The first Great Depression
Subtitle: economic crisis and political disorder in the United States, 1837-1848
By: Alasdair Roberts
Publisher: Cornell University Press
Published: 2012
Place of publication: Ithaca
Language: eng
Number of pages: 255
ISBN-13: 9780801450334
Subjects: Politics and government; Depressions; Financial crises; Economic conditions; History
Description: 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.
Notes: Includes bibliographical references and index.
Table of contents: title: Boom and bust. Hard times -- Gauging the losses -- The bubble -- The collapse -- The states' crisis. Defaulting on state debts -- Disgrace in Europe -- Shackling the states -- The federal government's crisis. Gridlock in Washington -- The fraying national compact -- Losing the arms race -- Reconciling with the superpower -- Law and order. Rebellion in Rhode Island -- The anti-rent war -- Cannon fire in Philadelphia -- Building civic armies -- The end of the crisis. A proxy war in Mexico -- Redemption -- Conclusion : freedom, order, and economic crisis.