From the Editor
In recent months, our newspapers, cable shows, blogs and even You Tube
have been filled with articles and commentary on the American economy.
From optimistic reassurances that American capitalism and its institutions
are basically sound to jeremiads warning that our national character and
our national economic system are in dire states of decay, we are bombarded
with information [and misinformation] about such fundamental elements
of our economy as the role of banking, the stock market, corporations,
and the public policies and political philosophies that affect production,
consumption and investment. But, as historians and history teachers, we
search for a broader perspective on the complex economic issues of our
day. We ask questions such as: How has American capitalism evolved? When
were banks introduced into our economy and what functions have they served
in the past? How did the stock market come into existence and why is it
so important today? Who were the pioneers of American industry and finance,
and how should we evaluate their successes and failures, the problems
they created and those they sought to solve? How has government policy
affected economic growth or crisis in the past?
In this issue of
History Now, five noted scholars grapple with
and provide answers to these questions. The result is a primer on the
American economy, describing clearly and accessibly the origins and development
of our most critical institutions, the role key individuals played in
shaping them, and the changes that have taken place in them over the centuries.
We are confident these essays will help you shape effective lessons in
the classroom – even if they do not provide surefire ways to make
your fortune!
Our overview essay, “Getting Ready to Lead a World Economy: Enterprise
in Nineteenth Century America,” is written by Joyce Appleby. In
it she traces the rise of liberal capitalism and the spirit of enterprise
that catapulted the United States into a leadership role in the modern
world. Next, Richard Sylla unlocks the mysteries of the banking system
in his essay “The U.S. Banking System: Origins, Development and
Regulation,” explaining the functions banks perform and how their
role in our economy has expanded and undergone regulation over past centuries.
In “The Rise of an American Institution: The Stock Market”,
Brian Murphy traces the evolution of a convenient ad hoc trading arrangement
into one of the most influential institutions in American society. T.J.
Stiles then confronts the longstanding argument over the larger than life
entrepreneurs of the nineteenth century in his essay “Robber Barons
or Captains of Industry?” And, finally, Professor Roger E. A. Farmer
sheds light on the intersection of government and the economy in his essay
“Economic Policy Through the Lens of History.”
As always,
History Now offers several additional features. The
interactive feature in this issue – “Scandal! Financial Crime,
Chicanery and Corruption that Rocked America”—has been produced
in partnership with the
Museum
of American Finance. Our archivist, Dr. Mary-Jo Kline, has provided
a rich collection of websites, articles and books for you to draw upon
if you want to pursue any of the topics in the five essays. High school
master teachers and award winners Bruce Lesh and Phil Nicolosi point out
several of the major themes in the essays that might serve to focus your
classroom lessons on the American economy, and three talented teachers
provide you with sample lesson plans, complete with links to Web resources.
In closing, all of us at
History Now wish you an enjoyable and
productive summer.
Carol Berkin
Editor
Carol Berkin
Editor,
History Now
Carol Berkin is Presidential Professor of History at Baruch College
and The Graduate Center, City University of New York. She is the author
of several books including
Jonathan Sewall: Odyssey of an American
Conservative, First Generations: Women in Colonial America, A Brilliant
Solution: Inventing the American Constitution, and
Revolutionary
Mothers: Women in the Struggle for America's Independence.
Editor - Carol Berkin, Associate
Editor - Lesley S. Herrmann, Managing Editor - Karina Gaige, Designers
- Brian Santalone and Ana Giron, Archivist - Mary-Jo Kline, Contributors
- Joyce Appleby, Roger E. A. Farmer, Bruce Lesh, Roberta McCutcheon,
Brian Murphy, Philip Nicolosi, T.J. Stiles, Richard Sylla, Elizabeth
Berlin Taylor, Elise Stevens Wilson.
