic commercial elite, and (tying it all together) Hamilton’s brilliance. Wright’s understanding of financial concepts and analytic tools is strong. For example, he describes the new nation's ‘debt problem’ and its impact on political development by placing debt in the larger context of over-all balance sheet strength. A good student of Ricard Sylla, Wright believes that institutional arrangements went a long way toward solving information problems (eg. ‘asymmetry’),thereby creating the basis for a stable financial regime and sustained economic development. He provides data (not always entirely convincing) to support his contention that the financial intermediaries and related infrastructure institutions (e.g. financial press) which emerged in the 1790s were both numerous and sophisticated; based on this he asserts that, “by 1800 the US possessed all the attributes of a modern financial system.” (p. 102) In the US in the decades following the 1790s ‘take-off’ the US attained a level of “financial maturity” greater than that realized by major second world economies in the 1990s. His claim that the Civil War retarded the development of US financial infrastructure seems hard to credit; more likely the opposite was true. It is far more likely that the failure to maintain the early lead could be credited to Andrew Jackson. (pp. 117-18) A pervasive theme (and the basis for the book’s title) is the critical interrelationship between the stable political environment (made possible by the Constitution) and the development of a modern financial sector which promoted economic growth. (p. 91) Drawing on the work of David Cowen, Wright describes the central banking regime established by the BUS in 1791 as “probably the best the nation has ever had” with a careful balance between public and private sector interests in the Bank’s governance structure. Even offers an essay in which he explains how the financial infrastructure, by creating an organized and impersonal bureaucratic structure to replace intimate character-based networks, helped hasten the end of dueling in the US. ( )
  MarkStickle | Sep 19, 2011 |
ei arvosteluja | lisää arvostelu
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Modern financial theories enable us to look at old problems in early American Republic historiography from new perspectives. Concepts such as information asymmetry, portfolio choice, and principal-agent dilemmas open up new scholarly vistas. Transcending the ongoing debates over the prevalence of either community or capitalism in early America, Wright offers fresh and compelling arguments that illuminate motivations for individual and collective actions, and brings agency back into the historical equation.Wright argues that the Colonial rebellion was in part sparked by destabilizing British monetary policy that threatened many with financial insolvency; that in areas without modern financial institutions and practices, dueling was a rational means of protecting one's creditworthiness; that the principle-agent problem led to the institutionalization of the U.S. Constitution's system of checks and balances; and that a lack of information and education induced women to shift from active business owners to passive investors. Economists, historians, and political scientists alike will be interested in this strikingly novel and compelling recasting of our nation's formative decades.

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