By Michael Lind
A sweeping and unique paintings of financial background by way of Michael Lind, considered one of America’s best intellectuals, Land of Promise recounts the epic tale of America’s upward push to turn into the world’s dominant economic system. As ideological loose agents proceed to sq. off opposed to Keynesians in Congress and the clicking, financial coverage continues to be on the heart of political debate.
Land of Promise: An fiscal heritage of the United States deals a much-needed historic framework that sheds new mild on our past—wisdom that provides classes necessary to our destiny. construction upon the energy and lucidity of his New York occasions Notable Books The subsequent American state and Hamilton’s Republic, Lind offers an important and revelatory exam of the roots of yankee prosperity—insight that may end up valuable to an individual drawn to exploring how we will circulation forward.
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Additional info for Land of Promise: An Economic History of the United States
After Lincoln’s dying, Mary Lincoln advised Herndon that her husband had deliberate to take the kin to Europe following his retirement from the presidency: “After his go back from Europe, he meant to go the Rocky Mountains and visit California, the place the warriors have been to be digging out gold to pay the nationwide debt. ”22 “AN OLD-LINE HENRY CLAY WHIG”: THE POLITICAL economic system OF ABRAHAM LINCOLN whilst southern contributors withdrew from Congress at the eve of the Civil conflict, their skill to dam the plans of the hot Republican majority got here to an finish. even though the Republicans integrated a few former Jacksonian Democrats who hostile the extension of slavery, so much Republicans have been heirs of the Whig social gathering of Henry Clay. The Civil battle used to be, between different issues, a conflict among Jeffersonian and Hamiltonian conceptions of political financial system. no longer each northern Unionist was once a Hamiltonian; the prowar coalition united Hamiltonian Republicans with Jeffersonians within the North and Midwest encouraged by means of Andrew Jackson’s good fortune in dealing with down the threats of South Carolina within the Nullification predicament. And the South integrated a couple of Hamiltonians, together with the vp of the Confederacy, Alexander Stephens, an previous pal and colleague of Lincoln and, like Lincoln, a former member of the nationalist Whig social gathering. however, the struggle pitted a Jeffersonian agrarian society, devoted to the safety of states’ rights, localism, and slavery, which Jefferson yet now not the accomplice leaders, opposed to a North that, whereas principally rural, used to be a speedily industrializing society motivated via Hamilton’s and Clay’s imaginative and prescient of nationally backed technological and monetary modernization. The Hamiltonian culture couldn't have stumbled on a greater spokesman than Lincoln. even though his first political position—postmaster of recent Salem, Illinois—was supplied through the Jackson management, Lincoln belonged to the Whig social gathering of Clay and Webster from the time it shaped within the 1830s until eventually divisions over the growth of slavery destroyed it within the 1850s. In his first crusade manifesto, of 1832, the younger Lincoln introduced his commitment to Clay’s American approach: “My politics are brief and candy, just like the outdated woman’s dance. i'm in want of a countrywide financial institution . . . in prefer of the interior advancements method and a excessive protecting tariff. ”23 Lincoln referred to as Clay his “beau excellent of a statesman. ” in the course of Lincoln’s presidency, one member of Congress saw that he “belongs to the previous Whig occasion and may by no means belong to the other. ”24 “I have regularly been an old-line Henry Clay Whig,” Lincoln defined in 1861. 25 Lincoln and his spouse, Mary Todd Lincoln, have been born in Henry Clay’s followed Kentucky. a few of his Todd in-laws knew Clay and belonged to the Whig circles in Springfield within which Lincoln moved. A relative, Lyman Beecher Todd, claimed in 1901: “I have visible him [Lincoln] while two times he visited Lexington, Kentucky,—on final party whilst he used to be the visitor of Mr. Clay at Ashland. ”26 of Clay’s sons fought for the Union whereas one fought for the Confederacy within the Civil struggle.