Author
John Steele Gordon received his bachelor’s degree in history from Vanderbilt University, and then served on the staffs of New York congressmen Herman Badillo and Robert Garcia. In 1988, he published his first book, The Scarlet Woman of Wall Street, a history of Wall Street in the 1860’s. He published several more books which covered various economic details in American history. His only qualifications for writing history books are his degree from Vanderbilt, and more than twenty years writing on the same subject matter. Though, the significant bibliography at the end of the book tells that he actually did research the topic thoroughly.
Range of the book
The book is arranged chronologically, beginning with the economic situation during the colonial period. It attempts to detail nearly every economically significant event through the 21st century, and closes after the September 11 terrorist attack in 2001. It is indeed a complete history of the United States, but from a strictly economic perspective.
Emphasis of the book
An Empire of Wealth emphasizes all the economic success that United States has had during its relatively brief existence. Gordon downplays much of the economic downturns, such as the Great Depression. Instead, he focuses on impressive statistics on how the United States is such an utterly dominant force. For instance, he states that with only six percent of the world’s land mass, the United States encompasses roughly thirty percent of the world’s GDP. Also, he covers his facts with layers of hyper-specific numbers. For example, Gordon cites numbers to the exact million. “The government had never spent more in one year than the $746 million it had spent in 1915”.
Point of view or bias
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... middle of paper ...
...irst 150 or so pages are topics that I have covered recently in a history class, and made the economic points very predictable. Though, the later parts of the book did pique my interest, especially the parts about war-time economics.
List of quotes, lines, and interesting facts
1. Eli Whitney had to fight for a long time to secure his patent on the Cotton Gin. He ended up obtaining only $100,000. (Page 85)
2. “Gold is strange stuff.” (Page 180)
3. “No great war ever broke out so unexpectedly or for so trivial a reason as the First World War” (Page 285)
4. In 1940, the GNP was $99.7 billion, and in 1945 it was $211.9 billion. It increased by 56.3% in 5 years. (Page 357)
5. “While war had brought the computer into existence, the computer profoundly changed the nature of warfare” (page 413)
Works Cited
Gordon, John Steele. An Empire of Wealth. 2004.
"The Myth of The Robber Barons" by Burton W. Folsom, JR. tells a unique story about entrepreneurs in early America. The book portrays big businessmen as being behind America's greatness.
A major question historians have disagreed on has been whether or not John D. Rockefeller was a so-called "robber baron". Matthew Josephson agreed that Rockefeller was indeed a "robber baron". In the book Taking Sides, He claims that Rockefeller was a deceptive and conspiratorial businessman, whose fortune was built by secret agreements and wrung concessions from America's leading railroad companies (Taking Sides 25).
As the new century approached, a national crisis began to develop in the United States. The nation faced a severe depression, nationwide labor unrest and violence, and the government’s inability to fix any of the occurring problems. The Panic of 1893 ravaged the nation and became the worse economic crisis of its time. The depression’s ruthlessness contributed to social unrest and weakened the monetary system’s strength, leading to a debate over what would be the foundation of the national currency. As the era ended, the US sought to increase its power and strength. America began expanding its oversees empires, eventually drawing itself into numerous war efforts and creating an anti-imperialist movement that challenged the government. At the turn of the century, America became engrossed in numerous economic and social tribulations, as well as foreign problems rooted in imperialism and the pursuit of the new manifest destiny.
From War to Prosperity: 1940 - 1980. (2008, November 20). In Land of Contrast: A History of
Scheiber, H., H. Vatter, and H. Underwood Faulkner. American Economic History. New York : Harper &
Horwitz, Steven, and Michael J. McPhillips. "The Reality of the Wartime Economy: More Historical Evidence on Whether World War II Ended the Great Depression." Independent Review Vol. 17, No. 3 (2013): n. pag. Questia School. Web. 2 May 2014.
