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Monetary Policy Rules (National Bureau of Economic Research Studies in Business Cycles #31)
by John B. TaylorThis timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Confidence Games: Money and Markets in a World without Redemption (Religion and Postmodernism)
by Mark C. TaylorAwash in a sea of data that seems to have no meaning and bombarded by images and sounds transmitted from around the globe 24/7, people are no longer sure what is real and what is fake. Artists recycle ads in their paintings and businesses use images of artists in their ads; politicians mount campaigns based on hit films; and bankers make billions trading incomprehensible financial products backed by nothing more than abstract figures and signs. In Confidence Games, Mark C. Taylor considers the implications of these developments for our digital and increasingly virtual economy. According to Taylor, money and markets do not exist in a vacuum but grow in a profoundly cultural medium, reflecting and in turn shaping their world. To understand the recent changes in our economy, it is not enough to analyze the impact of politics and technology—one must consider the influence of art, philosophy, and religion as well. Bringing John Calvin, G. W. F. Hegel, and Adam Smith to Wall Street by way of Las Vegas, Taylor first explores the historical and psychological origins of money, the importance of religious beliefs and practices for the emergence of markets, and the unexpected role of religion and art in the classical understanding of economics. He then moves to an account of economic developments during the past four decades, exploring the dawn of our new information age, the growing virtuality of money and markets, and the complexity of the networks by which monetary value is now negotiated. Returning full circle to a version of the market first proposed by Adam Smith when he used theology and aesthetics to rethink economics, Confidence Games closes with a plea for a conception of life that embraces uncertainty and insecurity as signs of the openness of the future. Like religion and economics, life is a confidence game in which the challenge is not to find redemption but to learn to live without it. "Before the global credit system began its collapse in 2007, Mark Taylor had connected the dots between increasingly complex financial instruments and larger cultural forces. Anyone who wants to understand the disappearing foundation of our financial markets needs to read this book immediately."—Michael Lewitt, editor, The HCM Market Letter “Beyond simply dealing with ‘money and markets,’ Confidence Games is a fascinating and wide-ranging tour of modern and postmodern ideas and conditions from Aristotle to Nietzsche, from Wall Street to Las Vegas.”—Craig Bay, Journal of Markets & Morality
Inside the Business Enterprise: Historical Perspectives on the Use of Information (National Bureau of Economic Research Conference Report)
by Peter TeminHow do business enterprises control their subunits? In what ways do existing paths of communication within a firm affect its ability to absorb new technology and techniques? How do American banks affect how companies operate? Do theoretical constructs correspond to actual behavior? Because business enterprises are complex institutions, these questions can prove difficult to address. All too often, firms are treated as the atoms of economics, the irreducible unit of analysis. This accessible volume, suitable for course use, looks more closely at the American firm—into its internal workings and its genesis in the Gilded Age. Focusing on the crucial role of imperfect and asymmetric information in the operation of enterprises, Inside the Business Enterprise forges an innovative link between modern economic theory and recent business history.
The Ends of Freedom: Reclaiming America's Lost Promise of Economic Rights
by Mark PaulAn urgent and galvanizing argument for an Economic Bill of Rights—and its potential to confer true freedom on all Americans. Since the Founding, Americans have debated the true meaning of freedom. For some, freedom meant the provision of life’s necessities, those basic conditions for the “pursuit of happiness.” For others, freedom meant the civil and political rights enumerated in the Bill of Rights and unfettered access to the marketplace—nothing more. As Mark Paul explains, the latter interpretation—thanks in large part to a particularly influential cadre of economists—has all but won out among policymakers, with dire repercussions for American society: rampant inequality, endemic poverty, and an economy built to benefit the few at the expense of the many. In this book, Paul shows how economic rights—rights to necessities like housing, employment, and health care—have been a part of the American conversation since the Revolutionary War and were a cornerstone of both the New Deal and the Civil Rights Movement. Their recuperation, he argues, would at long last make good on the promise of America’s founding documents. By drawing on FDR’s proposed Economic Bill of Rights, Paul outlines a comprehensive policy program to achieve a more capacious and enduring version of American freedom. Among the rights he enumerates are the right to a good job, the right to an education, the right to banking and financial services, and the right to a healthy environment. Replete with discussions of some of today’s most influential policy ideas—from Medicare for All to a federal job guarantee to the Green New Deal—The Ends of Freedom is a timely and urgent call to reclaim the idea of freedom from its captors on the political right—to ground America’s next era in the country’s progressive history and carve a path toward a more economically dynamic and equitable nation.
