The President And American Capitalism Since 1945

This volume describes the many ways presidential actions have affected the development of capitalism in the post–World War II era. Contributors show how, since Harry S. Truman took office in 1945, the American "Consumer-in-Chief " has exerted a decisive hand as well as behind-the-scenes influence on the national economy. And, by extension, on the everyday lives of Americans. The Employment Act of 1946 expanded presidential responsibility to foster prosperity and grow the economy. However, the details and consequences of the president’s budget often remain obscured because of the budget’s size and complexity, perpetuating an illusion that presidents matter less than markets. Essays in this volume highlight the impact of presidential decisions on labor, gender discrimination, affirmative action, poverty, student loans, and retirement planning. They examine how a president can influence the credit card economy, the rebuilding of postindustrial cities, growth in the energy sector and the software industry, and even advances in genetic engineering. They also look at how economic gains in one particular area can have ramifications in other areas. National defense strategies have led to the privatization of weapons acquisition and the development of the modern research university to create a defensive brain trust among citizens. Policies aimed at supporting competitive American businesses—for example, in the biotech field—also affect the environment. This book is an important contribution to the history of capitalism, articulating how the president—by supporting policies that promote business growth in all sectors—has helped domestic companies expand internationally and added to a global image of the United States that is deeply intertwined with its leading corporations.

This anthology contributes to the literature on the history of capitalism and connects the fields of political history, business history, and presidential studies. The essays demonstrate the prominent role of presidents in the economic and social fabric of American life. At the same time, the essays highlight the changing role of liberalism in post-World War II America. The chapters are organized thematically and grouped together as sections on patterns, sectors, and environments. The book, likewise, emphasizes the key role played by the presidency in the development of capitalism since 1945.

From the legendary former Fed Chairman and the acclaimed Economist writer and historian, the full, epic story of America's evolution from a small patchwork of threadbare colonies to the most powerful engine of wealth and innovation the world has ever seen. Shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year Award From even the start of his fabled career, Alan Greenspan was duly famous for his deep understanding of even the most arcane corners of the American economy, and his restless curiosity to know even more. To the extent possible, he has made a science of understanding how the US economy works almost as a living organism--how it grows and changes, surges and stalls. He has made a particular study of the question of productivity growth, at the heart of which is the riddle of innovation. Where does innovation come from, and how does it spread through a society? And why do some eras see the fruits of innovation spread more democratically, and others, including our own, see the opposite? In Capitalism in America, Greenspan distills a lifetime of grappling with these questions into a thrilling and profound master reckoning with the decisive drivers of the US economy over the course of its history. In partnership with the celebrated Economist journalist and historian Adrian Wooldridge, he unfolds a tale involving vast landscapes, titanic figures, triumphant breakthroughs, enlightenment ideals as well as terrible moral failings. Every crucial debate is here--from the role of slavery in the antebellum Southern economy to the real impact of FDR's New Deal to America's violent mood swings in its openness to global trade and its impact. But to read Capitalism in America is above all to be stirred deeply by the extraordinary productive energies unleashed by millions of ordinary Americans that have driven this country to unprecedented heights of power and prosperity. At heart, the authors argue, America's genius has been its unique tolerance for the effects of creative destruction, the ceaseless churn of the old giving way to the new, driven by new people and new ideas. Often messy and painful, creative destruction has also lifted almost all Americans to standards of living unimaginable to even the wealthiest citizens of the world a few generations past. A sense of justice and human decency demands that those who bear the brunt of the pain of change be protected, but America has always accepted more pain for more gain, and its vaunted rise cannot otherwise be understood, or its challenges faced, without recognizing this legacy. For now, in our time, productivity growth has stalled again, stirring up the populist furies. There's no better moment to apply the lessons of history to the most pressing question we face, that of whether the United States will preserve its preeminence, or see its leadership pass to other, inevitably less democratic powers.

In the historical narrative that prevails today, the New Deal years are positioned between two equally despised Gilded Ages—the first in the late nineteenth century and the second characterized by the world of Walmart, globalization, and right-wing populism in which we currently live. What defines these two ages is an increasing level of inequality legitimized by powerful ideologies, namely, Social Darwinism at the end of the nineteenth century and neoliberalism today. In stark contrast, the era of the New Deal was first and foremost an attempt to put an end to inequality in American society. In the historical longue durée, it appears today as a kind of golden age when policymakers and citizens sought to devise solutions to the two major "questions"—labor on one side, social on the other—that were at the heart of the American political economy during the twentieth century. Capitalism Contested argues that the New Deal order remains an effective framework to make sense of the transformation of American political economy over the last hundred years. Contributors offer an historicized analysis of the degree to which that political, economic, and ideological order persists and the ways in which it has been transcended or even overthrown. The essays pay attention not only to those ideas and social forces hostile to the New Deal, but to the contradictions and debilities that were present at the inauguration or became inherent within this liberal impulse during the last half of the twentieth century. The unifying thematic among the essays consists not in their subject matter—politics, political economy, social thought, and legal scholarship are represented—but in a historical quest to assess the transformation and fate of an economic and policy order nearly a century after its creation. Contributors: Kate Andrias, Romain Huret, William P. Jones, Nelson Lichtenstein, Nancy MacLean, Isaac William Martin, Margaret O'Mara, K. Sabeel Rahman, Timothy Shenk, Elizabeth Tandy Shermer, Jason Scott Smith, Samir Sonti, Karen M. Tani, Jean-Christian Vinel.

