Customer Reviews

One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe

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Dr. Wright's presentation of the nation's first national debt is both engrossing and informative. Perhaps it is his background as an historian, but regardless, his presentation of economics is straightforward and makes for a good read from the layperson's point of view.

Wright shows Alexander Hamilton as the genius that he truly was. While critics of Hamilton tend to focus on his behind-the-scenes machinations during the 1800 election, Wright allows Hamilton's financial wizardry (which should be this founder's true legacy) to shine. Indeed, Hamilton grasped that a national debt and the eventual assumption of states' debts was necessary not only for the new nation to survive practically, but to maintain its international public credit.

I would recommend reading this book in concert with John Miller's biography on Alexander Hamilton, Portrait in Paradox. Both authors show that Hamilton was well ahead of his time.

The chapters read easily, with an early focus on the Dutch and English international finance models of the early and late 18th century. The chapter entitled "Life," which concentrates on a few individual Virgina debt holders, is also engrossing. Wright spotlights the stories of a few individual patriots to show that these debtholders were just as vital to the nation, with their willingness to take a chance on the early United States, as was both France and Holland in their initial financing of the War of Independence.

All in all, a great read.

Dr. Dennis Edwards
Associate Professor of Economics

Anyone intersted in US history will enjoy this book, it was an easy read on what I thought would be a complicated subject.

The author keeps the subject interesting by mixing the "big picture" of international finance with political skullduggery at home and shines more light on the much maligned Alexander Hamilton's role in safeguarding America's first years.

Why do governments go into debt ? How do they pay for it ? Is that debt a good thing or a bad thing; that is to say, is a national debt a blessing or a curse ? Just what was the breakdown and nature of America's first national debt ? These are just some of the questions answered in Robert Wright's latest work.
It would not be bad bet to wager that few of us in the United States know how and why we incurred our first national debt. Maybe more importantly, even fewer of us probably realize just how much there is to contrast between now and then. Just after the adoption of our Constitution, our debt became, under the care and genius of a young Alexander Hamilton, a relatively temporary and useful tool for putting the credit of the United States on solid footing with Europe; while simultaneously serving as a a positive example to our merchants and businessmen, on whom so much of our finances were dependent. Today, our debt would appear to be nothing more than something for career politicans to continually run up for the sake of votes. Indeed, in today's modern American Nanny State, our so-called care takers seem to have no thought to paying the debt down, nevermind off. A far cry from some 200 years ago ! In Robert Wright's new book, such unfortunate differencees between now and then become all too clear.
There is even something for the more socially minded Historian in Wright's breakdown of those who were our nation's very first creditors. He sheds light on just who these first true patriots were.
In sum, this is a well written book on a very important subject matter.

At times, this book became ponderous to read, but overall it was both enjoyable and very informative. It describes how our country financed its creation and how the early founding fathers through the administration of Andrew Jackson managed and sometimes mismanged the U.S. finances. We as a nation need to remember the lessons of thrift and controlling public spending and borrowing in the 21st century.
Why have the voters not elected more true patriots to Congress in the 21st century, when we need them most. I am referring to tea party types who would vote to decrease the size of the federal government, fire federal employees and terminate federal programs?
Hamilton offered us : an adequate supply of cash with the creation of the first Bank of the United States, a stable unit of account--the dollar, low interest rates, low taxes, and security of life, liberty, and property. And there existed in the 1790's entreprenurial gusto and economic opportunity aplenty in the inhabitants of the early united states. Despite Jefferson and Madison's fears, it was Hamilton's economic plan that worked well and breathed life into the new country! [p151]
I also agree with the Dr. Wright's idea of the 'development diamond' The author described the development diamond as being : the Constitution of 1787, the first national debt paid off in 1834, the financial system the first and second Banks of the United States, the various entrepreneurs and the rise of professional business manangers that spurred American economic growth from 1780-1857.
Terry Jennrich

This book provides rare insight into the financial foundations of the US economy. Supporting data, trends, and documentation add additional color to this thoughtful commentary on early american economic history. This obviously knowledgeable author writes in a very readeable style. The book was fantastically insightful.

Bob Wright's tenth book proves once again his keen ability to link our economic history to present trends. In these times of economic instability, one owes it to oneself to become educated. This does not mean education in regard to the current and near future "guesses" of what may come financially, but more importantly on how we have arrived here.
A must read. Regards... Michael W. Vasta