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The Origins of American Public Finance: Debates over Money, Debt, and Taxes in the Constitutional Era, 1776-1836

The Origins of American Public Finance: Debates over Money, Debt, and Taxes in the Constitutional... Book Reviews the great and, I predict, lasting strength of his book. Historians may wonder what the fuss is all about, but economists will learn much that will surprise and enlighten them. The book is about the United States but will provide insight into the European Federalist project currently underway. Unlike the United States in the 1790s, Europe is not trying to integrate while simultaneously recovering from war, but that does not mean their task of integrating disparate economic and financial systems is any easier. Another parallel is with the countries of today’s emerging markets and the transition economies of Eastern Europe. After reading this book, one wonders whether the trajectory of these unfortunate economies might have been more promising had they focused on a Hamiltonian policy of looking first to stabilize state revenues, to restructure government debt, and to build a commercial banking system. Regrettably, Stabile neglects the topic of money, and as a result does less than complete justice to Hamilton himself, the Hamilton who was founder of the Bank of New York. Stabile looks for the origin of Hamilton’s ideas in the public finance writings of David Hume and Adam Smith, not in Hamilton’s own http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

The Origins of American Public Finance: Debates over Money, Debt, and Taxes in the Constitutional Era, 1776-1836

History of Political Economy , Volume 32 (1) – Mar 1, 2000

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Publisher
Duke University Press
Copyright
Copyright 2000 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-32-1-171
Publisher site
See Article on Publisher Site

Abstract

Book Reviews the great and, I predict, lasting strength of his book. Historians may wonder what the fuss is all about, but economists will learn much that will surprise and enlighten them. The book is about the United States but will provide insight into the European Federalist project currently underway. Unlike the United States in the 1790s, Europe is not trying to integrate while simultaneously recovering from war, but that does not mean their task of integrating disparate economic and financial systems is any easier. Another parallel is with the countries of today’s emerging markets and the transition economies of Eastern Europe. After reading this book, one wonders whether the trajectory of these unfortunate economies might have been more promising had they focused on a Hamiltonian policy of looking first to stabilize state revenues, to restructure government debt, and to build a commercial banking system. Regrettably, Stabile neglects the topic of money, and as a result does less than complete justice to Hamilton himself, the Hamilton who was founder of the Bank of New York. Stabile looks for the origin of Hamilton’s ideas in the public finance writings of David Hume and Adam Smith, not in Hamilton’s own

Journal

History of Political EconomyDuke University Press

Published: Mar 1, 2000

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