Hamilton's Curse: How Jefferson's Arch Enemy Betrayed the American Revolution--and What It Means for Americans Today |  | Author: Thomas DiLorenzo
Publisher: Crown Forum
Category: Book
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Rating:  32 reviews
Media: Hardcover
Edition: First Edition
Pages: 256
Number Of Items: 1
Shipping Weight (lbs): 0.9
Dimensions (in): 8.4 x 5.6 x 1.1
ISBN: 0307382842
Dewey Decimal Number: 973.4092
EAN: 9780307382849
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Product Description
Court historians have long praised the glories of Alexander Hamilton as the greatest of the founding fathers. This view is back in vogue as U.S. economic policy becomes ever more statist.
In this dazzling work of revisionist history, Professor Thomas DiLorenzo provides the other view. He shows that Hamilton is the architect of most of today's failed economic policies: protectionism, central banking, and debt. His core principle is that government should be used to benefit the rich and privileged, mostly through its power to print money and run financial scams. In this sense, Hamiliton's Curse has been visited upon the United States in the 2008 bailout of powerful investment banks.
Hamilton was the master of the political lie. He used his rhetorical powers and elite connections to invent the myth of the Constitutions implied powers. He established the imperial presidency. He devised a national banking system that imposes boom-and-bust cycles on the American economy. He saddled Americans with a massive national debt and oppressive taxation. He pushed economic policies that lined the pockets of the wealthy and created a government system built on graft, spoils, and patronage. He transformed state governments from Jeffersonian bulwarks of liberty to beggars for federal crumbs.
Moreover, DiLorenzo shows that Hamilton, as compared with Jefferson, was an economic ignoramus. Whereas Jefferson was schooled in a classical liberal tradition and revered the legacy of A.R.J. Turgot, Hamilton was an old-fashioned mercantilist who thought that barriers and debt were the keys to prosperity.
By debunking the Hamiltonian myths perpetuated in recent admiring biographies, DiLorenzo exposes an uncomfortable truth: The American people are no longer the masters of their government but its servants. Only by restoring a system based on Jeffersonian ideals can Hamiltons curse be lifted, at last.
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Showing reviews 1-5 of 32
 How Hamilton's un-American ideas became the basis of the "American System" October 31, 2008
J. D. Seagraves (Michigan)
90 out of 106 found this review helpful
In Hamilton's Curse, author Dr. Thomas J. DiLorenzo traces the roots of America's economic and political systems to the first secretary of the Treasury Alexander Hamilton. We are truly living in "Hamilton's Republic," says Dr. DiLorenzo -- but this is far from a good thing.
While it is Thomas Jefferson's face that graces Mount Rushmore, and tremendous lip service is paid to his greatness as a political thinker and president, in reality, Jefferson's ideas have been entirely marginalized, while those of his arch rival Hamilton now form the backbone of the American political establishment. The Revolution of 1776 was a Jeffersonian Revolution to throw off the yoke of British mercantilist imperialism and install it its place a voluntary union of free and independent states. Hamilton and his acolytes, however -- no matter how bravely and earnestly they fought against the Red Coats -- wanted to import British mercantilism to America with the U.S. aristocracy (Hamilton and his Federalist buddies) on the receiving end of the mercantilist spoils system. In fact, DiLorenzo argues that the Constitution itself was a virtual coup against the free republic of the Articles of Confederation for the purpose of increasing the authority of the central government -- key to Hamilton's plans.
But Hamilton couldn't create the unitary nationalist government in one fell swoop. Indeed, his plans to install a permanent president -- an American king -- with the power to appoint state governors and veto state legislation failed miserably. But as soon as the Constitution was ratified, Hamilton (who argued the pseudo-Jeffersonian case for its ratification in the Federalist Papers) set about subverting it. It was Hamilton who invented the concept of "implied powers."
Hamilton had George Washington's ear, and while historians act as if our first president was an "independent," the fact is that he almost(?) exclusively appointed Federalists -- meaning men who supported ratification of the Constitution -- to the bench. These were by and large men who simply wanted to increase the federal government's power over the states, and thus America was on the wrong path from the onset of the first presidency. The Federalist near-monopoly on the judicial system gave Hamiltonianism a foothold even as it suffered electoral defeat after electoral defeat -- starting with the election of Hamilton's arch rival Thomas Jefferson to the White House.