Pushing Cool: Big Tobacco, Racial Marketing, and the Untold Story of the Menthol Cigarette
by Keith WailooSpanning a century, Pushing Cool reveals how the twin deceptions of health and Black affinity for menthol were crafted—and how the industry’s disturbingly powerful narrative has endured to this day. Police put Eric Garner in a fatal chokehold for selling cigarettes on a New York City street corner. George Floyd was killed by police outside a store in Minneapolis known as “the best place to buy menthols.” Black smokers overwhelmingly prefer menthol brands such as Kool, Salem, and Newport. All of this is no coincidence. The disproportionate Black deaths and cries of “I can’t breathe” that ring out in our era—because of police violence, COVID-19, or menthol smoking—are intimately connected to a post-1960s history of race and exploitation. In Pushing Cool, Keith Wailoo tells the intricate and poignant story of menthol cigarettes for the first time. He pulls back the curtain to reveal the hidden persuaders who shaped menthol buying habits and racial markets across America: the world of tobacco marketers, consultants, psychologists, and social scientists, as well as Black lawmakers and civic groups including the NAACP. Today most Black smokers buy menthols, and calls to prohibit their circulation hinge on a history of the industry’s targeted racial marketing. In 2009, when Congress banned flavored cigarettes as criminal enticements to encourage youth smoking, menthol cigarettes were also slated to be banned. Through a detailed study of internal tobacco industry documents, Wailoo exposes why they weren’t and how they remain so popular with Black smokers.
Pushing Cool: Big Tobacco, Racial Marketing, and the Untold Story of the Menthol Cigarette
by Keith WailooSpanning a century, Pushing Cool reveals how the twin deceptions of health and Black affinity for menthol were crafted—and how the industry’s disturbingly powerful narrative has endured to this day. Police put Eric Garner in a fatal chokehold for selling cigarettes on a New York City street corner. George Floyd was killed by police outside a store in Minneapolis known as “the best place to buy menthols.” Black smokers overwhelmingly prefer menthol brands such as Kool, Salem, and Newport. All of this is no coincidence. The disproportionate Black deaths and cries of “I can’t breathe” that ring out in our era—because of police violence, COVID-19, or menthol smoking—are intimately connected to a post-1960s history of race and exploitation. In Pushing Cool, Keith Wailoo tells the intricate and poignant story of menthol cigarettes for the first time. He pulls back the curtain to reveal the hidden persuaders who shaped menthol buying habits and racial markets across America: the world of tobacco marketers, consultants, psychologists, and social scientists, as well as Black lawmakers and civic groups including the NAACP. Today most Black smokers buy menthols, and calls to prohibit their circulation hinge on a history of the industry’s targeted racial marketing. In 2009, when Congress banned flavored cigarettes as criminal enticements to encourage youth smoking, menthol cigarettes were also slated to be banned. Through a detailed study of internal tobacco industry documents, Wailoo exposes why they weren’t and how they remain so popular with Black smokers.
Law and the Economy in a Young Democracy: India 1947 and Beyond (Markets and Governments in Economic History)
by Tirthankar Roy Anand V. SwamyAn essential history of India's economic growth since 1947, including the legal reforms that have shaped the country in the shadow of colonial rule. Economists have long lamented how the inefficiency of India's legal system undermines the country’s economic capacity. How has this come to be? The prevailing explanation is that the postcolonial legal system is understaffed and under-resourced, making adjudication and contract enforcement slow and costly. Taking this as given, Law and the Economy in a Young Democracy examines the contents and historical antecedents of these laws, including how they have stifled economic development. Economists Roy and Swamy argue that legal evolution in independent India has been shaped by three factors: the desire to reduce inequality and poverty; the suspicion that market activity, both domestic and international, can be detrimental to these goals; and the strengthening of Indian democracy over time, giving voice to a growing fraction of society, including the poor. Weaving the story of India's heralded economic transformation with its social and political history, Roy and Swamy show how inadequate legal infrastructure has been a key impediment to the country's economic growth during the last century. A stirring and authoritative history of a nation rife with contradictions, Law and the Economy in a Young Democracy is essential reading for anyone seeking to understand India's current crossroads—and the factors that may keep its dreams unrealized.
