Archive for Burton W. Folsom Jr.
Rutherford B. Hayes and the Financing of American Prosperity
Rutherford B. Hayes, America’s nineteenth president (1877–1881), is generally dismissed as a minor, even below-average president. Matthew Josephson, the journalist-chronicler of the late 1800s, insisted that Hayes had “no capacity for . . . large-minded leadership.” Other historians have written him off as just another cipher among a string of forgettable chief executives of the [...]
23Oct2009 | Burton W. Folsom Jr. | 1 comment | ContinuedThe Founders, the Constitution, and the Historians
How could Charles Beard have erred so badly in arguing that the Constitution was written mainly to serve the signers’ economic interests? In part Beard missed the mark because he was trying to hit something else—a Progressive agenda for reform, the excuse to transfer wealth from the haves to the have-nots. If the Founders were merely protecting their economic interests, Beard and his progressive friends were justified in supporting the redistribution of wealth.
11Jun2009 | Burton W. Folsom Jr. | 0 comments | ContinuedThe Leaders We Deserved (and a Few We Didn’t): Rethinking the Presidential Rating Game
Alvin Felzenberg, like many thoughtful scholars, has a beef with the way historians have evaluated American presidents. Ever since 1948, the year of the first Arthur Schlesinger, Sr. poll, historians have ranked American presidents and published the results. In the case of Schlesinger’s poll, a select group of historians ranked all presidents (except for those [...]
24Apr2009 | Burton W. Folsom Jr. | 0 comments | ContinuedThe NRA: How Price-Fixing Perpetuated the Great Depression
The National Industrial Recovery Act (NRA) dramatically altered America’s traditional free-market system. Under the NRA, a majority of firms in any industry had government approval backed by force to determine how much a factory could expand, what wages had to be paid, the number of hours to be worked, and the prices of products. Whether or not a businessman helped write the code for his industry, he was bound by the terms and subject to a fine or jail term if he violated them.
1Apr2009 | Burton W. Folsom Jr. | 17 comments | Continued
Andrew Mellon: The Entrepreneur as Politician
Rarely do spectacular entrepreneurs leave their realm of business for the political arena. One exception is Andrew Mellon, the third-wealthiest American of his era, who left a dazzling career in American industry to become secretary of treasury under Presidents Warren Harding, Calvin Coolidge, and Herbert Hoover.
Mellon established his career in Pittsburgh as a successful banker—always [...]
Equality, Markets, and Morality
Burton Folsom, Jr. is a professor of history at Hillsdale College and author of New Deal or Raw Deal?, to be published by Simon & Schuster this year.
The subject of “equality” is the source of much political debate. Ever since the founding era, free-market thinkers have argued for equality of opportunity in the economic order. [...]
Our Economic Past ~ John D. Rockefeller and His Enemies
Burton Folsom is a professor of history at Hillsdale College and the author of New Deal or Raw Deal (forthcoming, Simon & Schuster).
One hundred years ago John D. Rockefeller, America’s first billionaire and the head of Standard Oil, faced a critical issue: what should he do about the criticisms of investigative journalist Ida Tarbell?
To [...]
Madison’s Veto Sets a Precedent
Burton Folsom, Jr. is the Charles Kline Professor in History and Management at Hillsdale College. His book The Myth of the Robber Barons is in its fifth edition.
Today, when a president looks at a spending bill that has passed Congress, he typically asks, “How will this help my party gain votes?” and “What interest groups [...]
Subsidies Hurt Recipients Too
More than ever, historians need to study the economic consequences of government programs. Only by analyzing the results of past government intervention can we calculate the impact of future government intervention.
The Tennessee Valley Authority (TVA) provides a useful example. Established as part of the New Deal in the 1930s, it was a favorite program of [...]
Roosevelt, the Great Depression, and the Economics of Recovery
By Elliot A. Rosen Reviewed by Burton Folsom, Jr.
1Jul2007 | Burton W. Folsom Jr. | 0 comments | ContinuedTwo Presidents, Two Philosophies, and Two Different Outcomes
Richard Weaver’s observation that “ideas have consequences” is especially valid when we study the growth of government in America. If we compare the attitudes of Woodrow Wilson and Calvin Coolidge on the Constitution and the Declaration of Independence we can see how their views on government intervention were a logical outcome of their conceptions of these documents.
1Jun2007 | Burton W. Folsom Jr. | 0 comments | ContinuedTwo Presidents, Two Philosophies, and Two Different Outcomes
In the White House, Wilson intended to be a strong president working with a “living Constitution.” He promoted the expanding of “beneficent” government into new areas. In his second year as president he concluded that shipping rates were too high, and he blessed his secretary of treasury’s plan to regulate overseas shipping rates and the companies doing the shipping.
1Jun2007 | Burton W. Folsom Jr. | 0 comments | ContinuedDeath by Public Works
Burton Folsom, Jr. is the Charles Kline Professor in History and Management at Hillsdale College. His book The Myth of the Robber Barons is in its fourth edition.
Almost all historians who write on the New Deal praise Franklin Roosevelt for using government to “solve” economic problems. Often, however, these historians only tell part of the [...]
Which New Deal Program Had a Death Rate?
Franklin Roosevelt’s New Deal was often hazardous to the health of the American economy. Sometimes it was even hazardous to the health of Americans. An example is Roosevelt ’s almost-forgotten decision in 1934 to cancel the federal airmail contracts. Here is the story.
Airmail service began in 1918, and the first such flights were done by [...]
Our Presidents and the National Debt
Burton Folsom, Jr. is the Charles Kline Professor in History and Management at Hillsdale College. His book The Myth of the Robber Barons is in its fourth edition.
During the last 75 years the United States has failed to balance its annual budget over 90 percent of the time. What’s worse, the government has spent money so [...]
From Kleenex to Zippers: The Unpredictable Results of Entrepreneurs
The 1920s was a decade that taught us many lessons
in economicsperhaps foremost among
them is that cutting tax rates encouraged entrepreneurs
to invest in a variety of revolutionary products,
from radios to refrigerators.
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Latest Toon
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Book Reviews
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The End of Prosperity: How Higher Taxes Will Doom the Economy–If We Let it Happen
By Arthur B. Laffer, Stephen Moore, and Peter J. Tanous
