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Land of Promise: An Economic History of the United States, by Michael Lind
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A sweeping and original work of economic history by Michael Lind, one of America’s leading intellectuals, Land of Promise recounts the epic story of America’s rise to become the world’s dominant economy. As ideological free marketers continue to square off against Keynesians in Congress and the press, economic policy remains at the center of political debate.
Land of Promise: An Economic History of the United States offers a much-needed historical framework that sheds new light on our past—wisdom that offers lessons essential to our future. Building upon the strength and lucidity of his New York Times Notable Books The Next American Nation and Hamilton’s Republic, Lind delivers a necessary and revelatory examination of the roots of American prosperity—insight that will prove invaluable to anyone interested in exploring how we can move forward.
- Sales Rank: #466564 in Books
- Published on: 2013-04-09
- Released on: 2013-04-09
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .95" w x 6.00" l, 1.30 pounds
- Binding: Paperback
- 592 pages
Review
The book is rich with details…among the joys of Lind’s book are small, little-known stories like the one about the Wright brothers that have clear relevance today. (New York Times Book Review)
“[An] illuminating new book…” (David Brooks, New York Times)
From the Back Cover
How did a weak collection of former British colonies become an industrial, financial, and military colossus?
From the eighteenth to the twenty-first centuries, the American economy has been transformed by wave after wave of emerging technology: the steam engine, electricity, the internal combustion engine, computer technology. Yet technology-driven change leads to growing misalignment between an innovative economy and anachronistic legal and political structures until the gap is closed by the modernization of America's institutions—often amid upheavals such as the Civil War and Reconstruction and the Great Depression and World War II.
When the U.S. economy has flourished, government and business, labor and universities, have worked together in a never-ending project of economic nation building. As the United States struggles to emerge from the Great Recession, Michael Lind clearly demonstrates that Americans, since the earliest days of the republic, have reinvented the American economy—and have the power to do so again.
About the Author
Michael Lind is cofounder of the New America Foundation and policy director of its Economic Growth Program. His first three books of political journalism and history—The Next American Nation, Up from Conservatism, and Vietnam: The Necessary War—were all New York Times Notable Books. He writes frequently for the New York Times, Financial Times, and Salon.
Most helpful customer reviews
3 of 3 people found the following review helpful.
America is on the Wrong Track
By David Lindsay
I found "Land of Promise" very informative. For a book on economic history it was surprisingly accessible. Michael Lind believes that American leaders can be divided into two groups: small-government Jeffersonians and big government Hamiltonians. Lind explains why he believes that Hamiltonianism is superior to Jeffersonianism. The Jeffersonians today are represented by the Republican Party and they tend to dislike big government. However, modern Jeffersonians, like Reagan and George W. Bush, advocated spending cuts while on the campaign trail, but reversed themselves while in office. The Hamiltonians generally believe that the US needs large, powerful organizations. Both Roosevelts and Dwight Eisenhower supported this view.
Lind argues that the government often does a lot of good and has played an important role in financing innovation. For example, the US military built the internet. Lind blames deregulation and the banks for most of the current economic problems. Lind claims that: “What is good about the American economy is largely the result of the Hamiltonian developmental tradition, and what is bad about it is largely the result of the Jeffersonian producerist school.” Lind likes big corporations, arguing that for industries that require massive capital investment, big is better (e.g., telecommunications, energy, and aircraft). He argues that the "American middle class enjoyed its zenith under a system of highly regulated, partly cartelized capitalism, and suffered under the less regulated capitalism that preceded it and followed it."
Lind's main conclusion seems to be that the US has been on the wrong track since the Carter Administration. Nixon was the last of the New Deal presidents. Mr. Lind wants a return to the economic policies that were in place during the 30 years following World War II. First, Jimmy Carter and then Ronald Reagan moved toward a more laissez-faire economy. The decades since then have seen far slower income growth for most Americans than the previous century. In order to rebuild the country and its middle class he suggests that there needs to be a change of direction.
Lind wants more manufacturing and less short-term thinking on investment. He believes that Wall Street is too powerful and the finance sector has had too much influence on the government. He wants to protect the domestic market from foreign competition. He points out that before Lincoln the US favored free trade, but it couldn't compete with the British manufacturing industry. Lincoln introduced protectionism and this allowed US manufacturers to grow and within 30 years the US had overtaken Britain. Nixon ended protectionism in the 1970s and US manufacturing slowly started to disappear. Most Asian countries built their economies through protectionism, it was only when they became competitive that they changed their view on trade. Lind argues there is a conflict between the financial and manufacturing sectors in the US. He concludes that free trade has resulted in the outsourcing of jobs and this hasn't been good for the American middle class. He also favors a more isolationist foreign policy with the US spending less on defense.
Lind argues that Americans are a pragmatic people. Eventually, they will see the logic in investing in roads, bridges, and education. The economic need for change will eventually create the political will for it. Lind never quite explains how the US has ended up as the richest large country in the world, even though other countries have pursued more Hamiltonian policies than the United States, without quite the same success. If you believe in protectionism, big government, and more regulation you will probably enjoy this book.
3 of 3 people found the following review helpful.
Hard to See The Thesis for the History Trees
By factoid junkie
Loved the history - both the retelling of stories familiar to me as well as introducing me to new historical figures, as well as helping me with new angles on historical figures I know. Worth the price of the book, even if you find the thesis against your own political views.
The idea that this is a thesis bolstered by a wikipedia style walk through history is described in the last section of the book. Linking this book's format with a World War II science paper describing the future was delightful. Might have been helpful as a preface, though.
Other reviewers have done a good job describing the overall dynamics Lind debates. What I would appreciate is the thesis described without all the historical footnotes - which is the bulk of the book. While I found the Hamilton - Jefferson debate a wonderful structure for a debate, I'm unsure either structure guides us towards the current evolutionary stage of political reality. I agree with the closing notes of the book, we need to see things anew - not recast current realities against the Enlightenment of early political rivals.
If you love history, this book will delight. If you love the political aspects of history and favor a centrist versus libertarian view of government/business/capitalist view, you will definitely want to read this work.
1 of 1 people found the following review helpful.
Super interesting
By Nicolai Kousholt Soendergaard
I have never been much of a history fan but this book is actually very well written and relatively short. It only briefly touches on the many different era's through the short history of the U.S. If you are looking to immigrate/learn more about the U.S. As it was this is a great book for it.
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