Economic Analysis and Infrastructure Investment (National Bureau of Economic Research Conference Report)
Policy makers often call for increased spending on infrastructure, which can encompass a broad range of investments, from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to the near-term macroeconomic benefits, such as job creation, associated with infrastructure spending; others point to the long-term effects of such spending on productivity and economic growth. Economic Analysis and Infrastructure Investment explores the links between infrastructure investment and economic outcomes, analyzing key economic issues in the funding and management of infrastructure projects. It includes new research on the short-run stimulus effects of infrastructure spending, develops new estimates of the stock of US infrastructure capital, and explores incentive aspects of public-private partnerships with particular attention to their allocation of risk. The volume provides a reference for researchers seeking to study infrastructure issues and for policymakers tasked with determining the appropriate level and allocation of infrastructure spending.
Economic Analysis and Infrastructure Investment (National Bureau of Economic Research Conference Report)
by Edward L. Glaeser and James M. PoterbaPolicy makers often call for increased spending on infrastructure, which can encompass a broad range of investments, from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to the near-term macroeconomic benefits, such as job creation, associated with infrastructure spending; others point to the long-term effects of such spending on productivity and economic growth. Economic Analysis and Infrastructure Investment explores the links between infrastructure investment and economic outcomes, analyzing key economic issues in the funding and management of infrastructure projects. It includes new research on the short-run stimulus effects of infrastructure spending, develops new estimates of the stock of US infrastructure capital, and explores incentive aspects of public-private partnerships with particular attention to their allocation of risk. The volume provides a reference for researchers seeking to study infrastructure issues and for policymakers tasked with determining the appropriate level and allocation of infrastructure spending.
Big Data for Twenty-First-Century Economic Statistics (National Bureau of Economic Research Studies in Income and Wealth #79)
The papers in this volume analyze the deployment of Big Data to solve both existing and novel challenges in economic measurement. The existing infrastructure for the production of key economic statistics relies heavily on data collected through sample surveys and periodic censuses, together with administrative records generated in connection with tax administration. The increasing difficulty of obtaining survey and census responses threatens the viability of existing data collection approaches. The growing availability of new sources of Big Data—such as scanner data on purchases, credit card transaction records, payroll information, and prices of various goods scraped from the websites of online sellers—has changed the data landscape. These new sources of data hold the promise of allowing the statistical agencies to produce more accurate, more disaggregated, and more timely economic data to meet the needs of policymakers and other data users. This volume documents progress made toward that goal and the challenges to be overcome to realize the full potential of Big Data in the production of economic statistics. It describes the deployment of Big Data to solve both existing and novel challenges in economic measurement, and it will be of interest to statistical agency staff, academic researchers, and serious users of economic statistics.
Big Data for Twenty-First-Century Economic Statistics (National Bureau of Economic Research Studies in Income and Wealth #79)
by Katharine G. Abraham, Ron S. Jarmin, Brian C. Moyer, and Matthew D. ShapiroThe papers in this volume analyze the deployment of Big Data to solve both existing and novel challenges in economic measurement. The existing infrastructure for the production of key economic statistics relies heavily on data collected through sample surveys and periodic censuses, together with administrative records generated in connection with tax administration. The increasing difficulty of obtaining survey and census responses threatens the viability of existing data collection approaches. The growing availability of new sources of Big Data—such as scanner data on purchases, credit card transaction records, payroll information, and prices of various goods scraped from the websites of online sellers—has changed the data landscape. These new sources of data hold the promise of allowing the statistical agencies to produce more accurate, more disaggregated, and more timely economic data to meet the needs of policymakers and other data users. This volume documents progress made toward that goal and the challenges to be overcome to realize the full potential of Big Data in the production of economic statistics. It describes the deployment of Big Data to solve both existing and novel challenges in economic measurement, and it will be of interest to statistical agency staff, academic researchers, and serious users of economic statistics.
Innovation and Public Policy (National Bureau of Economic Research Conference Report)
by Austan Goolsbee Benjamin F. JonesUsing the latest empirical and conceptual research for readers in economics, business, and policy, this volume surveys the key components of innovation policy and the social returns to innovation investment. In advanced economies like the United States, innovation has long been recognized as a central force for increasing economic prosperity and human welfare. Today, the US government promotes innovation through various mechanisms, including tax credits for private-sector research, grant support for basic and applied research, and institutions like the Small Business Innovation Research Program of the National Science Foundation. Drawing on the latest empirical and conceptual research, Innovation and Public Policy surveys the key components of innovation policy and the social returns to innovation investment. It examines mechanisms that can advance the pace of invention and innovative activity, including expanding the research workforce through schooling and immigration policy and funding basic research. It also considers scientific grant systems for funding basic research, including those at institutions like the National Institutes of Health and the National Science Foundation, and investigates the role of entrepreneurship policy and of other institutions that promote an environment conducive to scientific breakthroughs.
