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Throughout time, from ancient Rome to modern Britain, the great empires built and maintained their domination through force of arms and political power. But not the United States. America has dominated the world in a new, peaceful, and pervasive way -- through the continued creation of staggering wealth. In this authoritative, engrossing history, John Steele Gordon captures as never before the true source of our nation's global influence: wealth and the capacity to create more of it.

Customer Reviews (51)

don't waste your time or money!
the author is another apologist for central banking, regurgitating the pablum he was fed undigested.his book is nothing more than one inconsistency after another - he seems to be completely unaware of what he is saying.

written before the most recent economic debacle, he would most likely blame it on thomas jefferson or andrew jackson, maybe even the lack of a saving hero such as j.p. morgan (one of his heroes).he certainly would never blame it on fractional reserve central banking.

don't waste your time or money.buy a book that tells the factual story - try
"the history of money and banking in the united states" by murray rothbard.

i would have given a 0 rating had that been available.

Tired of your boring economics class? Gordon is a genius!
As an avid American History enthusiast, I've read many books in an effort to greater appreciate where we come from, but none have impacted me in quite the same way as this, John Steele Gordon's masterpiece. Gordon begins the book explaining the nature and background so desperately needed to understand the colonist movement of America, and ends describing to us the situation we currently live in.
I am an economics student, and I enjoyed Gordon's insight into the free market/capitalistic system that we live in today. Doing a wonderful job of being accurate and fair, this book will give you the insight you need to understand the economic events that transpire today, and perhaps why they take the shape they do. We live in a troubled world where opinions on the future direction of the economy overtake our ears from every side, both logical and not, and some semblance of understanding, historical background, and perspective is needed. I cannot recommend a more wonderful book to accomplish the perspective, and general knowledge that must be had in order to make informed arguments to what is heard on the news these days. Gordon is perhaps at his best when he points out the little (and perhaps counted by us as insignificant) achievements that have advanced us so far:

"Accounting had been known since civilization arose in Mesopotamia. Indeed, writing, the defining attribute of civilization, was in all likelihood invented to help keep the books. But accounting did not advance much for several thousand years thereafter, until double-entry bookkeeping was developed in Italy in the 15th century. Double entry makes it much easier to detect errors and allows a far more dynamic financial picture of an enterprise to emerge from the raw numbers. Because of double-entry bookkeeping, it became possible for people to invest in distant enterprises and still keep track of how their investment was doing. "

While the book might entertain (if only slightly) a certain bias against other forms of economic thought, the overall effect is a wonderful presentation of history and economics. Many people will shy away from anything having to do with economic theory remembering their own college professors lecturing for eternity about supply and demand, but the practice of the theory has been pervasive throughout our own American history. Gordon gives a fun and entertaining way to view it! This certainly isn't your college course of American economic thought, but a vivid stroll down the roads of Jamestown, the Streets of the 1930's, and even our own homes and how they came to be.

Intersting read ..much history omited
The author cheer leads for the wealthy and powerful yet never examines the human toll or condition of the American people as a whole. His Bias is obvious in such inaccurate statement he makes..pg.339 "Glass-Steagall had been a mistake"..this book was published in 2004..wonder if he still believes Glass Steagall was a mistake in 2008 after our financial bailouts of the Banks? (separation of commercial and retail banking).

Pg.415 "as socialism IN ALL ITS FORMS had been show to be universally a failure as an economic system"now in 2010 countries such as the Netherlands,Denmark,Norway,Sweden, Germany are doing far better economically for their citizens than than USA is in providing universal National health care (we dont),elimination of poverty (we havent),a higher standard of living,Universal access to higher education (we havent), It would hardly be fair or accuarte to wealthy Socialist European countries
to call them "Failures" as the author has. Perhaps the author needs to walk in the poor parts of New Orleans or Detriot at night to discover his preference for Detroit or Copenhagen..New Orelans or Delft and see what he would prefer based on economic systems.

Decent Overview
This book is a fairly light read (for Economics) and a good overview of the Economic history of the U.S. It engagingly tells how our economy developed as the nation grew. This is not for people who have graduate degrees in Economics, but it is a good book for those wanting to learn about our nations economic history. Well written and in an entertaining style.

An Empire of Wealth: John Gordon Steele
John Gordon Steele's an Empire of Wealth is a very good book about the history of capitalism in this country and the vital link between America's greatness as a nation and the free-market capitalism it has always practiced.Steele's book is a good antidote to the constant stream of anti-capitalist thinking permeating today's Washington politics, especially that represented by the current bombast from the political left. He testifies to the importance of free markets in both ensuring economic growth and personal liberty, a truth which our Founding Fathers and later-day economists such as Milton Friedman readily grasped.A very good read for those who still admire and love this country (and want to be reminded why we all should). ... Read more

Product Description
This concise and accessible introduction to European economic history focusses on the interplay between the development of institutions and the generation and diffusion of knowledge-based technologies. The author challenges the view that European economic history before the Industrial Revolution was constrained by population growth outstripping available resources. He argues instead that the limiting factor was the knowledge needed for technological progress but also that Europe was unique in developing a scientific culture and institutions which were the basis for the unprecedented technological progress and economic growth of the nineteenth and twentieth centuries. Simple explanatory concepts are used to explain growth and stagnation as well as the convergence of income over time whilst text boxes, figures, an extensive glossary and online exercises enable students to develop a comprehensive understanding of the subject. This is the only textbook students will need to understand Europe's unique economic development and its global context. ... Read more

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This is the standard account of the economic history of the vast area conventionally known as West Africa. Ranging from prehistoric time to independence it covers the former French as well as British colonies. ... Read more

Customer Reviews (2)

Class struggle in the Roman Empire
Rostovtzeff's book covers the economy of the Roman Empire between the First Century B.C. and the reforms of Diocletian in 284. His main thesis is that the history of the Empire is essentially a three-way struggle between the Senatorial upper classes, the city bourgeoisie (knights) and the proletariate.

