America's First Great Depression: Economic Crisis and Political Disorder after the Panic of 1837
"Alasdair Roberts tells a wide-ranging story of  the depression that   began in 1837 with lucidity, emphasizing the role of global financial  markets and finding plenty of analogies to the economic problems of  today."--Daniel Walker Howe, Pulitzer-Prize-winning author ofWhat Hath God Wrought: The Transformation of America, 1815-1848"Roberts does students of the period a service by thinking outside of the normal constraints to conjure a broad and international view of the decade that followed the Jackson presidency." -- Peter Rousseau,EH.net"The parallels between pre-industrial America's 1837 financial crisis  and that of our own time are particularly strong. The beauty of Roberts'  book is that the reader can see the entire arc of the crisis, from  beginning to end, in a historical context--something that studies of the  2008 event will lack for many years to come.  Roberts nicely combines  narrative history with analysis. His book is accessible to both the  expert and the novice in economic history. Highly recommended." -Forefront Magazine, Federal Reserve Bank of Cleveland."America's First Great Depressionis astute, compelling, concise,  original, relevant, transatlantic, well-written, and witty. No ellipses  and no exaggerations."-Robert E. Wright, Nef Family Chair of Political  Economy, Augustana College, South Dakota, author ofOne Nation Under DebtandFubarnomics"For the first 50 years after achieving independence, Americans had  every reason to believe theirs to be the most fortunate of nations. Then  came the Panic of 1837, which caused a hopelessness rendered worse by  the optimism that had preceded it and resulted in a crisis that lasted  until 1848. . . . Alasdair Roberts reveals how this disaster led to  epochal shifts in policy and culture, and his lively narrative and  commitment to character ensure that the human cost is never out of  sight. Roberts is especially keen to demonstrate how this mid-19th  century ordeal relates to America's current woes. The 'hard times' of  the 1830s led to financial ruin for state governments, a near-cessation  of federal aid, and an outbreak of violent protests in many major  cities."-Publishers Weekly(30 January 2012)"Alasdair Roberts's poignant yet balanced account of the financial,  economic, and political crises of the 1830s and 1840s provides us with a  distant mirror reflecting our current travails. By not knowing and  learning from history, we continue to make the same mistakes our  ancestors did. If you want to complete your education,America's First Great Depressionis  a good place to begin."-Richard Sylla, Henry Kaufman Professor of the  History of Financial Institutions and Markets, New York University,  coauthor ofA History of Interest Rates"Roberts examines the financial, political, and social upheavals that  occurred in the United States in the decade following the Panic of 1837,  which he calls the First Great Depression. The years leading up to  the panic, he says, were a time of boom marked by geographic expansion,  the near elimination of the national debt, states borrowing large sums  for improvement projects, and land values that appeared to be rising  without end. He explains that the panic caused a deep economic  depression that resulted in loan defaults by nine states, federal  gridlock, a breakdown of law and order, a loss of faith in banks, and a  slow recovery for the U.S. economy, which came back only after the  Mexican War. Parallels to the country's current economic recession are  clear throughout the text, and Roberts makes explicit comparisons in his  conclusion. This timely book will be of great use not just to students  of economic history but also to readers who wish to findhistorical precedent for today's uncertain, turbulent times."-Library Journal"Roberts's book is based on careful archival research that is quite  uncommon in the study of public administration anywhere. . . . He dubbed  his method the macrodynamics of administrative development, which is  somewhat visible in Leonard White's four-volume administrative history  and, more important, acknowledges the need of attention for both human  agency and institutional context. . . . The book is well written and in  my view an attractive example of how administrative history informs the  present."-American Review of Public Administration"America's First Great Depressionis an intriguing history of  American financial policy in the 1830s and 1840s. Alasdair Roberts's  contention that international financial considerations shaped U.S.  policymaking is well sustained, the writing is sprightly, and the  argument is nicely documented with a wealth of judiciously culled  evidence."-Richard R. John, Columbia University, author ofNetwork Nation: Inventing American Telecommunications"America's   First Great Depression is a lucid, highly readable examination of the   panic of 1837 and the decade of economic, political and social upheaval   that followed."  Journal of American History, March 2013