Innovation and Public Policy (National Bureau of Economic Research Conference Report)
by Austan Goolsbee Benjamin F. JonesUsing the latest empirical and conceptual research for readers in economics, business, and policy, this volume surveys the key components of innovation policy and the social returns to innovation investment. In advanced economies like the United States, innovation has long been recognized as a central force for increasing economic prosperity and human welfare. Today, the US government promotes innovation through various mechanisms, including tax credits for private-sector research, grant support for basic and applied research, and institutions like the Small Business Innovation Research Program of the National Science Foundation. Drawing on the latest empirical and conceptual research, Innovation and Public Policy surveys the key components of innovation policy and the social returns to innovation investment. It examines mechanisms that can advance the pace of invention and innovative activity, including expanding the research workforce through schooling and immigration policy and funding basic research. It also considers scientific grant systems for funding basic research, including those at institutions like the National Institutes of Health and the National Science Foundation, and investigates the role of entrepreneurship policy and of other institutions that promote an environment conducive to scientific breakthroughs.
The Role of Innovation and Entrepreneurship in Economic Growth (National Bureau of Economic Research Conference Report)
by Michael J. Andrews, Aaron K. Chatterji, Josh Lerner, and Scott SternThis volume presents studies from experts in twelve industries, providing insights into the future role of innovation and entrepreneurship in driving economic growth across sectors. We live in an era in which innovation and entrepreneurship seem ubiquitous, particularly in regions like Silicon Valley, Boston, and the Research Triangle Park. But many metrics of economic growth, such as productivity growth and business dynamism, have been at best modest in recent years. The resolution of this apparent paradox is dramatic heterogeneity across sectors, with some industries seeing robust innovation and entrepreneurship and others seeing stagnation. By construction, the impact of innovation and entrepreneurship on overall economic performance is the cumulative impact of their effects on individual sectors. Understanding the potential for growth in the aggregate economy depends, therefore, on understanding the sector-by-sector potential for growth. This insight motivates the twelve studies of different sectors that are presented in this volume. Each study identifies specific productivity improvements enabled by innovation and entrepreneurship, for example as a result of new production technologies, increased competition, or new organizational forms. These twelve studies, along with three synthetic chapters, provide new insights on the sectoral patterns and concentration of the contributions of innovation and entrepreneurship to economic growth.
The Role of Innovation and Entrepreneurship in Economic Growth (National Bureau of Economic Research Conference Report)
This volume presents studies from experts in twelve industries, providing insights into the future role of innovation and entrepreneurship in driving economic growth across sectors. We live in an era in which innovation and entrepreneurship seem ubiquitous, particularly in regions like Silicon Valley, Boston, and the Research Triangle Park. But many metrics of economic growth, such as productivity growth and business dynamism, have been at best modest in recent years. The resolution of this apparent paradox is dramatic heterogeneity across sectors, with some industries seeing robust innovation and entrepreneurship and others seeing stagnation. By construction, the impact of innovation and entrepreneurship on overall economic performance is the cumulative impact of their effects on individual sectors. Understanding the potential for growth in the aggregate economy depends, therefore, on understanding the sector-by-sector potential for growth. This insight motivates the twelve studies of different sectors that are presented in this volume. Each study identifies specific productivity improvements enabled by innovation and entrepreneurship, for example as a result of new production technologies, increased competition, or new organizational forms. These twelve studies, along with three synthetic chapters, provide new insights on the sectoral patterns and concentration of the contributions of innovation and entrepreneurship to economic growth.
The Measurement of Labor Cost (National Bureau of Economic Research Studies in Income and Wealth #48)
by Jack E. TriplettMeasuring costs of labor as a portion of total production costs has never before been treated so thoroughly or so thoughtfully. Moreover, contrary to most recent labor research, this book focuses on the demand side—the employer's point of view—and the behavior studied is employer behavior. An introductory essay by the editor provides a useful guide to current thought in the analysis of labor cost. Other papers give new insights into problems encountered in accounting for the nonwage elements of labor compensation, the effect of pensions and other benefits, and the wage-measurement questions raised by incomes policies. In addition, there is a wealth of valuable new data on labor costs in the United States. Labor economists, statisticians, econometric modelers, and advisers to government and industry will welcome this up-to-date and comprehensive treatment of the costs of production.