After a brief account of the Social War and of the end of the Republic, the first part of the book is a detailed description of the economic environment in each province of the Empire under the Principate. He shows how the Emperors tried to develop the economy by supporting the city bourgeoisie against the Senatorial class, which was slaughtered in the various civil wars, and had almost totally disappeared at the end of the Antonine dynasty.

The second part, the most interesting in my view, is an account of the Crisis of the Third Century. According to the author, the failure of the bourgeoisie to assume the military defense of the Empire led to the development of an army of peasants who hated the city elites, and who took advantage of the politicalinstability to establish a military dictatorship. The Emperors were only tools in the hands of that proletarian army and were almost always assassinated after a few years. Ever heavier taxes were necessary to pay the soldiers. Taxes were levied inefficiently and arbitrarily on the city elites (when they were not massacred in civil wars), whichkilled individual enterprise and eventually led to a major economic decline, and more taxes.Rostovtzeffconcludes that the crisis was in fact a proletarian revolution, and he makes an interesting parallel between a letter written in Egypt in the Third Century and letters he's receiving from the Soviet Union to illustrate the point (the book was written in 1926).

The history ends with Diocletian, who stabilized the military dictatorship in order to save the Empire politically, instead of returning to the earlier policy of supporting the cities. That merely postponed the end of the Empire for two centuries. For the later period, AHM Jones' Later Roman Empire is recommended.

The reasons for the economic decline of the Ancient World remain an historical puzzle (see for exampleThe End of the Past by Aldo Schiavone), and Rostovtzeff does not give any definitive answer, but his arguments are very interesting, and the process by which a sophisticated society became a system of generalized slavery in which everyone was worse off is rather disturbing.

A Masterpiece
In short, this book is a masterpiece of historical scholarship.Rostovtzeff describes every aspect of socioeconomic life throughout Roman civilization from the Julio-Claudians through Diocletian in a wonderful narrative.It is hard to imagine that a book primarily concerned with how people feed and clothe themselves can be an engrossing page-turner, but this book is.If you are at all interested in the history of real people, you must read this book. ... Read more

Product Description
A "provocative...persuasive" (The New York Times) book that examines countries' economic destinies.

In False Economy, Alan Beattie weaves together elements of economics, history, politics, and human stories, revealing that governments and countries make concrete choices that can determine whether they remain a rich or poor nation. He also addresses larger questions about why they make they choices they do, and what they mean for the future of our global economy. But despite the heady subject matter, False Economy is a lively and lucid book that engagingly and thought-provokingly examines macroeconomics and the fault lines and successes that can make or break a culture. Along the way, readers will discover why Africa doesn't grow cocaine, why our asparagus comes from Peru, why our keyboard spells QWERTY, and why giant pandas are living on borrowed time.

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Customer Reviews (41)

Lucid, readable, fascinating
Beattie's enjoyable prose tackle a range of dry subject matter to make light work of what is essentially an economics tome.There's a nice balance between the detailed examples and the bigger picture implications, and I felt compelled to read it twice in the space of a month so as not to forget any.

Informative and Interesting
Alan Beattie's "False Economy" is an informative and interesting book on the economic history of the world, especially from the perspective of a British author who is currently the World Trade Editor for the Financial Times. Really great for people that like economics and have wondered how countries and cultures developed the way they have. If you like books on global economics, this is a book on global economics. If you don't, it still is, but you should avoid it. This book is a great base for thinking about government policies, for skepticism to rulers that fail to improve life of citizens in their countries due to objective reasons.

A great "butterfly"
Non-fiction books are often divided into "caterpillars" and "butterflies." This is one of the best "butterflies"in a while....

Both left-wing and right-wing idealogues will be disappointed by this work.Mr. Beattie's analyis takes a pragmatic approach towards political-economic history.Mr. Beattie laments the counter-intuitive mistakes of history--mistakes that are mostly based on ignorance, greed, and/or self-defeating nationalism.

Beattie's question and answer style goes a long way to analyzing key political-economic questions.Wrting like a true Cambridge graduate,you pick up many intriguing tangents along the way.

The book is almost never long-winded, though the British East India is used as a historical example too many times.(I guess that Mr. Beattie is "over-educated" on this subject).

Very importantly, Beattie occupies a well-defended Political Center.

According to Beattie,political pragmatism must be mitigated to avoid economic pitfalls; free markets and free trade are the paths to prosperity; government intervention is needed to develop infrastructure, cushion the blows of recessions, and maintain some degree of social justice.

No greatrevelations in here, but rathermany, many cool small revelations.And, perhaps that's even more important.

