8. See Tawney, “The Rise of the Gentry,” and Stone, Crisis of the Aristocracy.
9. C. V. Wedgwood, The Great Rebellion: The King’s Peace, 1637–1641 (London: Collins, 1956), 367.
10. Indeed, if the fear of expropriation was rife, none would buy, being at most willing to pay a rental from the annual income from the property as compensation. A substantial fraction of the seized monastery property was indeed let out for long tenures rather than sold. There was little point in taking these away from the current efficient tenants and looking for new ones.
11. See, for example, Douglass C. North, John Joseph Wallis, and Barry R. Weingast, Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History (Cambridge, UK: Cambridge University Press, 2009).
12. Stone, Crisis of the Aristocracy.
13. See, for instance, Rajan and Zingales, Saving Capitalism, chapter 6, and Andro Linklater, Owning the Earth: The Transforming History of Land Ownership (New York: Bloomsbury, 2013).
14. Robert C. Allen, Enclosure and the Yeoman (Oxford: Clarendon Press, 1992).
15. S. E. Finer, History of Government: Empires, Monarchies, and the Modern State, vol. 3 (New York: Oxford University Press, 1997).
16. See Linklater, Owning the Earth.
17. J. R. Green, A Short History of the English People (London: Macmillan, 1888).
18. Peter Mathias, The First Industrial Nation: An Economic History of Britain 1700–1914 (New York: Charles Scribner 1969), 41.
19. Cited in Sheilagh Ogilvie, Institutions and European Trade: Merchant Guilds, 1000–1800 (New York: Cambridge University Press, 2011), 8.
20. See Dietz, Economic History of England, 264.
21. See, for example, Ogilvie, Institutions and European Trade, 163.
22. This is essentially a restatement of David Hume’s price–specie flow mechanism, which is contained in his book On the Balance of Trade, published in 1752. Also see Robert W. McGee, “The Economic Thought of David Hume,” Hume Studies 15, no. 1 (1989), 184–204. http://www.humesociety.org/hs/issues/v15n1/mcgee/mcgee-v15n1.pdf
23. The quotations are from Dietz, Economic History of England, 270.
24. This paragraph draws on E. L. Jones, The European Miracle, 3rd ed. (1981; repr., Cambridge, UK: Cambridge University Press, 2003), 98–102.
25. Jones, The European Miracle, 98.
26. Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (Chicago: University of Chicago Press, 1976).
27. Jones, European Miracle, 114; Eric Evans, The Forging of the Modern State: Early Industrial Britain 1783–1870 (London: Longman, 2001), 32, conjectures that even in the late eighteenth century when government was more capable than earlier, fully one-fifth of all imports were smuggled.
28. See Ogilvie, Institutions and European Trade, 18.
29. See Bruce G. Carruthers, City of Capital—Politics and Markets in the English Financial Revolution (Princeton, NJ: Princeton University Press, 1996), 37.
30. Finer, History of Government, vol. 3, 1341–43.
31. This paragraph draws on Douglass C. North and Barry R. Weingast, “Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England,” Journal of Economic History 49, no. 4 (December 1989), 816–17.
32. John Brewer, The Sinews of Power (London: Unwin Hyman, 1989), 66.
33. See North, Wallis, and Weingast, Violence and Social Orders.
34. See Carruthers, City of Capital, 75.
35. See Brewer, Sinews of Power, 125.
36. North and Weingast, “Constitution and Commitment.”
37. See Rajan and Zingales, Saving Capitalism.
38. See Dani Rodrik, Arvind Subramanian, and Franceso Tebbi, “Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development,” Journal of Economic Growth 9, no. 2 (June 2004): 131–65.
39. See Rajan and Zingales, Saving Capitalism.
40. On corruption, see Linklater, Owning the Earth, 225–26.
41. Rodney Ramcharan, “Inequality and Redistribution: Evidence from U.S. Counties and States, 1890–1930,” Review of Economics and Statistics 92, no. 4 (November 2010): 729–44.
42. Raghuram Rajan and Rodney Ramcharan, “Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century,” Journal of Finance 66, no. 6 (December 2011): 1895–1931.
43. Stanley L. Engerman and Kenneth L. Sokoloff, “Factor Endowments, Inequality, and Paths of Development Among New World Economics,” NBER Working Paper No. 9259, October 2002.
44. Barrington Moore Jr., Social Origins of Dictatorship and Democracy: Lord and Peasant in the Making of the Modern World (1966; repr., Harmondsworth, UK: Penguin Press, 1974), 462–63.
