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Journal of Economic Literature - Book Review

JEL Volume. 51, Issue 3 | leftPrevious Review Next Review right

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Book(s) Reviewed

The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy by Thomas K. McCraw

Published By: Cambridge and London: Harvard University Press, Belknap Press
ISBN: 978-0-674-06692-2
Date of Publication: 2012


Book Review Detail

Reviewed by: Richard H. K. Vietor of Harvard Business School
Review DOI: 10.1257/jel.51.3.883.r11
Review Pages: 904-08

Book Review Abstract

Richard H. K. Vietor of Harvard Business School reviews, "The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy" by Thomas K. McCraw. The Econlit abstract of this book begins: "Explores the contributions of Alexander Hamilton, Albert Gallatin, and other immigrants to finance in the early United States and to the economic potential of the American national future. Discusses St. Croix and trauma for Hamilton; New York and promise; war and heroism; love and social status; the roots of Hamilton's thinking; Robert Morris, Hamilton, and finance; the Constitution; new government and old debt; the fight over the debt; the Bank of the United States; diversifying the economy; tensions and political parties; the decline; the duel; Gallatin choosing the New World; moving to the West; entering politics; becoming Jeffersonian; the climb to power; debt, armaments, and Louisiana; developing the West; embargo and frustration; dispiriting diplomacy; the fate of the bank; financing the wayward war; winning the peace; Gallatin's long and useful life; immigrant exceptionalism; comparisons and contingencies; capitalism and credit; and the political economy of Hamilton and Gallatin. McCraw is Straus Professor of Business History Emeritus at Harvard Business School."


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Book Review Authors

Richard H. K. Vietor of Harvard Business School


JEL Classifications

B30: History of Thought: Individuals: General
N11: Economic History: Macroeconomics; Growth and Fluctuations: U.S.; Canada: Pre-1913
N21: Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913
N41: Economic History: Government, War, Law, and Regulation: U.S.; Canada: Pre-1913


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