In this era of populist opinion and protectionist rhetoric, everyone should understand what about America we must protect. Greenspan and Wooldridge exquisitely detail the unique and special creation of our great country, and just as importantly, how America developed into the world’s leading economy, and what led to its current tarnished world image.
By describing economic developments beginning in colonial times, and then progressing through the major changes up to the assent of Donald Trump, the reader is treated to innumerable learning opportunities. Some are just interesting, such as:
- The genesis of the term “soap opera,” which gained its name because of the pervasiveness and engagement of Proctor and Gamble’s TV programming.
- 50% of the improvement in nutrition in the 1890’s was due to ice.
- The term dietitian entered the language in 1905, because for the first time ever, Americans had too many choices of food.
But many currently relevant questions are also addressed, such as:
- How, when, and why did trade negotiations become the purview of the President? (Lookup “logrolling.”)
- What two conditions usually must exist for an economic bubble to cause economic collapse?
- How does government regulation tax the entrepreneurial spirit that is so essential to America’s core differentiator?
Throughout our history the common theme is defined as “creative disruption” and the authors do an excellent job sharing its importance and popular reactions to it.
Rarely do I encounter a book I believe everyone should read, but this one is in that category, and therefore earns our Gold Medal.