Trying to understand how world economy became as it is
Alan Beattie's theory is that countries historically choose different paths for development and the choices they make matter for a long time into the future. Furthermore, it is not easy to change path once a country has progressed far enough on it. He starts with the book with a hypothetical comparison between Argentina and USA. Both were large countries based on European immigration and their economies started basically at par. But the policy choices they made resulted in the United States becoming the world's leading economy, while Argentina was relegated to the status of a developing country. The author further makes the point that these results are not necessarily permanent and warns that embracing bad economic policies might still lead the United States on a path towards the fate of Argentina.

Beattie, an Oxford educated British economic historian, the Financial Times world trade editor. The book demonstrates his encyclopaedic knowledge of the world economic history and the current events alike. The book is fact-packed and Beattie bases his argument firmly on facts. This also makes it somewhat tedious reading. Although he is at times witty and ironic, his style is a bit dry. Therefore it took me a long time to get through the book. Luckily it doesn't matter that much, as each of the chapters on topics, such as cities, trade, natural resources, religion, supply chains, and corruption, reads fine as a stand-alone essay. Beattie brings it all together well in the final concluding chapter.

Although clearly an advocate of trade liberalization, limited economic regulation and the benefits of globalization, Beattie is far too nuanced in his analysis and argumentation to be doctrinaire. In fact, he sums up sensibly that (p. 298):

"...giving finely tuned advice on precisely what should be done with import tariffs, tax rates, or anything else is impossible. That way lie mistakes like the micro-management of the indonesian clove marketing board by the International Monetary Fund. I don't know what the exact answers are, and anyone who claims she does should not be trusted. In general, the more that development economists have looked at the questions, the less precise or doctrinaire their advice becomes."

He then does outline certain principles that do seem to make rather universal sense based on an historical analysis. This to me sounds like a sage conclusion. Alan Beattie's book is thoroughly researched and argued, thoughtful and providing new insight into why the world economy today looks like it does. It is well worth reading and will contribute to the debate on how the world economy became what it is today.

False Economy.Great Book!
In many respects, "False Economy" is similar to "Freakonomics ".Both books provide a well written excursion through modern economics with a view to learning certain lessons.However, it is "False Economy" that is the more insightful book notwithstanding the sales successes of "Freakonomics."

Alan Beattie takes the reader through a number of fascinating examples where each chapter has a central theme but readily digresses into captivating side streets.He begins the book with a discussion of why Argentina failed and the USA succeeded even though a hundred years ago, both countries would have been deemed to have similar prospects.Argentina simply made bad choices.It chose a protectionist course with arbitrary decision making from policy makers. It frowned on the strengths of the individual and relied upon the wisdom of the autocrat.In summary, Peronism was a failure.

Beattie then goes on to examine cities, the importance of trade and why natural resources can be a burden if not managed wisely.He also examines the negative influence that religion can sometimes exert on an economy before going on to discuss trade routes, infrastructure and corruption.Yet for all the high sounding nature of some of these subjects, Beattie covers each in a plain writing, thoroughly engaging style.Indeed, it is Beattie's use of words that is one of the book's best features.This is not a book about dry economics.Rather, it is cleverly writer discussion of modern society and the forces which molded it.It is accessible by the general reader.It is not a book for technocrats or economist alone.

In sum, I only wish I had come across this book sooner.It is a modern marvel.
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Product Description
This book considers the impact of slavery and Atlantic trade on British economic development during the beginning of British industrialization. Kenneth Morgan investigates five key areas within the topic that have been subject to historical debate: the profits of the slave trade; slavery, capital accumulation and British economic development; exports and transatlantic markets; the role of business institutions; and the contribution of Atlantic trade to the growth of British ports. This stimulating and accessible book provides essential reading for students of slavery and the slave trade, and British economic history. ... Read more

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This volume examines the growth and development of English towns in the critical period between 1650 and 1850. Christopher Chalklin surveys market and county towns, port and manufacturing centers, new dockyard towns, spas and seaside resorts. He discusses house and public building, education, work and leisure activities, public duties and politics, and contrasts the emerging middle classes with the artisan and laboring masses. This concise study draws especially on recent publications incorporating new knowledge and interpretations. It will be a valuable resource for students of economic, social and urban history. ... Read more

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This bibliographical guide contains 10,000 references to the economic and social history of 30 European countries during the period 1700-1939. More than 3000 periodicals have been consulted to obtain references, as well as books, edited collections and conference proceedings. The information is listed in categories such as industry, agriculture, finance, migration, labour conditions, urban communities and organizations. Full publication details are included, so that references may be located easily. ... Read more

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Until recently, historians tended to dismiss home economics as little more than a conspiracy to keep women in the kitchen. This landmark volume initiates collaboration among home economists, family and consumer science professionals, and women's historians. What knits the essays together is a willingness to revisit the subject of home economics with neither indictment nor apology. The volume includes significant new work that places home economics in the twentieth century within the context of the development of women's professions.Rethinking Home Economics documents the evolution of a profession from the home economics movement launched by Ellen Richards in the early twentieth century to the modern field renamed Family and Consumer Sciences in 1994. The essays in this volume show the range of activities pursued under the rubric of home economics, from dietetics and parenting, teaching and cooperative extension work, to test kitchen and product development. Exploration of the ways in which gender, race, and class influenced women's options in colleges and universities, hospitals, business, and industry, as well as government has provided a greater understanding of the obstacles women encountered and the strategies they used to gain legitimacy as the field developed. ... Read more

Customer Reviews (2)

Rethinking Home Economics: Women and the History of a Profession
The book gives one an appreciation for the discipline and profession of home economics. It enlightens the reader about home economics and that it goes beyond cooking and sewing. It also provides a good background on the history of the profession of home economics, the people responsible for its conception and the series of events which developed the profession into what it is known today.

