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*Ages of American Capitalism*

Summary:
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.

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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.

The post *Ages of American Capitalism* appeared first on Marginal REVOLUTION.

Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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