Capitalism in America

The epic and complete story of the evolution of the United States: from a small patchwork of ragtag colonies to the most powerful engine of wealth and innovation the world has ever seen.

In Capitalism in America: A History , Alan Greenspan (former Chairman of the Federal Reserve Board) and Adrian Wooldridge (renowned historian and Economist journalist) analyze the development of American capitalism. Their story encompasses the country's vast landscapes, titanic figures, triumphant discoveries, unthinkable successes, and the terrible moral failings of great leaders. The most crucial elements in the debate about the evolution of the United States are here: from the role of slavery in the pre-war South American economy, through the real impact of Roosevelt's New Deal, to the major changes that occurred in the country as it opened up to global trade.

The authors conduct a thorough study of the issue of productivity growth in the American economy, at the heart of which is the conundrum of innovation, and argue that the United States' greatest strength lies in its unique tolerance for the effects of creative destruction—its willingness to take unusual risks in exchange for progress.

At the present moment, when productivity growth has stalled again, sparking populist rages, it remains to be seen whether the United States will maintain its preeminence or see its leadership shift to other, inevitably less democratic, powers. It therefore seems the best time to apply the lessons of history to understand the challenges ahead.

This book tells the most remarkable story of the last four hundred years: how a group of thirteen colonies located in the middle of nowhere became the most powerful economy the world has ever seen. The story of how they achieved this is both captivating and educational.