Home Ec - A history
This text is the required reading for a class, The History and Philosophy of Family and Consumer Science, at Immaculata University, Immaculata Pennsylvania.Gratefully, the instructor does not have enough time in the semester to have us read every chapter.The book is a series of essays that jump around and are not chronological.I needed a dictionary by my side in order to understand some of the terminolgy used throughout the text. Most of the students in class agreed that the book is pretty difficult to comprehend. ... Read more

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This is the first of the series of four collections of essays in which Paul M. Sweezy and Harry Magdoff, the editors of Monthly Review, chronicled, as it was taking place, the development of U.S. and global capitalism from the end of its "golden age" in the late 1960s to the full onset of the financial explosion of the early 1990s and after. With exceptional clarity, the authors explain basic economic principles and bring them to life with concrete examples drawn from the daily workings of the corporations and the financial markets, and the international monetary system. ... Read more

Customer Reviews (1)

A must read
This is a big, tough to read book.But it is worthy every letter of it.Professor Pribram travels through economic thought like no other author.A must read for Economists. ... Read more

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The appearance of the famous (and massive) volumes of Rothbard's History of Economic Thought in a new edition is cause for great celebration. They have been out of print for many years, and were previously only available at a price exceeding $200 for the set. They are at last accessible again, in beautiful hardcover, and at an affordable price.

In Economic Thought Before Adam Smith, Murray Rothbard traces economic ideas from ancient sources to show that laissez-faire liberalism and economic thought itself began with the scholastics and early Roman, Greek, and canon law. He celebrates Aristotle and Democritus, for example, but loathes Plato and Diogenes. He is kind toward Taoism and Stoicism. He is no fan of Tertullian but very much likes St. Jerome, who defended the merchant class. Now, that takes us only to page 33, just the beginning of a wild ride through the middle ages and renaissance and modern times through 1870.

Rothbard read deeply in thinkers dating back hundreds and thousands of years, and spotted every promising line of thought — and every unfortunate one. He knew when an idea would lead to prosperity, and when it would lead to calamity. He could spot a proto-Keynesian or proto-Marxist idea in the middle ages, just as he could find free-market lines of thought in ancient manuscripts.

Many scholars believe this was his most important work. The irony is that it is not the work it was supposed to be, and thank goodness. He was asked to do a short overview of the modern era. He ended up writing more than 1,000 pages of original ideas that remade the whole of intellectual history up through the late 19th century.

Once Rothbard got into the project, he found that most all historians have made the same error: they have believed that the history of thought was a long history of progress. He found that sound ideas ebb and flow in history. So he set out to rescue the great ideas from the past and compare them with the bad ideas of the "new economics."

His demolition of Karl Marx is more complete and in depth than any other ever published. His reconstruction of 19th-century banking debates has provided enough new ideas for a dozen dissertations, and contemporary real-money reform. His surprising evisceration of John Stuart Mill is cause to rethink the whole history of classical liberalism.

Most famously, Rothbard demonstrated that Adam Smith's economic theories were, in many ways, a comedown from his predecessors in France and Spain. For example, Smith puzzled over the source of value and finally tagged labor as the source (a mistake Marx built on). But for centuries prior, the earliest economists knew that value came from within the human mind. It was a human estimation, not an objective construct.

Rothbard was a pioneer in incorporating the sociology of religion into the history of economic ideas. He saw that the advent of Christianity had a huge impact on the theory of the state. He observed the rise of absolutism and theory of nationalism that came with the reformation. He traced the changes in the Western view toward lending and interest payments over the course of a thousand years.

This set is a monument to Rothbard's genius, a resource that will be valuable to intellectuals for generations, and a great read too! ... Read more

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True economics not central bank shams
This set is outstanding in its accuracy, information and applicability to the understanding of historic and present problems. It is a more detailed and complete set of works which is the basis of the book "Case Against the Fed" by the same author. Actually that smaller work might be best read first as it will, in its summary, make the larger two volume set easier to handle.

Rothbard's Triumphant Master Work
The product of a lifetime of dedicated scholarship, this is Rothbard's magnum opus.

Volume one is a breathtaking journey through time, analyzing how culture, religion, and politics have impacted upon economic thought.

Volume two contains the most devastating refutation and trenchant analysis of Karl Marx and his destructive, apocalyptic theory of Communism."

Pre-Austrian Economic History from an Austrian Perspective
This work is a tour de force of economic thought, spanning a thousand pages and nearly two millennia.

The books thesis rests on Thomas Kuhn's theory of paradigm shifts of scientific intellectuals in "The Structure of Scientific Revolutions."In these two volumes, Rothbard grinds his axe against what he would refer to as the "Whig theory of history" or the idea that history of ideas is always a progression forward.

