Colonial Quakers: Enslavers to Abolitionists

  The Making of the Great Depression             One of the most studied periods of American history, the Great Depression remains fundamental to the American experience. During the Depression, Americans confronted harsh economic realities. Few experienced little to no hardship. To put this idea into perspective, unemployment spiked from less than 4 percent in 1929, to 25 percent by 1933. [1] Over the same period, GNP fell 46 percent. [2] While some consensus does exist on the Depression’s effects, the same cannot be said concerning its cause. Most theories are influenced by one of two schools of thought: consumption or monetary. Standard interpretations, by and large, are shaped by concerns of consumption. Episodes of irrational stock-market speculation, capitalism’s inherent instability, and Herbert Hoover’s laissez-faire policymaking, we are told, caused the Depression. [3] And FDR’s interventionist New Deal and publi...

  The Rise and Fall of William C. Durant Deemed the second most significant pioneer in American automotive history behind Henry Ford, [1] American automaker William Durant (1861-1947) built a massive empire, one that rivaled Ford in stretches. At one point, Durant amassed a staggering $120 million in wealth. [2] Yet, failed and impulsive business moves left Durant relatively broke when he died. In his 1936 bankruptcy, Durant listed $814,000 in debt and only $250 in assets. [3] Nonetheless, considering the massive extent to which Durant shaped the American automotive industry through innovation and vertical and horizontal integration, he surprisingly remains underappreciated and overlooked.       The Rise             A “genius at manipulation,” according to a New York Times obituary, [4] Durant quit school at age 17, at which point he showcased unfettered enterprising spirit. When not laboring ...

Growth in the Postbellum Economy: A Reconsideration of American Progress Arguably one of the most unreconciled phases of American history, the postbellum period left many Americans uneasy about Reconstruction, expanding urbanization and industrialization, and harsh postwar human and material realities. Some entrepreneurs built great wealth through emerging innovation and technology, while others faced relentless economic uncertainty. Common interpretations of this period often emphasize themes of excessive exploitation and inequality. This blog seeks to deliver an alternative perspective, one focused on highlighting actual positive economic growth and progress. To build this essay’s case, we explore Northern and Southern postbellum production growth from 1865-1900. From there, we then discuss postbellum growth and its relationship with human progress. By “progress”, we refer to how Americans lived better lives. For the most part, postbellum economic growth and industrialization enh...