fbpx

Hamilton, Madison, and American Oligarchy: A Conversation with Jay Cost

with Jay Cost
Reader Discussion

Law & Liberty welcomes civil and lively discussion of its articles. Abusive comments will not be tolerated. We reserve the right to delete comments - or ban users - without notification or explanation.

on October 17, 2018 at 13:27:52 pm

"Nothing devious about Hamilton" says Cost; certainly, "loving eyes can never see."

It seems to me that in framing the Constitution and creating the First Bank of the US all Hamilton did was to recreate the British Board of Trade and Secretary of State for the Southern Department that governed the several colonies before the Revolution. Hamilton's First Bank was merely a copy of the Bank of England which had discovered the delights of circulating bank notes in place of specie by 1700.

For the cost to the 40 shilling freeholders of Hamilton policies favoring his running dogs involved in trade, plantations and the professions read the accounts of Shays' Rebellion by Leonard L. Richards and David P. Szatmary.

In 1789, the opinion of the freeholders from Georgia to Massachusetts was that they were better off before the Revolution.

Finally, it seems clear that none of Hamilton's great schemes came to fruition until after the Civil War, indeed not until after 1900. Further, even Cost observes that Hamilton's schemes favoring manufacturing and commerce promoted regional sectionalism rather than nationalism focused on the federal government and precipitated civil war not domestic tranquility and security.

read full comment
Image of EK
EK
on December 07, 2018 at 10:24:34 am

With all due respect EK, you need to stay up with the literature:
https://www.amazon.com/Alexander-Hamilton-Illustrated-Richard-Sylla/dp/1454922753
https://www.amazon.com/One-Nation-Under-Debt-Jefferson/dp/0071543937
https://www.amazon.com/Alexander-Hamilton-Finance-Credit-Debt-ebook/dp/B077XNFQYW/ref=sr_1_1?s=books&ie=UTF8&qid=1544196078&sr=1-1&keywords=sylla+cowen+hamilton

In short, AH did not adOpt British institutions, he adApted them and in the process launched the "Financial Revolution" that sparked America's remarkable story of economic growth and development (with the Southern caveat of course): https://www.measuringworth.com/datasets/usgdp/
Now be sure to look at long term time series data on a log scale so you can see the year over year growth.

read full comment
Image of Robert E. Wright
Robert E. Wright
on February 19, 2019 at 08:08:11 am

[…] important differences of political philosophy, argues Jay Cost in his thought-provoking new book, The Price of Greatness: Alexander Hamilton, James Madison, and the Creation of American Oligarchy. The author points out that the main difference between the two statesmen was based upon […]

read full comment
Image of A Corrupt Republic? Hamilton, Madison, and the Rise of Oligarchy
A Corrupt Republic? Hamilton, Madison, and the Rise of Oligarchy
on February 20, 2019 at 07:58:17 am

[…] important differences of political philosophy, argues Jay Cost in his thought-provoking new book, The Price of Greatness: Alexander Hamilton, James Madison, and the Creation of American Oligarchy. The author points out that the main difference between the two statesmen was based upon […]

read full comment
Image of A Corrupt Republic? Hamilton, Madison, and the Rise of Oligarchy – Building Blocks for Liberty
A Corrupt Republic? Hamilton, Madison, and the Rise of Oligarchy – Building Blocks for Liberty

Law & Liberty welcomes civil and lively discussion of its articles. Abusive comments will not be tolerated. We reserve the right to delete comments - or ban users - without notification or explanation.