In light of this thesis, Rothbard carefully works in progression from ancient Greek thought of Plato, Aristotle, and Xenophobe to the late 19th century works of J.S. Mill, Marx, Bastiat and Pareto.What is truly amazing is amount of time in Volume I he devotes to smaller unknown scholastics (who revived much of the work of Aristotle after finding preserved by the Arabs) overlooked by works like Lionel Robbins lectures on Economic thought and much of Hayek's contributions, which were dominated by the Scottish Enlightenment.Insomuch, Rothbard credits - like Schumpeter did - many lesser individuals which prefigured Smith, like Turgot, Cantillon and the French tradition; or the School of Salamanca and the Scholastic's who debunked the idea of a just price - based in a theoretical corpus of Natural Law (like Rothbard himself).

There are some who have taken the whole book out of context by reading only his treatment of Adam Smith - mostly because this is the most controversial section. Without context, Rothbard chapter on Smith seems to be harsh for those who consider him a great defender of liberty and lassie faire.Yet, to me, he sufficiently backs his libertarian case against Smith - as those who have actually looked into the Wealth of Nations can attest (the contradiction in Book 1 and 5 is most apparent in his description of the division of labor on one hand and alienation on the other).In fact, he continues Joseph Schumpeter's famous assessment of `das AdamSmith' problem (Schumpeter argues that Smith, in the Wealth of Nations is just carrying on a physiocrat position in `Economic Doctrine and Method'); which has plagued economic thought by misplacing an emphasis on one man as the intellectual godfather while belittling outstanding prefigures like Turgot and Cantillon, the Scholastics and post-figures such as Senior, Bastiat and Say.

It is not that Rothbard means to tear Smith's whole doctrine asunder.Rothbard admits freely that Smith was important up to a point, yet was bereft in his defense of liberty.Hence Smith doesn't measure up to his `hardcore' liberal French counterparts - for instance Turgot or Say.Rothbard illustrates this in the American tradition by quoting Thomas Jefferson as having admiration and preference for De Tracy and J.S. Say instead of Adam Smith.

A mild warning - although the book is an exhilarating history of ideas, some of the finer points may be difficult or perhaps too technical for a layman.Rothbard has particular detailed points on theoretical economic issues.(Which makes me question the familiar charge about Rothbard retreating from Economics during the 1970's - as this book was written in the 1980's) He spends some space analyzing the differences in the theory of price (between Mill, Ricardo, Smith and the French School), interest and other lengthy sections (roughly 3 chapters of the second book) on monetary theory.

In light of the 20th century textbook analysis dominated by the neo-classical tradition in the micro sphere and Keynesianism in the macro sphere, Rothbard seeks to carve out and correct misunderstanding and misrepresentation of the classics and its development into the strains of these modern ideas - evaluating them by his own Austrian standard (see Rothbard's Man, Economy and State and Human Action by L. von Mises).Yet, Rothbard is not intentionally setting up historical economists as straw men, but to show that they were pioneers - some with clearer insight than others.In effect, he shows that some economics has gotten better while other have gotten worse.

Although this book is aimed at understanding economics, these two volumes also show the depth of Rothbard as an intellectual, religious and political historian as well.Again, this work ought to be disquieting to those scholars who continually discounted Rothbard.It is this painstaking argumentation which feeds directly into his thesis and makes the work sparkle; providing relevance to the questions which still persist today and will be here tomorrow.

Brilliant work
I borrowed this work from my local university library and read it through TWICE! I am now about to order this new affordable set published by the Mises Institute so that I can not only read it through again but have as a constant source of reference. A brilliant work! ... Read more

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This book is the first full length work in fourty years on the history of early American banking.It reveals new interpretations of early banking practices and why there was a need to change and progress with the times. This volume compares early banking with today's more advanced economic theory.Each section contains valuable research as well as contemporary findings and interpretations. ... Read more

Customer Reviews (6)

Hunt does a great job
Hunt provides a much needed addition to the field of economic history and history of economic thought.Too much of economics has an ideological bent to the right, to find one to the left is, in itself, remarkable.In addition, Hunt does a very good job of covering all of the major thinkers and many of those left out of a traditional Ph.D. programs in economics.

Some of the reviewers of this text chastise Hunt for having a bias perspective.ALL of theory has a bias perspective.Hunt, unlike many in the "mainstream," at least admits to his bias in the beginning sections of his work.

Those in economics that believe themselves to be doing pure science without bias will not find the Hunt work of interest.Those in the field that recognize that economics is inseparable from politics will find it an interesting read.Anyone that wants breadth and depth to their understanding will find it necessary.

Debriefing economic theories
Histories of economics are generally crippled by one or another ideological vice, or else misunderstandings of the development of theory, almost an arcane pursuit. This comprehensive history of economic thought gives a critical look at the mainline, the development from Smith to the the marginalists, with everything else draped around that, and the result is refreshingly clear, though charges of bias are inevitable. One problem is that economic theory is beset with cleverly complicated fictions, and those who believe them become confused experts. The slightly distanced perspective here is usefully insightful, taken as a broad canvas.

Pseduo-science
If ever the science of economics was raised from it's dismal beginnings by powerful prose and concise critics, this book surely does not add to effort. Rather, Hunt drivels on for pages about Marx's moral and philosophical complaints, while Smith, the founder of economics receives hardly a nod. This book attempts to critique by ignoring the best arguments of it's subject, then proceeds to propogandize the reader with no mention of competing views. The author's floundering is less critical and helpful in the history of economics and more a manifesto of philosophical tunnel vision.