45. Linklater, Owning the Earth, 117.
46. See Moore, Social Origins.
CHAPTER 3: FREEING THE MARKET . . . THEN DEFENDING IT
1. Quoted in Edward Cheyney, An Introduction to the Industrial and Social History of England (New York: Macmillan, 1916), chapter 8.
2. Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (Chicago: University of Chicago Press, 1976), 90. Page numbers are from the Kindle edition of this text.
3. Smith, Wealth of Nations, 176.
4. See, for example, Smith, Wealth of Nations, 493.
5. Smith, Wealth of Nations, 314.
6. Smith, Wealth of Nations, 482.
7. The quotes from Mill in the paragraphs that follow are from John Stuart Mill, On Liberty (London: Walter Scott Publishing; The Project Gutenberg ebook, released in 2011), https://www.gutenberg.org/files/34901/34901-h/34901-h.htm.
8. Jerry Z. Muller, The Mind and the Market: Capitalism in Modern European Thought (New York: Anchor, 2002).
9. Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time, 2nd ed. (Boston: Beacon Press, 2001).
10. H. W. Brands, American Colossus: The Triumph of Capitalism, 1865–1900 (New York: Anchor Books, 2011).
11. Brands, American Colossus.
12. Ron Chernow, Titan: The Life of John D. Rockefeller, Sr., 2nd ed. (New York: Vintage Books, 2004); Brands, American Colossus.
13. Chernow, Titan.
14. Ida Tarbell, The History of the Standard Oil Company, vol. 1 (Glouchester, MA: Peter Smith, 1904), 65, cited in ibid., chapter 8.
15. Chernow, Titan.
16. Chernow, Titan.
17. Karl Marx, The Poverty of Philosophy, rev. ed. (1847, 1982), 109, cited in John E. Roemer, Free to Lose: An Introduction to Marxist Economic Philosophy (Cambridge, MA: Harvard University Press, 1988), 112.
18. See, for example, Michael Kumhof, Romain Rancière, and Pablo Winant, “Inequality, Leverage, and Crises,” American Economic Review 105, no. 3 (March, 2005): 1217–45.
19. Leon Trotsky, “The world economic crisis and the new tasks of the Communist International,” in The First Five Years of the Communist International, vol. I (London: New Park, 1973), 252, cited in Stuart Easterling, “Marx’s Theory of Economic Crisis,” International Socialist Review 32 (November/December 2003), https://isreview.org/issues/32/crisis_theory.shtml.
20. Frederick Engels, “Outline of a Critique of Political Economy,” paragraph 48, cited in Easterling, “Marx’s Theory of Economic Crisis.”
21. This paragraph draws on Stanley Engerman and Kenneth Sokoloff, “The Evolution of Suffrage Institutions in the New World,” Journal of Economic History 65, no. 4 (December 2005): 891–921.
22. See, for instance, Paul Foot, The Vote: How It Was Won and How It Was Undermined (New York: Viking, 2005).
23. Engerman and Sokoloff, “Evolution of Suffrage.”
24. See, for example, Alessandro Lizzeri and Nicola Persico, “Why Did the Elites Extend the Suffrage? Demo
cracy and the Scope of Government, with an Application to Britain’s ‘Age of Reform,’” Quarterly Journal of Economics 119, no. 2 (May 2004); 707–65.
25. See, for instance, Engerman and Sokoloff, “Evolution of Suffrage”; Daron Acemoglu and James A Robinson, “Why Did the West Extend the Franchise? Democracy, Inequality, and Growth in Historical Perspective,” Quarterly Journal of Economics 115, no. 4 (November 2000): 1167–99, https://doi.org/10.1162/003355300555042; and Lizzeri and Persico, “Why Did the Elites Extend the Suffrage?”
26. Engerman and Sokoloff, “Evolution of Suffrage.”
27. Acemoglu and Robinson, “Why Did the West Extend the Franchise?”
28. Edmund Burke, “The importance of property,” in Reflections on the Revolution in France (1790), part 1.
29. See Eric J. Evans, The Forging of the Modern State: Early Industrial Britain, 1783–1870, 3rd ed. (New York: Routledge, 2001); Foot, The Vote.
30. Foot, The Vote.
31. See Lizzeri and Persico, “Why Did the Elites Extend the Suffrage?”
32. Engerman and Sokoloff, “Evolution of Suffrage.”
33. Oded Galor, Omer Moav, and Dietrich Vollrath, “Inequality in Land Ownership, the Emergence of Human Capital Promoting Institutions, and the Great Divergence,” Review of Economic Studies 76, no. 1 (January 2009): 143–79.
