An Empire of Wealth: The Epic History of American Economic Power

An Empire of Wealth - The Epic History of American Economic Power, by John Steele Gordon, is a marvelous one volume narrative on the economic history of the United States. While Gordon's work is clearly not ground breaking in terms of research, he synthesizes four hundred years of progress into a very readable and even entertaining book. Writing anything on this topic in such a fashion is clearly a challenge and one the author certainly aces.Gordon writes about the root causes and pivotal events, inventions and American ingenuity that propelled the economy upward. He also handles the precipitants of economic downturns and depressions very concisely. His ability to put into context many statistics is something that more academic writers could learn from. The book is loaded with "gems". Include are: "Considered as a `public work,' the GI Bill proved to be the Erie Canal of the new, postindustrial economy that was then, quite unrecognized, coming into being". On capitalism and industry (with specific regard to Standard Oil), "Monopolies, like everyone else, want to maximize their profits, not their prices. Lower prices, which increase demand, and increased efficiency, which cuts costs, is usually the best way to achieve the highest possible profits". Gordon also handles the political aspects of all periods very well with valid criticisms of Jefferson and Jackson and insightful writing on Hoover, Roosevelt and Reagan. While he is obviously a free market thinker it does not cloud his reasoning about the need for a central bank, missing after Jackson disbanded the Bank of the United States. He also notes Keynes "General Theory" and the role for government spending in a depressed economy.The reader is given a bibliography of some great books about American history that, while largely not academic in nature, are intellectually stimulating and allow for further reading on a topic that perhaps was covered in this book in less detail than might have been desired. This is a very well written and fascinating read. If a reader has any interest at all in this topic, it is very much a must read.

I'm maybe only a fourth of the way or less into this book, but it is a veritable treasure chest of information about the complete chronological history of the United States - step-by-step - from the early days, when the country was literally in its infancy, all through the building days of discovering so many of the things we take for granted today that we could hardly imagine life without, and how it was discovered, or invented, developed, refined, and evolved into the polished product or system that we presently enjoy.It's amazing how one invention, or discovery, leads to not only the original application, but is developed into many others, as it is broadened and expanded, and ends up being the basis for a myriad of things that we just could not survive without.As for example, the steam engine, which became the steamboat, and also the locomotive, as well as supplying power and heat and light, etc, etc, etc, - and how did we exist before all of that?It makes you think about how the world is full of so many brilliant people, who understand and are masters of so many things that work so marvelously, and which most of us have no conception whatsoever about, but which make life so incredibly easy to experience, it's almost beyond one's ability to describe.He absolutely includes everything that is relevant to life as we know it, and is so incredibly interesting in his presentation, that it is a pure joy to read.Think back to your time in high school, when History was a subject that was so stultifyingly boring that you looked at your watch every ten seconds or so, hoping to hear the bell ring so you could jump up and bolt out of the classroom.How different we would feel if we had had this single book, and how much smarter we would be today.Already, I can see that my only disappointment in this book will be when I have finished it, and there's no more to read.I can only imagine the pleasure that awaits me as I read even further into it, and can more readily identify with some of the things he writes about, because it will be something that happened within my own lifetime, and will be more familiar in my mind.But the way he describes everything he has written about thus far, I feel almost as if I have experienced it myself.Just as if you were describing something you had actually done , that's the feeling you have when you read all about it, like it happened to you, personally.If you love to read, and you want to know almost anything you could imagine about what happened in America over the past 200 years or so, you couldn't go wrong by getting this book.You'll pat yourself on the back as being the smartest person in the room, when you do.

Great read for all ages. Fascinating, easily understandable journey through innovation and subsequent evolution of the US economy.I also suggest “Americana 400 years of Capitalism in America”. Similar subject matter. I found the latter a bit less dry.