Pow! Right in the Eye!: Thirty Years behind the Scenes of Modern French Painting (Abakanowicz Arts and Culture Collection)
by Berthe WeillMemoir of a provocative Parisian art dealer at the heart of the 20th-century art world, available in English for the first time. Berthe Weill, a formidable Parisian dealer, was born into a Jewish family of very modest means. One of the first female gallerists in the business, she first opened the Galerie B. Weill in the heart of Paris’s art gallery district in 1901, holding innumerable exhibitions over nearly forty years. Written out of art history for decades, Weill has only recently regained the recognition she deserves. Under five feet tall and bespectacled, Weill was beloved by the artists she supported, and she rejected the exploitative business practices common among art dealers. Despite being a self-proclaimed “terrible businesswoman,” Weill kept her gallery open for four decades, defying the rising tide of antisemitism before Germany’s occupation of France. By the time of her death in 1951, Weill had promoted more than three hundred artists—including Henri Matisse, Pablo Picasso, Amedeo Modigliani, Diego Rivera, and Suzanne Valadon—many of whom were women and nearly all young and unknown when she first exhibited them. Pow! Right in the Eye! makes Weill’s provocative 1933 memoir finally available to English readers, offering rare insights into the Parisian avant-garde and a lively inside account of the development of the modern art market.
Pow! Right in the Eye!: Thirty Years behind the Scenes of Modern French Painting (Abakanowicz Arts and Culture Collection)
by Berthe WeillMemoir of a provocative Parisian art dealer at the heart of the 20th-century art world, available in English for the first time. Berthe Weill, a formidable Parisian dealer, was born into a Jewish family of very modest means. One of the first female gallerists in the business, she first opened the Galerie B. Weill in the heart of Paris’s art gallery district in 1901, holding innumerable exhibitions over nearly forty years. Written out of art history for decades, Weill has only recently regained the recognition she deserves. Under five feet tall and bespectacled, Weill was beloved by the artists she supported, and she rejected the exploitative business practices common among art dealers. Despite being a self-proclaimed “terrible businesswoman,” Weill kept her gallery open for four decades, defying the rising tide of antisemitism before Germany’s occupation of France. By the time of her death in 1951, Weill had promoted more than three hundred artists—including Henri Matisse, Pablo Picasso, Amedeo Modigliani, Diego Rivera, and Suzanne Valadon—many of whom were women and nearly all young and unknown when she first exhibited them. Pow! Right in the Eye! makes Weill’s provocative 1933 memoir finally available to English readers, offering rare insights into the Parisian avant-garde and a lively inside account of the development of the modern art market.
Wannabe U: Inside the Corporate University
by Gaye TuchmanBased on years of observation at a large state university, Wannabe U tracks the dispiriting consequences of trading in traditional educational values for loyalty to the market. Aping their boardroom idols, the new corporate administrators at such universities wander from job to job and reductively view the students there as future workers in need of training. Obsessed with measurable successes, they stress auditing and accountability, which leads to policies of surveillance and control dubiously cloaked in the guise of scientific administration. In this eye-opening exposé of the modern university, Tuchman paints a candid portrait of the corporatization of higher education and its impact on students and faculty. Like the best campus novelists, Tuchman entertains with her acidly witty observations of backstage power dynamics and faculty politics, but ultimately Wannabe U is a hard-hitting account of how higher education’s misguided pursuit of success fails us all.
Wannabe U: Inside the Corporate University
by Gaye TuchmanBased on years of observation at a large state university, Wannabe U tracks the dispiriting consequences of trading in traditional educational values for loyalty to the market. Aping their boardroom idols, the new corporate administrators at such universities wander from job to job and reductively view the students there as future workers in need of training. Obsessed with measurable successes, they stress auditing and accountability, which leads to policies of surveillance and control dubiously cloaked in the guise of scientific administration. In this eye-opening exposé of the modern university, Tuchman paints a candid portrait of the corporatization of higher education and its impact on students and faculty. Like the best campus novelists, Tuchman entertains with her acidly witty observations of backstage power dynamics and faculty politics, but ultimately Wannabe U is a hard-hitting account of how higher education’s misguided pursuit of success fails us all.
Wannabe U: Inside the Corporate University
by Gaye TuchmanBased on years of observation at a large state university, Wannabe U tracks the dispiriting consequences of trading in traditional educational values for loyalty to the market. Aping their boardroom idols, the new corporate administrators at such universities wander from job to job and reductively view the students there as future workers in need of training. Obsessed with measurable successes, they stress auditing and accountability, which leads to policies of surveillance and control dubiously cloaked in the guise of scientific administration. In this eye-opening exposé of the modern university, Tuchman paints a candid portrait of the corporatization of higher education and its impact on students and faculty. Like the best campus novelists, Tuchman entertains with her acidly witty observations of backstage power dynamics and faculty politics, but ultimately Wannabe U is a hard-hitting account of how higher education’s misguided pursuit of success fails us all.