34. See, for example, Alexander Hamilton, James Madison, and John Jay, The Federalist papers (1788), available at https://www.congress.gov/resources/display/content/The+Federalist+Papers, especially Federalist 10, “The Same Subject Continued: The Union as a Safeguard Against Domestic Faction and Insurrection.”
35. Douglass C. North, John Joseph Wallis, and Barry R. Weingast, Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History (Cambridge, UK: Cambridge University Press, 2009).
36. Edward Glaeser and Claudia Goldin, “Corruption and Reform: An Introduction,” in Corruption and Reform: Lessons from America’s History, ed. Edward Glaeser and Claudia Goldin (Chicago: The University of Chicago Press, 2006), 14.
37. See, for example, John Joseph Wallis, “The Concept of Systematic Corruption in American History,” in Corruption and Reform, ed. Edward Glaeser and Claudia Goldin (Chicago: The University of Chicago Press, 2006).
38. Hicks, Populist Revolt: A History of the Farmers’ Alliance and the People’s Party (Minneapolis: University of Minnesota Press, 1931).
39. See Barry Eichengreen, The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era (New York: Oxford University Press, 2018).
40. Hicks, Populist Revolt, 25–26.
41. Hicks, Populist Revolt, 32.
42. Richard Hofstadter, The Age of Reform (New York: Vintage Books, 1960).
43. See, for example, George Stigler, “The Economic Effects of Antitrust Laws,” Journal of Law and Economics 9 (October 1996).
44. Chernow, Titan, chapter 22.
45. Chernow, Titan, chapter. 27.
46. Michael McGerr, A Fierce Discontent: The Rise and Fall of the Progressive Movement in America (New York: Free Press, 2003).
47. Indeed, a persuasive study shows that as news of McKinley’s condition on his deathbed waxed and waned, so did the price of stocks most subject to antitrust action, suggesting the change in leadership was both unexpected and important to the course of history. See Richard B. Baker, Carola Frydman, and Eric Hilt, “From Plutocracy to Progressivism? The Assassination of President McKinley as a Turning Point in American History,” September 2014, https://economics.yale.edu/sites/default/files/hilt.pdf.
CHAPTER 4: THE COMMUNITY IN THE BALANCE
1. Marshall Goldman, Petrostate: Putin, Power, and the New Russia (New York: Oxford University Press, 2008).
2. Goldman, Petrostate.
3. See Andro Linklater, Owning the Earth: The Transforming History of Land Ownership (New York: Bloomsbury, 2013).
4. Franz Neumann, Behemoth: The Structure and Practice of National Socialism, 1933–1944 (New York: Octagon Books, 1963).
5. See Enrico C. Perotti and Ernst‐Ludwig von Thadden, “The Political Economy of Corporate Control and Labor Rents,” Journal of Political Economy 114, no. 1 (February 2006): 145–75.
6. Shanker Satyanath, Nico Voigtländer, and Hans-Joachim Voth, “Bowling for Fascism: Social Capital and the Rise of the Nazi Party,” Journal of Political Economy 125, no. 2 (April 2017): 478–526, https://doi.org/10.1086/690949.
7. Fareed Zakaria, “The Rise of Illiberal Democracy,” Foreign Affairs, November/December 1997, https://www.foreignaffairs.com/articles/1997-11-01/rise-illiberal-democracy.
8. This section stems from long discussions with friends who are members of parliament in India. They shall remain unnamed.
9. See, for example, the description of Democratic machine politics in Richard Hofstadter’s classic, The Age of Reform (New York: Vintage Books, 1960).
10. See Robert Nozick, Anarchy, State, and Utopia (New York: Basic Books, 1974).
11. See John E. Roemer, Free to Lose: An Introduction to Marxist Economic Philosophy (Cambridge, MA: Harvard University Press, 1988).
12. See John Rawls, A Theory of Justice (Cambridge, MA: Belknap Press, 1971).
13. See Robert J. Gordon, The Rise and Decline of American Growth: The U.S. Standard of Living Since the Civil War (Princeton, NJ: Princeton University Press, 2016).
14. Klaus Schwab, “The Fourth Industrial Revolution: what it means, how to respond,” World Economic Forum (January 14, 2016), https://www.weforum.org/agenda/2016/01/the-fourth-industrial-revolution-what-it-means-and-how-to-respond/.
