As recently as 2008, when Presidents Bush and Obama acted to bail
out the nation's crashing banks and failing auto companies, the
perennial objection erupted anew: government has no business in . .
. business. Mike O'Connor argues in this book that those who cite
history to decry government economic intervention are invoking a
tradition that simply does not exist. In a cogent and timely take
on this ongoing and increasingly contentious debate, O'Connor uses
deftly drawn historical analyses of major political and economic
developments to puncture the abiding myth that business once
operated apart from government. From its founding to the present
day, our commercial republic has always mixed--and battled over the
proper balance of--politics and economics.
Contesting the claim that the modern-day libertarian conception
of U.S. political economy represents the "natural" American
economic philosophy, O'Connor demonstrates that this perspective
has served historically as only one among many. Beginning with the
early national debate over the economic plans proposed by Alexander
Hamilton, continuing through the legal construction of the
corporation in the Gilded Age and the New Deal commitment to full
employment, and concluding with contemporary concerns over lowering
taxes, this book demonstrates how the debate over government
intervention in the economy has illuminated the possibilities and
limits of American democratic capitalism.
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