The Digital Factory: The Human Labor of Automation
by Moritz AltenriedThe Digital Factory reveals the hidden human labor that supports today’s digital capitalism. The workers of today’s digital factory include those in Amazon warehouses, delivery drivers, Chinese gaming workers, Filipino content moderators, and rural American search engine optimizers. Repetitive yet stressful, boring yet often emotionally demanding, these jobs require little formal qualification, but can demand a large degree of skills and knowledge. This work is often hidden behind the supposed magic of algorithms and thought to be automated, but it is in fact highly dependent on human labor. The workers of today’s digital factory are not as far removed from a typical auto assembly line as we might think. Moritz Altenried takes us inside today’s digital factories, showing that they take very different forms, including gig economy platforms, video games, and Amazon warehouses. As Altenried shows, these digital factories often share surprising similarities with factories from the industrial age. As globalized capitalism and digital technology continue to transform labor around the world, Altenried offers a timely and poignant exploration of how these changes are restructuring the social division of labor and its geographies as well as the stratifications and lines of struggle.
The Digital Factory: The Human Labor of Automation
by Moritz AltenriedThe Digital Factory reveals the hidden human labor that supports today’s digital capitalism. The workers of today’s digital factory include those in Amazon warehouses, delivery drivers, Chinese gaming workers, Filipino content moderators, and rural American search engine optimizers. Repetitive yet stressful, boring yet often emotionally demanding, these jobs require little formal qualification, but can demand a large degree of skills and knowledge. This work is often hidden behind the supposed magic of algorithms and thought to be automated, but it is in fact highly dependent on human labor. The workers of today’s digital factory are not as far removed from a typical auto assembly line as we might think. Moritz Altenried takes us inside today’s digital factories, showing that they take very different forms, including gig economy platforms, video games, and Amazon warehouses. As Altenried shows, these digital factories often share surprising similarities with factories from the industrial age. As globalized capitalism and digital technology continue to transform labor around the world, Altenried offers a timely and poignant exploration of how these changes are restructuring the social division of labor and its geographies as well as the stratifications and lines of struggle.
Trading Freedom: How Trade with China Defined Early America (American Beginnings, 1500-1900)
by Dael A. NorwoodTrading Freedom explores the surprisingly rich early history of US-China trade and its unexpected impact on the developing republic. The economic and geographic development of the early United States is usually thought of in trans-Atlantic terms, defined by entanglements with Europe and Africa. In Trading Freedom, Dael A. Norwood recasts these common conceptions by looking to Asia, making clear that from its earliest days, the United States has been closely intertwined with China—monetarily, politically, and psychologically. Norwood details US trade with China from the late eighteenth through the late nineteenth centuries—a critical period in America’s self-definition as a capitalist nation—and shows how global commerce was central to the articulation of that national identity. Trading Freedom illuminates how debates over political economy and trade policy, the building of the transcontinental railroad, and the looming sectional struggle over slavery were all influenced by Sino-American relations. Deftly weaving together interdisciplinary threads from the worlds of commerce, foreign policy, and immigration, Trading Freedom thoroughly dismantles the idea that American engagement with China is anything new.
Trading Freedom: How Trade with China Defined Early America (American Beginnings, 1500-1900)
by Dael A. NorwoodTrading Freedom explores the surprisingly rich early history of US-China trade and its unexpected impact on the developing republic. The economic and geographic development of the early United States is usually thought of in trans-Atlantic terms, defined by entanglements with Europe and Africa. In Trading Freedom, Dael A. Norwood recasts these common conceptions by looking to Asia, making clear that from its earliest days, the United States has been closely intertwined with China—monetarily, politically, and psychologically. Norwood details US trade with China from the late eighteenth through the late nineteenth centuries—a critical period in America’s self-definition as a capitalist nation—and shows how global commerce was central to the articulation of that national identity. Trading Freedom illuminates how debates over political economy and trade policy, the building of the transcontinental railroad, and the looming sectional struggle over slavery were all influenced by Sino-American relations. Deftly weaving together interdisciplinary threads from the worlds of commerce, foreign policy, and immigration, Trading Freedom thoroughly dismantles the idea that American engagement with China is anything new.