Should the author choose to honestly revise this book, it's benefit to students and the economic field will be found in a deep and penetrating treatment of an entire history. Critical views and competing views of each figure and doctrine would abound on its pages.

As it stands now, it's a mixed attempt at a call for revolution, a philosophical manifesto, and most deceivingly, a sorry excuse for a so called "critical" history.

Strong on Some Points - But an Unfair Treatment Overall
This book is subtitled "A Critical Perspective"; I think "A Biased Perspective" would have been much more fitting.

Mr. Hunt, a leading theorist on Marxian economics, has compiled a survey of the greatest economic thinkers since Adam Smith. He digs into this rich history with a sharp realism, seeking to explain the motivations behind today's neoclassical tradition. At many points he is insightful. But ultimately, he fails to consider his own motivations in writing the book. The result is a very one-sided analysis of a dynamic subject, which leaves the reader with a bitter aftertaste in the mouth.

The primary methodology Hunt employs is Critical Realism. He seeks to debunk the theories of those in the neoclassical tradition by attacking them personally. It does not make for a very convincing analysis. First of all, Hunt is very uneven in where he applies his scalpel. Writers such as Bastait, Malthus, Riccardo, and J.B. Clark are supposedly "discredited" by their class sympathies, writers in the Marxian tradition (and Marx in particular) are incredulously excused.

When Hunt does engage his opponent on a theoretical level, he is much less than fair. He tends to set up hollow straw-men as his targets, strike them with an obtuse and unwieldy club, and declare himself the victor. The subtleties and complexities a serious theoretician enjoys are nowhere to be found in Hunt's "critical" analysis.

To point out these problems is not to say that Hunt's book is of no value. It absolutely is. In the places where Hunt shines, he does an excellent job - offering broad and historical perspectives on why economics is the way it is today, and how it could be different. The reader is bound to walk away with a much more critical and thoughtful perspective of modern capitalism.

Nonetheless, this does not excuse the serious problems of bias this book contains. A person interested the subject would do better to search out a more objective introduction and then to return to Hunt's book for a taste of the radicals' perspective. I give this book three stars due to its mix of the good and the bad.

The Truth is out about Neoclassical Economics, its bunk.
E.K. Hunt's book provided an excellent as well as indepth portrayal of the development of economic thought.The book explains in throrough detail the various points of origin for economic theory and the two roads that havebeen taken most prevalently since the time of Adam Smith.The strength ofthe book lies in its analysis of modern mainstream theory and thedocumentation of its shortcomings.E.K. Hunt exposes the weaknesses ofmainstream economics while at the same time offering an explanation for itscontinued study in the face of its theoretical inaccuracies.Mainstreameconomics carries on because it is on ideological friendly terms with theexisting economic system.Regardless of the flaws in mainstream theory,and in capitalism in general, the continued reproduction of the economicsystem relies on the ability of those "scientists," whoseresponsibility it is to study the system, to provide a theoreticalframework consistent with the reigning system.Without a scientific basisfor its defense, the economic system and the economic elites benefittingfrom the system would have a hard time defending the results of a much lessthan perfect market economy.In the future I suggest reviewers of thisbook take the time to closely analyze the functioning of the capitalisteconomy before writing a review based solely on a seminar class.However,for many I suppose ignorance is bliss.Thank goodness E.K. Hunt doesn'tview the world from the perspective of one's head in sand. ... Read more

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This celebrated and seminal text examines the industrial revolution, from its genesis in pre-industrial Britain, through its development and into maturity.A chapter-by-chapter analysis explores topics such as economic growth, agriculture, trade finance, labour and transport. First published in 1969, The First Industrial Nation is widely recognised as a classic text for students of the industrial revolution. ... Read more

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The First Industrial Nation - A penetrating discussion of the basis for our present civilization
This book traces the rise of Britain from an agrarian society to a modern industrial nation, carrying with it the rest of the world. Although it reads much like a textbook, I cannot overemphasize the importance of its subject matter.I first read a borrowed copy of the first edition, and couldn't put it down. I then searched widely (including all over London) for another copy, finally finding the second edition on Amazon.com.Nowhere else have I seen such a comprehensive history of the origins of our industrial civilization, containing much that we should know as we proceed into the twenty-first century. ... Read more

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The classic introduction to economic thought, now updated in time for the publication of New Ideas from Dead CEOs

This entertaining and accessible introduction to the great economic thinkers throughout history— Adam Smith, John Stuart Mill, Karl Marx, John Maynard Keynes, and more—shows how their ideas still apply to our modern world. In this revised edition, renowned economist Todd Buchholz offers an insightful and informed perspective on key economic issues in the new millennium: increasing demand for energy, the rise of China, international trade, aging populations, health care, and the effects of global warming. New Ideas from Dead Economists is a fascinating guide to understanding both the evolution of economic theory and our complex contemporary economy.Amazon.com Review
Over 150 years ago, Scottish essayist Thomas Carlyle dubbedeconomics the "dismal science." But it certainly doesn't seem that wayin the skillful hands of Todd G. Buchholz, author of New Ideas fromDead Economists. In this revised edition of a book first publishedin 1989, economics is accessible, relevant, and fascinating. It's evenfun--for example, when he uses the cast of Gilligan's Islandand Henny Youngman jokes to explain complex economic theories. "Whynot have the last laugh on Carlyle by using the dead economiststhemselves to reverse their bad reputations and to teach the lessonsthey left to us?"