Indeed, it wasn't until the War Between the States, as DiLorenzo calls it, that Hamiltonianism -- which had lost on the battlefield of ideas -- was installed on the actual battlefield, by brute military force. Lincoln was a Whig before he was a Republican, and the Whigs were the ideological descendants of Hamilton's Federalists. With Lincoln as their standard bearer, the new Republican Party had a full-fledged Hamiltonian agenda consisting of protectionism, high taxation, national centralism, corporate welfare, militarism, and national banking. These were the true issues over which the "Civil War" was fought, says DiLorenzo.
The Hamiltonian Republicans reigned over America almost uninterrupted for the next 52 years, until Woodrow Wilson -- a Hamiltonian of the Left -- was elected. Under Wilson, Hamiltonianism reached its zenith (or nadir), as the income tax, direct election of senators, and Federal Reserve all came into existence. Entirely gone was the Jeffersonian republic of "states' rights." DiLorenzo also says that the American "Progressives" who brought about these horrors were directly influenced by the German Historical School -- which itself was strongly influenced by Hamilton. Thus, things came full circle.
DiLorenzo concludes this wonderful book with a road-map to ending the curse. Unfortunately, I have virtually zero faith that Americans are ever going to wake up and reassert Jeffersonian principles. As DiLorenzo explains, we now have several generations who have been taught Hamiltonian/Lincolnian myths in institutionalized schooling to the point that both the Left and the Right view Hamilton as a great hero. In reality, he was perhaps the greatest scoundrel in American history. If only Aaron Burr's bullet could have spared the man but killed his wicked ideas!
Political Economy at Its Best November 18, 2008
A reader
35 out of 42 found this review helpful
DiLorenzo has made a difficult subject readable. It is an American political economic history covering a period from the Ratification Debates to the present. It is told from the contrasting viewpoints of Jefferson and Hamilton, as to the political system which the secession from England was meant to create.
For me, it covered new ground and reinterpreted well some ground I thought I had understood. It is both chronological and topical history. The author's use of original and secondary sources added to its value. All of which made it a fruitful present exercise and a tool for future reference.
As has been noted by other reviewers, it has special present circumstance value. National Bank/Federal Reserve Bank is the pivot point of today's rational pessimism. And it is the legacy of Alexander Hamilton. Greed comes with human seed; Hamilton's ideology centralized it.
I suppose, in the dark history of "democracy" and its variants, one could have drawn the baseline with Solon or Pericles. However, in the uniquely American variant of a "democratic" social contract, it is Hamilton's legacy that needs scrutiny. And DiLorenzo delivered such fully.
Whether it is the Supreme Court, The Fed, regulatory practices, the income tax, direct election of Senators, protectionism, or standing armies, Hamilton is the genesis. Our "Great Experiment" had a frightful beginning, a precarious middle and, obviously, might have an oligarchic end. We had a chance to design a system based on Jefferson's theories, but we have chosen otherwise. Perhaps we're cursed by Hamilton.
Robert Higgs, one of the many fine writers referenced in this book, asked himself in print recently: have we been led by fools or mountebanks? He answered: yes! And in reading this great book, I thought often that Hamilton might be both.
Timely & Relevant November 15, 2008
Christina C. (San Francisco, CA)
30 out of 37 found this review helpful
I heard about this book when Prof. DiLorenzo was interviewed on "Pro Business With Dr. Mike Beitler," a free-market, libertarian internet-radio show. Frankly, I had no idea that what weseeing today (central banking out of control, government intervention in every aspect of our lives) is rooted in the vision of Alexander Hamilton. This book made me realize the difference between Hamilton's vsion and Jefferson's vision. Fascinating reading!
Christina C.
Relatively easy read with a simple message of freedom. October 24, 2008
J. Johnson (Riverside, CA)
28 out of 37 found this review helpful
It isn't often that a book is released that contains historical insight into prominent Americans through the scrutinizing lens of an economist. As DiLorenzo did with Abraham Lincoln (In The Real Lincoln and Lincoln Unmasked) we are treated to an objective view of who Alexander Hamilton was and what his ideals cultivated for our great country.