The 19th century was a time of prosperity and adversity; there was a great deal of accomplishments in the 1800s, such as steamboats being introduced as a new technology and creation of railroads. Despite the growth during this period, it contained innumerable hardships; the introductions of new technologies continued, ultimately leading to increased competition. Competition played an enormous part in the success and downfall of many people during the 19th century, such as Cornelius Vanderbilt, who thrived in competition. Vanderbilt was not born with the skills and abilities to succeed in a field where many fell, he learned from the people he worked under and the conflicts he encountered during his apprenticeships. Those quarrels taught him the skills necessary to be the best in the steamboat trade as well as the railroad industry later in his life. Vanderbilt’s wealth was greatly associated with competing for business with individuals and companies. Cornelius Vanderbilt was truly one of a kind; he dominated many companies and people. It ultimately brought him to the pinnacle ...
Singer, Peter W. "War Made New: The History and Future of Technology and Warfare." The Brookings Institution. N.p., 26 Oct. 2006. Web. 15 Apr. 2014.
America’s large abundance of natural and human resources is what enabled the nation to develop so greatly in such a short amount of time. During the nations metamorphosis into the worlds industrial leader, the gross national product became eight times greater than after the civil war. New inventions also played a vital role in the country's industrial revolution. The technologies helped improve productivity, transportation, and communication. With the transcontinental railroad, refrigerated railroad cars, and the new air-brake system, larger amounts of various products could be shipped internationally at a much faster rate. A telegraph line was laid across the Atlantic Ocean, allowing the states to speak instantly with people in Europe. Railroads emerged rapidly and so did the scandals. Cruel, manipulative people dominated the country with their big businesses. Corporations came about, along with stock to raise money for them. The more money the corporation could raise through stock the closer they were to achieve economies of scale. Big businesses would sometimes come close to becoming monopolies that controlled the whole market. They were a rare...
Advancements in technology and science contributed to one of the most gory and bloodiest wars in the annals of human existence. These new technological advancements revolutionized how people regarded war. War was no longer where the opposite forces fought in a coordinated battle. War evolved into a game of cunning strategy where the side with the bigger, more powerful, and smarter toys played better. This led to a fierce competition where each side tried to create the smarter machines and better weapons, leading to deadly mass killing weapons in the process.
During the last 40 years of the nineteenth century the United States became the worlds greatest economic power. The rapid rate of economic growth happened for a
During the 1800’s, business leaders who built their affluence by stealing and bribing public officials to propose laws in their favor were known as “robber barons”. J.P. Morgan, a banker, financed the restructuring of railroads, insurance companies, and banks. In addition, Andrew Carnegie, the steel king, disliked monopolistic trusts. Nonetheless, ruthlessly destroying the businesses and lives of many people merely for personal profit; Carnegie attained a level of dominance and wealth never before seen in American history, but was only able to obtain this through acts that were dishonest and oftentimes, illicit. Document D resentfully emphasizes the alleged capacity of the corrupt industrialists. In the picture illustrated, panic-stricken people pay acknowledgment to the lordly tycoons. Correlating to this political cartoon, in 1900, Carnegie was willing to sell his holdings of his company. During the time Morgan was manufacturing
A graduate from Yale University had thoughts of becoming a lawyer, but he needed a job urgently. After a tutoring job fell through, he accepted a position on a plantation in Georgia. His employer, Catherine Green, saw much talent in him and encouraged him to find a way to make cotton profitable. He promptly began working on a solution to the problem of separating the seeds from the cotton. On March 14, 1794, Eli Whitney was granted a patent for the cotton gin.1 The cotton gin impacted American industry and slavery changing the course of American history.
Many people see history as a set of facts, or as a collection of stories. The reality, however, is that history is a fluid timeline. Each act of an individual or a group has an effect on others. Each moment in history is a building block that, good or bad, contributes to the stability of the next. This can be seen clearly in American history, as there have been several developments since the 1800’s that have played major roles on the growth of the nation.
Pascall, Glenn R., and Robert D. Lamson. Beyond Guns & Butter: Recapturing America's Economic Momentum after a Military Decade. Washington: Brassey's, 1991. Print.