Buchholz surveys and critiques economic thought from Adam Smith'sinvisible hand of the 18th century to the depression-fighting ideas ofthe Keynesians and money-supply concepts of the 20th-centurymonetarists. He also relates classic economic principles to suchmodern-day events as the fall of communism, the Asian financialmeltdown, and global warming. Buchholz includes plenty of anecdotesabout the lives of the great economists: Karl Marx, for instance, wasan unkempt slob; David Ricardo, the early-19th-century Englishpolitician and economist, was among the rare economists to get richtrading stocks; and Maynard Keynes was so homely his friends calledhim "Snout." Here's a lively and authoritative read for thoseinterested in the past, present, and future of economics. --DanRing ... Read more

Customer Reviews (39)

Great overview of many different schools of Economic thought
Todd Buchholz brings together a wonderful and well written overview of many different schools of economic thought. This book neatly discusses, summarizes, and brings up criticisms and problems in economics from the days of Adam Smith, to our most recent 'Rational Expectations' school. Each section is divided up into 20 to 30 odd-some pages so that the reader will not be too engrossed in one partiular school of thought, and will be able to easily transition from one school to the next and for the most part, he works in a chronological order. You will learn about the most famous economists Adam Smith, John Maynard Keynes, Karl Marx, Alfred Marshall, as well as Milton Friedman and some of the lesser known economists, whose theories are the foundation of both micro and macroeconomics. Well written and worth the read!

As enjoyable as economics can be
I bought this book because I like to consider myself a well-informed person, and enjoy finance/economics/business, but never knew what people were talking about when they referred to "Keynesian economics" or "Adam Smith's invisible hand".This book is exactly what it claims to be- a solid introduction to modern economic thought.It covers all the great economists, a brief summary of their life, and an explanation of what they added to economic theory.The author is clearly biased, but how could you not be clearly biased against Marx?His writing makes a somewhat tedious topic entertaining- I literally laughed out loud a number of times.I would highly recommend this book to anyone with the same goal as me- a quick catch-up on what's been going on in economics in the past few hundred years, to understand the topic a little better and have intelligent conversations about it.There are definitely no detailed descriptions of theories or in-depth personal analyses of the men themselves- it is a beginners book that makes the topic entertaining and gives you just enough information to understand what people are talking about when economics comes up, and maybe even contribute your own opinions.

Great Intro to the History of Economic Thought for Beginners
Other texts are more technical and exhaustive, but this book is written for the layperson and is *almost* a primer for economics itself, seen through the passage of history.It begins with Smith, devotes chapters to Malthus, Ricardo, Marx, Veblen, Marshall, Mill, Keynes, Friedman, Public Choice, Rational Expectations, etc.The descriptions of how prices coordinate activity and of comparative and absolute advantage is about as good as any, and clear enough for anybody to understand.

This is a great book to use as a jumping off point for studying more of the economists, schools of thoughts, and concepts mentioned.A great companion book to Naked Economics, Basic Economics (Sowell), or Economics in One Lesson.

For a far more accurate (and far more in-depth and less beginner-friendly) treatment of Marx, see Sowell's book on Marxism, the chapter here repeats a few well-worn misconceptions about Marxian economics.

Brilliant survey of the history of economics
I am constantly amazed how little economists know about the history of their profession. They have heard (at best) of Adam Smith, David Ricardo, J.M Keynes. This survey will add to the reader's store of knowledge of an additional ten seminal thinkers.

This book started off slow, but the end was great
1. There was a bit too much detail about the subjects' private lives-- however this information was somewhat useful in getting an idea of the context from which the ideas came. So.....Keynes (the aesthete) seemed to be some sort of reaction against the Victorian background from which he had come.

2. The Public Choice policy discussion was, by far, the best part of the book. The thoughts that were expressed in this chapter are ideas that I have encountered in many other contexts-- but these were a wonderful, concise exposition to the ideas and their founding fathers (Mancur Olson). There was also wonderful discussion of what they did explain and what they did not.

3. Monetary and Fiscal policy were also great. A lot of people know those words, but don't know the profound differences in the ideas that anchor these concepts ("fiscal stimulus"/"Monetary stimulus"). I counted in these people before reading this elucidating book but can at least talk conversationally about it.

4. Because this book deals with the basic schools of thought in different parts of Economics, it can give you specific places to start looking in the search for deeper information. It can also clarify the most fundamental differences between differing schools of thought.

5. On the down side, the book is not all that light to read. Most books this length I could take in about 2 afternoons of reading. But this one is of such a depth that I could read (and absorb) no more than one chapter per day.

6. There were also a few problems with the author's attempts at drollery. He could have left them out and the book would not have been diminished in any way.