15. Gordon, Rise and Decline of American Growth.
16. Carlotta Perez, Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages (Cletenham, UK: Edward Elgar, 2002).
17. Michael Signer, Demagogue: The Fight to Save Democracy from Its Worst Enemies (New York: Macmillan, 2009), 38–40.
18. See John Rury, Education and Social Change: Contours in the History of American Schooling, 5th ed. (New York: Routledge, 2016), 44.
19. Claudia Goldin and Lawrence F. Katz, The Race between Technology and Education (Cambridge, MA: Belknap Press, 2009), 139.
20. See Nancy Beadie, Education and the Creation of Capital in the Early American Republic (Cambridge, UK: Cambridge University Press, 2010), for a detailed picture of the early school.
21. Rury, Education, 61.
22. See Campbell F. Scribner, The Fight for Local Control: Schools, Suburbs, and American Democracy (Ithaca, NY: Cornell University Press, 2016), 28.
23. Goldin and Katz, Technology and Education, 163.
24. Tom Dietz, “From High School to the High Court,” Michigan Bar Journal (July 2016): 18–19, http://www.michbar.org/file/barjournal/article/documents/pdf4article2909.pdf.
25. Cited in Goldin and Katz, Technology and Education, 193.
26. Goldin and Katz, Technology and Education, 180.
27. Goldin and Katz, Technology and Education, 164.
28. See, for example, Scribner, Fight for Local Control, 40.
29. Scribner, Fight for Local Control, 35–37.
30. Michael McGerr, A Fierce Discontent: The Rise and Fall of the Progressive Movement in America (New York: Free Press, 2003).
31. C. S. Benson, The Cheerful Prospect: A Statement on the Future of Public Education (Boston: Houghton-Mifflin, 1965), 51, cited in Scribner, Fight for Local Control, 99.
32. Klaus Desmet, Ignacio Ortuño-Ortín, and Romain Wacziarg, “The Political Economy of Linguistic Cleavages,” Journal of Development Economics 97, no. 2 (2012): 322–38.
33. Michael B. Katz, In the Shadow of the Poorhouse: A Social History of Welfare In America, 2nd ed. (New York: BasicBooks, 1996), 57.
34. The description of the Eberfeld system draws on Larry Frohman, Poor Relief and Welfare in Germany:
From the Reformation to World War I (New York: Cambridge University Press, 2008), 89–95.
35. E. P. Hennock, The Origin of the Welfare State in England and Germany, 1850–1914: Social Policies Compared (Cambridge, UK: Cambridge University Press), 2007), 53.
36. Frohman, Poor Relief, 96.
37. Ibid., 97.
38. See Daniel Rodgers, Atlantic Crossings: Social Politics in a Progressive Age (Cambridge, MA: Belknap Press, 1998), 223–26.
39. Rodgers, Atlantic Crossings, 223.
40. Katz, Shadow of the Poorhouse, 147.
41. Katz, Shadow of the Poorhouse, 240.
42. See Rodgers, Atlantic Crossings, 260–64.
43. Katz, Shadow of the Poorhouse, 150–51.
44. See Franklin D. Roosevelt, “1932 Democratic National Convention acceptance” (speech), July 2, 1932, Democratic National Convention, Chicago, transcript, http://www.danaroc.com/guests_fdr_021609.html.
45. Franklin D. Roosevelt, “Message to Congress on the Objectives and Accomplishments of the Administration,” June 8, 1934, transcript, http://www.presidency.ucsb.edu/ws/index.php?pid=14690; also see David M. Kennedy, Freedom from Fear: The American People in Depression and War, 1929–1945 (New York: Oxford University Press, 2005), 245.
46. Kennedy, Freedom from Fear, 267.
47. John B. Judis, The Populist Explosion: How the Great Recession Transformed American and European Politics (New York: Columbia Global Reports, 2016).
48. Katz, Shadow of the Poorhouse, 240; Rodgers, Atlantic Crossings, 443.
49. Katz, Shadow of the Poorhouse, 240.
50. Alberto Alesina and Edward Glaeser, Fighting Poverty in the US and Europe: A World of Difference (The Rodolfo De Benedetti Lecture Series) (Oxford, UK: Oxford University Press, 2004), 148.
51. Milton Friedman and Rose Friedman, Free to Choose: A Personal Statement (New York: Penguin, 1980), 135.
52. James Poterba, “Demographic Structure and the Political Economy of Public Education,” Journal of Policy Analysis and Management 16, no. 1 (1997): 48–66.
CHAPTER 5: THE PRESSURE TO PROMISE
1. Tony Judt, Postwar: A History of Europe Science 1945 (New York: Penguin Books, 2005), 236.
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