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America's Protectionist Takeoff 1815-1914
The contribution of the American School of Political Economy (1848 to 1914) to America's wildly successful industrial development has disappeared from today's history books. American protectionists and technology theorists of the day were concerned with securing an economic competitive advantage and conversely, with offsetting the soil depletion of 19th century America's plantation export agriculture. They also emphasized the positive effect of rising wage levels and living standards on the productivity that made the American economic takeoff possible. The American School's "Economy of High Wages" doctrine stands in contrast to the ideology of free traders everywhere who accept low wages and existing productivity as permanent and unchanging "givens," and who treat higher consumption, health and educational standards merely as deadweight costs. Free trade logic remains the buttress of today's financial austerity policies imposed on debtor economies by the United States, the World Bank, and the International Monetary Fund. By contrast, the lessons of the American School of Political Economy can provide a more realistic and positive role model for other countries to emulate - what the United States itself has done, not what its condescending "free-trade" diplomats are telling them to do. The lesson is to adopt the protectionist policies of the late 19th and early 20th centuries that made America an economic superpower. Michael Hudson (Distinguished Professor of Economics, University of Missouri, Kansas City) is a frequent contributor to The Financial Times, Counterpunch, and Global Research.
392 pages, Paperback
First published March 1, 2010
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About the author
Michael Hudson
78 books320 followersMichael Hudson is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. He is a contributor to The Hudson Report, a weekly economic and financial news podcast produced by Left Out.
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Displaying 1 - 4 of 4 reviews
January 9, 2023
The fundamental point of this book is talking about how protectionism is an ideology of development (largely technological) and intensification of economic activity in every field, and that British economic doctrines are the ideologies of a resource-limited nation trying to supply itself and maintain world domination from a little island. It gives an excellent historical picture and explains several different standpoints within protectionism, as well as explaining its development and most important thinkers from Hamilton to Patten.
February 23, 2023
This is an excellent introduction to American dialogues surrounding protectionism. I am giving this book four stars because I wanted it to be a deeper assessment of policy regimes and would have liked it to contain more persons of interest. Hudson provides an insight into protectionist dialogues through brief biographical discussions of major protectionists and "Free Traders". This includes some historical discussion of the role of tariff laws and institutional hypocrisy in the American Civil War, as well as how American institutions of higher learning experienced the shifts in how economics was conceived and taught.
Unsurprisingly, America is a nation of many opinions and this is reflected in our history of trade and protectionism. I would recommend this book and other works by Michael Hudson.
Unsurprisingly, America is a nation of many opinions and this is reflected in our history of trade and protectionism. I would recommend this book and other works by Michael Hudson.
May 6, 2023
The ideas interested me more than reading about the American protectionists themselves. A good introductory into protectionism none the less.
July 14, 2023
This was a very interesting read. I am working on a project regarding mercantilism/protectionism so to learn about the American School was of great value. Also, in typical economics graduate programs, you will learn of basically none of these economists/theorists.
So, not only is it a good historical resource, it is very valuable in terms of American economic history.
So, not only is it a good historical resource, it is very valuable in terms of American economic history.
Displaying 1 - 4 of 4 reviews