The Old and the New in American Economics
Summarizing the developments in nineteenth-century academic economics, this chapter draws comparisons and discovers new connections between America’s first full century of economists. German historical economics is discussed in the context of nineteenth-century protectionism and industrial capitalism of the Gilded Age. Parallels are found between antebellum and post–Civil War expressions of opposition toward finance. And special attention is paid to the evolution of conservative economics during the middle decades of the nineteenth century, and ultimately the ascendancy of laissez-faire capitalism in the conservative economic mind.
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