Capitalism in America: A History - Hardcover

Greenspan, Alan; Wooldridge, Adrian

Hardcover

ISBN 10: 0241365902 ISBN 13: 9780241365908

Publisher: Allen Lane, 2018

'An inspiring, rip-roaring read - like the astonishing story it describes' Liam Halligan, Daily Telegraph

Where does prosperity come from, and how does it spread through a society? What role does innovation play in creating prosperity and why do some eras see the fruits of innovation spread more democratically, and others, including our own, find the opposite?

In Capitalism in America, Alan Greenspan, legendary Chair of the Federal Reserve, distils a lifetime of grappling with these questions into a profound assessment of the decisive drivers of the US economy over the course of its history. In partnership with Economist journalist and historian Adrian Wooldridge, he unfolds a tale of vast landscapes, titanic figures and triumphant breakthroughs as well as terrible moral failings. Every crucial American economic debate is here - from the role of slavery in the antebellum Southern economy to America's violent swings in its openness to global trade.

At heart, the authors argue, America's genius has been its enthusiasm for the effects of creative destruction, the ceaseless churn of the old giving way to the new. Although messy and painful, it has lifted the overwhelming majority of Americans to standards of living unimaginable even a few generations past. At a time when productivity has again stalled, stirring populist furies, and the continuing of American pre-eminence seems uncertain, Capitalism in America explains why America has worked so successfully in the past and been such a gigantic engine of economic growth.

Review:

This book snaps, crackles and pops... Readers will emerge from this heady blend of economic, business, and political history with a sense of exhilaration that so much of the American experience could be described so vividly and insightfully. (Robert Gordon Financial Times)

Capitalism in America makes a strong case, with some wonderful insights into business history. Innovation, spread to the masses, is indeed the engine of capitalist economies. (The Economist)

A superbly written book ... the tone is businesslike but culturally savvy - with sociological themes from "America's urban nightmare" of the seventies and eighties to "the rising share of working women" handled with sensitivity and skill ... Capitalism in America is an inspiring, rip-roaring read - like the astonishing story it describes. (Liam Halligan The Daily Telegraph)

A sweeping and brilliantly told narrative by two authors who have spent their careers thinking about the wellsprings of economic growth. Anchored by the combination of Alan Greenspan's legendary skill with data and talent for analysis, and Adrian Wooldridge's knowledge and perspective on business history, Capitalism in America is full of insights that will surprise you and change your perspective on many of the key episodes of US history. (Liaquat Ahamed)

A work of bold sweep and illuminating insight that tells nothing less than the story of American capitalism - both its extraordinary achievements and its darkest moments - from the earliest days in colonies "at the edge of the world," to the Internet revolution. At a time when "capitalism" itself is a subject of doubt and target of assault, this is a book that the times demand, and one that will contribute much to the debate. (Daniel Yergin)

Greenspan stayed quiet in public. Later, he regretted his failure to more aggressively criticize Bush's policy. Nonetheless, he remains a wise, reality-based, patriotic thinker. But he thinks very differently than I do - and that makes him more worth reading. (Brad DeLong Washington Post)

From the Back Cover:

Where does innovation come from, and how does it spread through a society? And why do some eras see the fruits of innovation spread more democratically, and others, including our own, see the opposite? In Capitalism in America, Alan Greenspan distils a lifetime of grappling with these questions into a master reckoning with the decisive drivers of the US economy over the course of its history. In partnership with the journalist and historian Adrian Wooldridge, he unfolds a tale spanning vast landscapes, titanic figures, triumphant breakthroughs, enlightenment ideals as well as profound moral failings. Every crucial debate is addressed - from the role of slavery in the antebellum Southern economy to the real impact of Roosevelt's New Deal and America's violent mood swings in its openness to global trade. At heart, the authors argue, America's genius has been its tolerance for the effects of creative destruction, the ceaseless churn of the old giving way to the new, driven by new people and new ideas. At a time when productivity growth has again stalled, stirring up the populist furies, and the continuation of American pre-eminence seems increasing uncertain, Capitalism in America makes for urgent reading.

• Publisher: Allen Lane
• Publication date: 2018
• ISBN 10: 0241365902
• ISBN 13: 9780241365908
• Binding: Hardcover
• Number of pages: 496