Mathew Carey's long-neglected "The New Olive Branch" offers new
insight into political economy as it really happened. This is the
first-ever scholarly edition of Carey's most important economic
work. Like other volumes in Anthem's "Economic Ideas that Built
America" series, it gives the reader easy access to historical
works that have been dropped from the modern economic canon because
of their uncomfortable fit with contemporary conceptions of
classical economics rooted in the work of Adam Smith, David Ricardo
and Thomas Malthus.
In "The New Olive Branch," Carey derided those so-called
classical economists as visionary theorists with little grasp of
real-world problems. Rejecting grand theories, Carey instead looked
to historical examples and statistics to argue that government
policy, and particularly the protection of manufacturers, was
crucial to the development of a strong, independent American
economy. In this volume, "The New Olive Branch" is accompanied by
portions of Carey's "Addresses of the Philadelphia Society for the
Promotion of National Industry" (1822), which offer further insight
into his rejection of classical economics.
While such views have long been out of fashion, overtaken by the
popularity of classical economics, they were extremely influential
in early America. Carey's arguments illuminate how a large
proportion of Americans thought about their economy while providing
a corrective to the anachronistic overemphasis of the role of
laissez-faire economics in early America.
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