U.S. History

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William L. Anderson

Given the reality that markets are self-regulating, how did the US economy (not to mention economies of other nations) become a morass of hundreds of thousands of state, local, and federal regulations that govern things to the minutest detail? Furthermore, why have we not seen a revolt of business owners and consumers alike, who ultimately pay the price for the modern regulatory state? The answer is both simple— and complex.

H.A. Scott Trask

With a Republican president running sky-high debts, unleashing wars, imposing protectionist trade edicts, and risking the nation’s financial future, sometimes it feels like the 19th century all over again, specifically the year 1861 and following. The 1860 election of Abraham Lincoln sparked a secession movement in the southern states. In December, South Carolina seceded, and other Deep South states soon followed. Interstate commerce was disrupted, and many northeastern banks suspended specie payments. The atmosphere was one of grave political and economic crisis. Many feared war; many feared the unknown.