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
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."