How did America get so rich so quickly?
It’s a question at the heart of economics, which in one broad definition, is a study of how some countries get rich and some stay poor.
Some people, including me, would say that the United States benefited hugely from sound property rights and hands-off government (as in “keep your filthy hands off my stuff.”) Then add some bootstraps to pull, a lot of hard work, and then hopefully you get rich.
Not everyone sees it quite like that. For instance, the authors of the recently published book Concrete Economics: The Hamilton Approach to Economic Growth and Policy by Stephen S. Cohen and J. Bradford DeLong, say there was a heavy policy role for government in the early years of the republic, and one that continued quite successfully until it all went wrong starting with the Reagan administration in the 1980s. Read more here.
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