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Author: Michael A. Blaakman Publisher: University of Pennsylvania Press ISBN: 151282447X Category : History Languages : en Pages : 433
Book Description
During the first quarter-century after its founding, the United States was swept by a wave of land speculation so unprecedented in intensity and scale that contemporaries and historians alike have dubbed it a "mania." In Speculation Nation, Michael A. Blaakman uncovers the revolutionary origins of this real-estate bonanza--a story of ambition, corruption, capitalism, and statecraft that stretched across millions of acres from Maine to the Mississippi and Georgia to the Great Lakes. Patriot leaders staked the success of their revolution on the seizure and public sale of Native American territory. Initially, they hoped that fledgling state and national governments could pay the hefty costs of the War for Independence and extend a republican society of propertied citizens by selling expropriated land directly to white farmers. But those democratic plans quickly ran aground of a series of obstacles, including an economic depression and the ability of many Native nations to repel U.S. invasion. Wily merchants, lawyers, planters, and financiers rushed into the breach. Scrambling to profit off future expansion, they lobbied governments to convey massive tracts for pennies an acre, hounded revolutionary veterans to sell their land bounties for a pittance, and marketed the rustic ideal of a yeoman's republic--the early American dream--while waiting for land values to rise. When the land business crashed in the late 1790s, scores of "land mad" speculators found themselves imprisoned for debt or declaring bankruptcy. But through their visionary schemes and corrupt machinations, U.S. speculators and statesmen had spawned a distinctive and enduring form of settler colonialism: a financialized frontier, which transformed vast swaths of contested land into abstract commodities. Speculation Nation reveals how the era of land mania made Native dispossession a founding premise of the American republic and ultimately rooted the United States' "empire of liberty" in speculative capitalism.
Author: Michael A. Blaakman Publisher: University of Pennsylvania Press ISBN: 151282447X Category : History Languages : en Pages : 433
Book Description
During the first quarter-century after its founding, the United States was swept by a wave of land speculation so unprecedented in intensity and scale that contemporaries and historians alike have dubbed it a "mania." In Speculation Nation, Michael A. Blaakman uncovers the revolutionary origins of this real-estate bonanza--a story of ambition, corruption, capitalism, and statecraft that stretched across millions of acres from Maine to the Mississippi and Georgia to the Great Lakes. Patriot leaders staked the success of their revolution on the seizure and public sale of Native American territory. Initially, they hoped that fledgling state and national governments could pay the hefty costs of the War for Independence and extend a republican society of propertied citizens by selling expropriated land directly to white farmers. But those democratic plans quickly ran aground of a series of obstacles, including an economic depression and the ability of many Native nations to repel U.S. invasion. Wily merchants, lawyers, planters, and financiers rushed into the breach. Scrambling to profit off future expansion, they lobbied governments to convey massive tracts for pennies an acre, hounded revolutionary veterans to sell their land bounties for a pittance, and marketed the rustic ideal of a yeoman's republic--the early American dream--while waiting for land values to rise. When the land business crashed in the late 1790s, scores of "land mad" speculators found themselves imprisoned for debt or declaring bankruptcy. But through their visionary schemes and corrupt machinations, U.S. speculators and statesmen had spawned a distinctive and enduring form of settler colonialism: a financialized frontier, which transformed vast swaths of contested land into abstract commodities. Speculation Nation reveals how the era of land mania made Native dispossession a founding premise of the American republic and ultimately rooted the United States' "empire of liberty" in speculative capitalism.
Author: William Hogeland Publisher: University of Texas Press ISBN: 0292745753 Category : Business & Economics Languages : en Pages : 285
Book Description
The author of The Whiskey Rebellion “dig[s] beneath history’s surface and note[s] both the populist and anti-populist dimensions of the nation’s founding” (Library Journal). Recent movements such as the Tea Party and anti-tax “constitutional conservatism” lay claim to the finance and taxation ideas of America’s founders, but how much do we really know about the dramatic clashes over finance and economics that marked the founding of America? Dissenting from both right-wing claims and certain liberal preconceptions, Founding Finance brings to life the violent conflicts over economics, class, and finance that played directly, and in many ways ironically, into the hardball politics of forming the nation and ratifying the Constitution—conflicts that still continue to affect our politics, legislation, and debate today. Mixing lively narrative with fresh views of America’s founders, William Hogeland offers a new perspective on America’s economic infancy: foreclosure crises that make our current one look mild; investment bubbles in land and securities that drove rich men to high-risk borrowing and mad displays of ostentation before dropping them into debtors’ prisons; depressions longer and deeper than the great one of the twentieth century; crony mercantilism, war profiteering, and government corruption that undermine any nostalgia for a virtuous early republic; and predatory lending of scarce cash at exorbitant, unregulated rates, which forced people into bankruptcy, landlessness, and working in the factories and on the commercial farms of their creditors. This story exposes and corrects a perpetual historical denial—by movements across the political spectrum—of America’s all-important founding economic clashes, a denial that weakens and cheapens public discourse on American finance just when we need it most.
Author: John C. Bogle Publisher: John Wiley & Sons ISBN: 1118238214 Category : Business & Economics Languages : en Pages : 391
Book Description
Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders How speculation has come to dominate investment—a hard-hitting look from the creator of the first index fund. Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector’s most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing. Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty. Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common sense strategy that "may not be the best strategy ever devised. But the number of strategies that are worse is infinite." The Clash of the Cultures: Investment vs. Speculation completes the trilogy of best-selling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It! (2011)
Author: Edward Chancellor Publisher: Penguin ISBN: 0452281806 Category : Business & Economics Languages : en Pages : 401
Book Description
A lively, original, and challenging history of stock market speculation from the 17th century to present day. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed—and not changed—over the last five hundred years? In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to “stockjobbing” in London's Exchange Alley, to the infamous South Sea Bubble of 1720, which prompted Sir Isaac Newton to comment, “I can calculate the motion of heavenly bodies, but not the madness of people.” Here are brokers underwriting risks that included highway robbery and the “assurance of female chastity”; credit notes and lottery tickets circulating as money; wise and unwise investors from Alexander Pope and Benjamin Disraeli to Ivan Boesky and Hillary Rodham Clinton. From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of 1929, from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.
Author: United States. Congress. House. Committee on Banking, Currency, and Housing Publisher: ISBN: Category : Banks and banking Languages : en Pages : 1154
Author: Urs Stäheli Publisher: Stanford University Press ISBN: 0804788251 Category : Social Science Languages : en Pages : 312
Book Description
Spectacular Speculation is a history and sociological analysis of the semantics of speculation from 1870 to 1930, when speculation began to assume enormous importance in popular culture. Informed by the work of Luhmann, Foucault, Simmel and Deleuze, it looks at how speculation was translated into popular knowledge and charts the discursive struggles of making speculation a legitimate economic practice. Noting that the vocabulary available to discuss the concept was not properly economic, the book reveals the underside of putting it into words. Speculation's success depended upon non-economic language and morally questionable thrills: a proximity to the wasteful practice of gambling or other "degenerate" behaviors, the experience of financial markets as seductive, or out of control. American discourses of speculation take center stage, and the book covers an unusual range of material, including stock exchange guidebooks, ticker tape, moral treatises, plays, advertisements, and newspapers.
Author: Michael A. Blaakman
Author: Michael A. Blaakman
Author: William Hogeland
Author: John C. Bogle
Author: Edward Chancellor
Author: United States. Congress. House. Committee on Banking, Currency, and Housing
Author: 
Author: 
Author: Urs Stäheli
Author: United States. Congress. Senate. Committee on Banking and Currency
Author: