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

The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy

In 1776 the United States government started out on a shoestring and quickly went bankrupt fighting its...
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SKU: 9780674066922
Product Type: Books
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Author: Thomas K. McCraw
Format: Hardcover
Language: English
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The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy by McCraw, Thomas K.

The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy

$121.17
The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy by McCraw, Thomas K.

The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy

$121.17
Author: Thomas K. McCraw
Format: Hardcover
Language: English
Description

In 1776 the United States government started out on a shoestring and quickly went bankrupt fighting its War of Independence against Britain. At the war's end, the national government owed tremendous sums to foreign creditors and its own citizens. But lacking the power to tax, it had no means to repay them. The Founders and Finance is the first book to tell the story of how foreign-born financial specialists--immigrants--solved the fiscal crisis and set the United States on a path to long-term economic success.

Pulitzer Prize-winning author Thomas K. McCraw analyzes the skills and worldliness of Alexander Hamilton (from the Danish Virgin Islands), Albert Gallatin (from the Republic of Geneva), and other immigrant founders who guided the nation to prosperity. Their expertise with liquid capital far exceeded that of native-born plantation owners Washington, Jefferson, and Madison, who well understood the management of land and slaves but had only a vague knowledge of financial instruments--currencies, stocks, and bonds. The very rootlessness of America's immigrant leaders gave them a better understanding of money, credit, and banks, and the way each could be made to serve the public good.

The remarkable financial innovations designed by Hamilton, Gallatin, and other immigrants enabled the United States to control its debts, to pay for the Louisiana Purchase of 1803, and--barely--to fight the War of 1812, which preserved the nation's hard-won independence from Britain.

Author: Thomas K. McCraw
Publisher: Belknap Press
Published: 10/15/2012
Pages: 496
Binding Type: Hardcover
Weight: 1.96lbs
Size: 9.47h x 6.44w x 1.63d
ISBN: 9780674066922


Review Citation(s):
Publishers Weekly 08/06/2012
Library Journal 09/01/2012 pg. 110
Kirkus Reviews 09/15/2012
Choice 03/01/2013

About the Author
Thomas K. McCraw is Straus Professor of Business History Emeritus at Harvard Business School. His book, Prophets of Regulation, was awarded the 1985 Pulitzer Prize in History.


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