First Published in 1994. This comprehensive work views U.S. history through the analytical framework of the capitalist process. The highlights of the book are: it weaves together economic history with the history of economic ideas to give a new perspective on the contemporary connections between the economic and social processes; provides an analytical and historical explanation of capitalism as a socioeconomic system; discusses the past and present functioning of the business system, as 'a system of power', with emphasis on the 1970s, 1980s and the stagnation of the 1990s; analyses the relationship between structures of income, wealth and power and class, color and gender; and critically looks at the development and nature of the capitalist state.

From the legendary former Fed Chairman and the acclaimed Economist writer and historian, the full, epic story of America's evolution from a small patchwork of threadbare colonies to the most powerful engine of wealth and innovation the world has ever seen. Shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year Award From even the start of his fabled career, Alan Greenspan was duly famous for his deep understanding of even the most arcane corners of the American economy, and his restless curiosity to know even more. To the extent possible, he has made a science of understanding how the US economy works almost as a living organism--how it grows and changes, surges and stalls. He has made a particular study of the question of productivity growth, at the heart of which is the riddle of innovation. Where does innovation come from, and how does it spread through a society? And why do some eras see the fruits of innovation spread more democratically, and others, including our own, see the opposite? In Capitalism in America, Greenspan distills a lifetime of grappling with these questions into a thrilling and profound master reckoning with the decisive drivers of the US economy over the course of its history. In partnership with the celebrated Economist journalist and historian Adrian Wooldridge, he unfolds a tale involving vast landscapes, titanic figures, triumphant breakthroughs, enlightenment ideals as well as terrible moral failings. Every crucial debate is here--from the role of slavery in the antebellum Southern economy to the real impact of FDR's New Deal to America's violent mood swings in its openness to global trade and its impact. But to read Capitalism in America is above all to be stirred deeply by the extraordinary productive energies unleashed by millions of ordinary Americans that have driven this country to unprecedented heights of power and prosperity. At heart, the authors argue, America's genius has been its unique tolerance for the effects of creative destruction, the ceaseless churn of the old giving way to the new, driven by new people and new ideas. Often messy and painful, creative destruction has also lifted almost all Americans to standards of living unimaginable to even the wealthiest citizens of the world a few generations past. A sense of justice and human decency demands that those who bear the brunt of the pain of change be protected, but America has always accepted more pain for more gain, and its vaunted rise cannot otherwise be understood, or its challenges faced, without recognizing this legacy. For now, in our time, productivity growth has stalled again, stirring up the populist furies. There's no better moment to apply the lessons of history to the most pressing question we face, that of whether the United States will preserve its preeminence, or see its leadership pass to other, inevitably less democratic powers.

By the early twentieth century, it became common to describe the United States as a "business civilization." President Coolidge in 1925 said, "The chief business of the American people is business." More recently, historian Sven Beckert characterized Henry Ford's massive manufactory as the embodiment of America: "While Athens had its Parthenon and Rome its Colosseum, the United States had its River Rouge Factory in Detroit..." How did business come to assume such power and cultural centrality in America? This volume explores the variety of business enterprise in the United States and analyzes its presence in the country's economy, its evolution over time, and its meaning in society. It introduces readers to formative business leaders (including Elbert Gary, Harlow Curtice, and Mary Kay Ash), leading firms (Mellon Bank, National Cash Register, Xerox), and fiction about business people (The Octopus, Babbitt, The Man in the Grey Flannel Suit). It also discusses Alfred Chandler, Joseph Schumpeter, Mira Wilkins, and others who made significant contributions to understanding of America's business history. This VSI pursues its three central themes - the evolution, scale, and culture of American business - in a chronological framework stretching from the American Revolution to today. The first theme is evolution: How has U.S. business evolved over time? How have American companies competed with one another and with foreign firms? Why have ideas about strategy and management changed? Why did business people in the mid-twentieth century celebrate an "organizational" culture promising long-term employment in the same company, while a few decades later entrepreneurship was prized? Second is scale: Why did business assume such enormous scale in the United States? Was the rise of gigantic corporations due to the industriousness of its population, or natural resources, or government policies? And third, culture: What are the characteristics of a "business civilization"? How have opinions on the meaning of business changed? In the late nineteenth century, Andrew Carnegie believed that America's numerous enterprises represented an exuberant "triumph of democracy." After World War II, however, sociologist William H. Whyte saw business culture as stultifying, and historian Richard Hofstadter wrote, "Once great men created fortunes; today a great system creates fortunate men." How did changes in the nature of business affect popular views? Walter A. Friedman provides the long view of these important developments.

A leading economic historian traces the evolution of American capitalism from the colonial era to the present—and argues that we’ve reached a turning point that will define the era ahead. “A monumental achievement, sure to become a classic.”—Zachary D. Carter, author of The Price of Peace In this ambitious single-volume history of the United States, economic historian Jonathan Levy reveals how capitalism in America has evolved through four distinct ages and how the country’s economic evolution is inseparable from the nature of American life itself. The Age of Commerce spans the colonial era through the outbreak of the Civil War, and the Age of Capital traces the lasting impact of the industrial revolution. The volatility of the Age of Capital ultimately led to the Great Depression, which sparked the Age of Control, during which the government took on a more active role in the economy, and finally, in the Age of Chaos, deregulation and the growth of the finance industry created a booming economy for some but also striking inequalities and a lack of oversight that led directly to the crash of 2008. In Ages of American Capitalism, Levy proves that capitalism in the United States has never been just one thing. Instead, it has morphed through the country’s history—and it’s likely changing again right now. “A stunning accomplishment . . . an indispensable guide to understanding American history—and what’s happening in today’s economy.”—Christian Science Monitor “The best one-volume history of American capitalism.”—Sven Beckert, author of Empire of Cotton

Why socialism has failed to play a significant role in the United States - the most developed capitalist industrial society and hence, ostensibly, fertile ground for socialism - has been a critical question of American history and political development. This study surveys the various explanations for this phenomenon of American political exceptionalism.

For better or for worse, capitalism is the philosophy that has come to define the United States. In this intriguing essay, Beckert takes a look at the historiography of American capitalism, which has been, according to Beckert, ironically neglected by historians until recently.

A book that rewrites the history of American prosperity and inequality Unequal Gains offers a radically new understanding of the economic evolution of the United States, providing a complete picture of the uneven progress of America from colonial times to today. While other economic historians base their accounts on American wealth, Peter Lindert and Jeffrey Williamson focus instead on income—and the result is a bold reassessment of the American economic experience. America has been exceptional in its rising inequality after an egalitarian start, but not in its long-run growth. America had already achieved world income leadership by 1700, not just in the twentieth century as is commonly thought. Long before independence, American colonists enjoyed higher living standards than Britain—and America's income advantage today is no greater than it was three hundred years ago. But that advantage was lost during the Revolution, lost again during the Civil War, and lost a third time during the Great Depression, though it was regained after each crisis. In addition, Lindert and Williamson show how income inequality among Americans rose steeply in two great waves—from 1774 to 1860 and from the 1970s to today—rising more than in any other wealthy nation in the world. Unequal Gains also demonstrates how the widening income gaps have always touched every social group, from the richest to the poorest. The book sheds critical light on the forces that shaped American income history, and situates that history in a broad global context. Economic writing at its most stimulating, Unequal Gains provides a vitally needed perspective on who has benefited most from American growth, and why.