This volume examines the political ideas behind the construction of the presidency in the U.S. Constitution, as well as how these ideas were implemented by the nation’s early presidents. The framers of the Constitution disagreed about the scope of the new executive role they were creating, and this volume reveals the ways the duties and power of the office developed contrary to many expectations. Here, leading scholars of the early republic examine principles from European thought and culture that were key to establishing the conceptual language and institutional parameters for the American executive office. Unpacking the debates at the 1787 Constitutional Convention, these essays describe how the Constitution left room for the first presidents to set patterns of behavior and establish a range of duties to make the office functional within a governmental system of checks and balances. Contributors explore how these presidents understood their positions and fleshed out their full responsibilities according to the everyday operations required to succeed. As disputes continue to surround the limits of executive power today, this volume helps identify and explain the circumstances in which limits can be imposed on presidents who seem to dangerously exceed the constitutional parameters of their office. Political Thought and the Origins of the American Presidency demonstrates that this distinctive, time-tested role developed from a fraught, historically contingent, and contested process. Contributors: Claire Rydell Arcenas | Lindsay M. Chervinsky | François Furstenberg | Jonathan Gienapp | Daniel J. Hulsebosch | Ben Lowe | Max Skjönsberg | Eric Slauter | Caroline Winterer | Blair Worden | Rosemarie Zagarri A volume in the Alan B. and Charna Larkin Series on the American Presidency

One of the greatest American presidents, Franklin Delano Roosevelt built a coalition of labour, ethnic, urban, low-income and African-American voters that underwrote the Democratic Party's national ascendancy from the 1930s to the 1980s. Over his four terms, he promoted the New Deal – the greatest reform programme in US history – to meet the challenges of the Great Depression, led the United States to the brink of victory in the Second World War, and established the modern presidency as the driving force of American politics and government. Iwan Morgan takes a fresh look at FDR, showing how his leadership enabled the United States of America to become the most successful country of the twentieth century. This astute and original assessment of a highly consequential presidency explains how Roosevelt enhanced the governing capacity of his office, promoted a constitutional revolution through his dealings with the Supreme Court, and forged a new intimacy between the president and the American people through his genius for political communication. It also demonstrates the significance of his organizational and strategic leadership as commander-in-chief in America's greatest foreign war, his role in holding together the US-British-Soviet Grand Alliance against the Axis powers, and his pioneering development of the national-security presidency that sought to promote a lasting post-war peace for the world. In fluid, immensely readable prose, Morgan focuses on the ways in which FDR transformed the presidency into an institution of domestic and international leadership to establish the modern ideal of the office as an assertive, democratic executive charged with meeting the challenges facing the US at home and abroad.

Although most Americans attribute shifting practices in the financial industry to the invisible hand of the market, Mark H. Rose reveals the degree to which presidents, legislators, regulators, and even bankers themselves have long taken an active interest in regulating the industry. In 1971, members of Richard Nixon's Commission on Financial Structure and Regulation described the banks they sought to create as "supermarkets." Analogous to the twentieth-century model of a store at which Americans could buy everything from soft drinks to fresh produce, supermarket banks would accept deposits, make loans, sell insurance, guide mergers and acquisitions, and underwrite stock and bond issues. The supermarket bank presented a radical departure from the financial industry as it stood, composed as it was of local savings and loans, commercial banks, investment banks, mutual funds, and insurance firms. Over the next four decades, through a process Rose describes as "grinding politics," supermarket banks became the guiding model of the financial industry. As the banking industry consolidated, it grew too large while remaining too fragmented and unwieldy for politicians to regulate and for regulators to understand—until, in 2008, those supermarket banks, such as Citigroup, needed federal help to survive and prosper once again. Rose explains the history of the financial industry as a story of individuals—some well-known, like Presidents Kennedy, Carter, Reagan, and Clinton; Treasury Secretaries Donald Regan and Timothy Geithner; and JP Morgan CEO Jamie Dimon; and some less so, though equally influential, such as Kennedy's Comptroller of the Currency James J. Saxon, Citicorp CEO Walter Wriston, and Bank of America CEOs Hugh McColl and Kenneth Lewis. Rose traces the evolution of supermarket banks from the early days of the Kennedy administration, through the financial crisis of 2008, and up to the Trump administration's attempts to modify bank rules. Deeply researched and accessibly written, Market Rules demystifies the major trends in the banking industry and brings financial policy to life.

An educational crisis from its origins to present-day experiences In the United States today, almost three-quarters of the people teaching in two- and four-year colleges and universities work as contingent faculty. They share the hardships endemic in the gig economy: lack of job security and health care, professional disrespect, and poverty wages that require them to juggle multiple jobs. This collection draws on a wide range of perspectives to examine the realities of the contingent faculty system through the lens of labor history. Essayists investigate structural changes that have caused the use of contingent faculty to skyrocket and illuminate how precarity shapes day-to-day experiences in the academic workplace. Other essays delve into the ways contingent faculty engage in collective action and other means to resist austerity measures, improve their working conditions, and instigate reforms in higher education. By challenging contingency, this volume issues a clear call to reclaim higher education’s public purpose. Interdisciplinary in approach and multifaceted in perspective, Contingent Faculty and the Remaking of Higher Education surveys the adjunct system and its costs. Contributors: Gwendolyn Alker, Diane Angell, Joe Berry, Sue Doe, Eric Fure-Slocum, Claire Goldstene, Trevor Griffey, Erin Hatton, William A. Herbert, Elizabeth Hohl, Miguel Juárez, Aimee Loiselle, Maria C. Maisto, Anne McLeer, Steven Parfitt, Jiyoon Park, Claire Raymond, Gary Rhoades, Jeff Schuhrke, Elizabeth Tandy Shermer, Steven Shulman, Joseph van der Naald, Anne Wiegard, Naomi R Williams, and Helena Worthen