Chapter by chapter the author pits the views of Hamilton and his allies against the Jeffersonian side of our founders' ideology; and ultimately shows that while it is Jefferson who is most recognized to this day it is ultimately Hamilton's economic ideas and policies that won over in the end.
At no other point in history would this book be more important than it is now. With the various financial crises facing the United States, and the world over, we owe it to ourselves to understand what got us where we are. One could read much about economics and current issues to figure out the basic wrong doings of our government, but to truly grasp what shaped our country and pushed our ideally small government with checks and balances between the various powers into the leviathan empire it is we need to inspect who sowed the seeds for such "big government" ideals.
Depicted throughout the book is Hamilton's core message of promoting "the common good," a deed that Jefferson so rightly did not believe big government was capable of accomplishing. Hamilton's Curse details how the Hamiltonian mantra of the "american system" (mercantilism) and vast government powers were defeated early in the country's founding but ultimately crept back often and persevered even after Hamilton's death.
This is a great read and towards the end might almost panic the reader about where our country is heading but the final chapter "Ending the Curse" is surprisingly uplifting and instills optimism. I recommend this for anyone interested in understanding today's economy, individual liberty, or learning the truth about a revered American icon.
This is a must read for anyone who is a fan of DiLorenzo's other works as well as anyone who is a fan of Ron Paul and the Austrian school of economic thought.
Hamilton's Curse and the Destruction of the Republic November 4, 2008
G. F Gori (Manteca, ca United States)
21 out of 29 found this review helpful
Another outstanding book by Professor DiLorenzo. Hamilton's Curse exposes the revered neoconservative hero, Hamilton, for what he really was, an unabashed statist.
DiLorenzo exposes Hamilton's true views on liberty and government. Hamilton clearly rejected the ideal of a decentralized republic, one of the key objectives of the American Revolution. After the Revolution, Hamilton worked tirelessly to subvert the very republic he helped create. In the Constitutional Convention, he was an advocate for a centralized imperial nation. In his famous Convention speech, he advocated a President and Senate for life, and state governors appointed by the President. The House of Representatives would be elected by the people as the one democratic feature. The President would have an ABSOLUTE veto over all legislation, and the governors would have the same in the states, which would be reduced to nothing more than adminstrative districts. The government was in fact monarchy without the formal title.
Hamilton also was an advocate for corporate welfare, centralized banking and a strong military force. He used the military to surpress the Whiskey Rebellion, and advocated executing the oppressed farmers involved in the abortive protest. Hamilton was a supporter of the oppressive Alien and Sedition Acts after their passage. A true lover of liberty indeed!
The chapter on the statist Chief Justice John Marshall was the best in my opinion. DiLorenzro shows how Marshall, an advocate for strong central government, used his lifetime tenure to infect the body politic with Hamiltonian ideals of centralization. Marshall, an enemy of Jefferson and his ideals, was one of the figures most responsible for infusing the republic with what Jefferson called "consolidation". This consolidation, a Hamiltonian dream, has resulted in Hamilton's Curse to pervade the Republic up until this day, consuming it in it's fury.
Overall, this is a fantastic book. I have to agree with one of the other reviewers, that I also hold little hope of the Jeffersonian Republic and ideals of the American Revolution returning. The American people are truly controlled and buffaloed by the corporate mass media and love of big government. The love of liberty, I believe an intregal part of the human constitution, is very dim in our time. Hopefully, some will read this great book by DiLorenzo, reject Hamiltonianism, strong central government, and statism in general.
It is little wonder that neoconservatives worship Hamilton, and that even so-called paleoconservatives, like Pat Buchanan revere him. Buchanan, an advocate of corporate welfare, and high tariffs has always been in reality, an advocate of big government of the conservative variety. The neocons are advocates of what William Kristol called "national greatness" conservatism, which is nothing more than Hamiltonianism in modern form. They will hate this book.
If you are a lover of liberty, you will love it.
Showing reviews 1-5 of 32
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