Other than that, this is a great book and well worth the (new) purchase price. I have a feeling that it is something to which I'll return time and time again. ... Read more

Product Description
Volume 2 surveysthe economic history of the United States, Canada, and the Caribbean during the nineteenth century. Five main themes frame the economic changes described in the volume: the migration of labor and capital from Europe, Asia, and Africa to the Americas; westward expansion; slavery and its aftermath; the process of industrialization; and the social consequences of economic growth that led to fundamental changes in the role of government.Other topics include inequality, population, labor, agriculture, entrepreneurship, transportation, banking and finance, business law, and international trade. ... Read more

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Brief and accessibly written, Issues in American Economic History provides a look at important topics in the development of the American economy.It is designed to give students a sense of continuity and help to motivate their understanding of economics. ... Read more

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This book seeks to identify the forces which explain how and why some parts of the world have grown rich and others have lagged behind. Encompassing 2000 years of history, Part 1begins with the Roman Empire and explores the key factors that have influenced economic development in Africa, Asia, the Americas and Europe. Part 2 covers the development of macroeconomic tools of analysis from the 17th century to the present. Part 3 looks to the future and considers what the shape of the world economy might be in 2030.

Combining both the close quantitative analysis with a more qualitative approach that takes into account the complexity of the forces at work, Contours of the World Economy provides students with a totally fascinating overview of world economic history. ... Read more

Customer Reviews (3)

Useful; 3.5 Stars
A useful set of essays from the distinguished economic historian Angus Maddison.The best parts of this book are the numerous data tables and charts examining various aspects of economic history.Included are essays on the demography and economy of the Roman empire, the revival of the Western European economy in the age of mercantile capitalism, the effects of expanding trade with Europe on Asia, Africa, and the Western Hemisphere, an assessment of the sources of the industrial revolution, an essay on pioneers in demography and accounting for national economic activity, and some projections for the future.Each essay, except the one on the early British pioneers of demography and national economic accounting, are essentially a concise text built around presentation of data on demography, economic activity, trade, etc.A great deal of this data is quite valuable.Estimates of population and trade in the Roman empire, the magnitude of the African slave trades across the Atlantic and to the Moslem world, the amount of silver transferred from Europe (originally from the Western Hemisphere), and many other important features of world economic history are included.These datasets are fascinating reading.The accompanying texts are a bit uneven.Generally, these are solid descriptions of major trends and facts but Maddison is not always a careful writer and some of his facts are wrong.The description of the Roman army, for example, is the army of the late Republic and early Principate, not the army of the later Roman Empire.Another example would be his underestimate of the number of deaths associated with the failure of the coup attempt in mid-1960s Indonesia.In some of his discussions of controversial issues, such as the origins of the industrial revolution, I'm not sure he is fair to some of the people he criticizes and he may exaggerate the differences between western Europe and China in some respects.His discussion of global warming is relatively superficial and he gives too much weight to skepticism about IPCC estimates of CO2 release and its probable effects.In fact, these estimates have been generally conservative underestimates.For a recent concise overview of this topic, see the recent article by James McCarthy in Science and for a good discussion of the economics, see the recent book by Nicholas Stern.

Excellent studies in economic history

This is a fascinating and brilliant collection of studies in economic history. In Part 1, he looks at various periods of history. Chapter 1 studies the Roman Empire, then the richest part of the world, and "peninsular Italy and its ruling oligarchy were the main gainers." Chapter 2 looks at the years 1500-1820, at Western Europe's unparalleled progress and the transformation of the Americas.

Chapter 3 examines the West's impact on Asia since 1500, particularly the effects that Portugal, the Netherlands and Britain had on China, India, Indonesia and Japan. Chapter 4 looks at the impact of Islam and Europe on Africa since 1 AD. He notes that North Africa was, from the 1st century until the Muslim conquest in the 7th century, a wealthy part of the Roman Empire.

In Part 2, Maddison looks at the advances in macro-measurement made by William Petty (1623-87), `one of the finest examples of the English Enlightenment', John Graunt (1620-74), the first demographer, and Gregory King (1648-1712) who produced estimates of the population of England and Wales, and of income and expenditure. Maddison shows how the evidence has refuted Kondratiev's notion of long waves and Malthus's dismal scaremongering.

In Part 3, Maddison critiques the Intergovernmental Panel on Climate Change's `Special Report on Emissions Scenarios'. This assumes growth that in the OECD countries (the world's richest countries), income per head 1990 to 2100 would rise between from $19K to $109K, in the former socialist countries from $2.4K to $101K, in Asia from $536 to $72K, and in Africa from $1.6K to $61K. Thus the total GDP of Africa, Latin America and some Middle Eastern oil-producing countries would become far bigger than the OECD countries' total GDP. Maddison comments mildly that this "seems implausible and differs sharply from historical experience."

Yet, as he points out, "This assumption is a major driving force in projected energy use and carbon emissions." On this basis, the IPCC forecast a temperature rise of between 0.5 to 1.30C by 2030. He judges, "In view of my scepticism about the higher IPCC projections of GDP, energy consumption and emissions, the lower end of their temperature projections seems the more plausible."

He also observes that the earth's temperature fell between 1945 and 1976, when we had record GDP growth of more than 4% a year. As he notes, "It is odd that the cooling happened when the pace of world economic growth was a good deal faster than in 1910-45 and 1976-2000."

Great statistics covering 2,000 years
The reason why you would buy this book is to get a collection of statistics going back 2,000 years in time. These data are not easy to create so the author has to be commended for providing a good synthesis of the data.

In addition to the data, the text contains a number of essays, which are kind of free-standing and not so coherent. So don't buy this book for a narrative of the world economy during the last 2,000 years. Buy the book for its statistics. If you don't need the statistics, don't buy the book. ... Read more