Tim Stanley

Capitalism in America: A History

Two new books, Capitalism in America and These Truths, attempt to define what it means to be an American

issue 20 October 2018

Donald J. Trump has sparked some soul- searching among US historians: has this happened before? Does it mean America has changed? Cue the self-laceration, cue the book deals. Two impressive volumes illustrate both agreement and disagreement, both concurring that America represents the search for something — but the jury’s out as to precisely what.

Capitalism in America: A History is by an Economist writer (Adrian Wooldridge) and a former chair of the Federal Reserve (Alan Greenspan), so you can guess where they’re coming from. The book celebrates the American thirst for self-improvement and argues that the country has long benefited from a ‘creative destruction’ driven by the market and entrepreneurs.

Here’s the story. In the beginning, America was a frontier, rich in natural resources and conquered by businessmen: Alexis de Tocqueville wrote: ‘I know of no country, indeed, where wealth has taken a stronger hold on the affections of men… the entire society is a factory.’

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