One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe Review

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One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe ReviewDr. Wright's presentation of the nation's first national debt is both engrossing and informative. Perhaps it is his background as an historian, but regardless, his presentation of economics is straightforward and makes for a good read from the layperson's point of view.
Wright shows Alexander Hamilton as the genius that he truly was. While critics of Hamilton tend to focus on his behind-the-scenes machinations during the 1800 election, Wright allows Hamilton's financial wizardry (which should be this founder's true legacy) to shine. Indeed, Hamilton grasped that a national debt and the eventual assumption of states' debts was necessary not only for the new nation to survive practically, but to maintain its international public credit.
I would recommend reading this book in concert with John Miller's biography on Alexander Hamilton, Portrait in Paradox. Both authors show that Hamilton was well ahead of his time.
The chapters read easily, with an early focus on the Dutch and English international finance models of the early and late 18th century. The chapter entitled "Life," which concentrates on a few individual Virgina debt holders, is also engrossing. Wright spotlights the stories of a few individual patriots to show that these debtholders were just as vital to the nation, with their willingness to take a chance on the early United States, as was both France and Holland in their initial financing of the War of Independence.
All in all, a great read.
Dr. Dennis Edwards
Associate Professor of EconomicsOne Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe Overview

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