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Empire of Wealth : The Epic History of American Economic Power (P.S.) | 
 enlarge | Author: John Steele Gordon
Publisher: Harpercollins
Category: Book
List Price: $15.95
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Avg. Customer Rating:  40 reviews
Sales Rank: 878566
Format: Bargain Price
Media: Paperback
Number Of Items: 1
Pages: 496
Shipping Weight (lbs): 0.8
Dimensions (in): 7.8 x 5.3 x 1
ASIN: B000GG4LPI
Publication Date: November 1, 2005
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| Customer Reviews: Read 35 more reviews...
 A celebration that offers no guide to the future. March 22, 2008
0 out of 4 found this review helpful
The author celebrates triumphs of the past but seriously fails to prepare a reader for challenges of the future, especially for emerging realities likely to diminish the US's heretofore unique status and powers. He seems too ideologically committed to mainstream, right-of-center economics/political economy to see or convey a more nuanced picture.
Otherwise, I agree with (and will not echo) the reviews presented by Amazon and the Washington Post at the outset of this website page.
 From tobacco to the Internet, the unstoppable American economy January 12, 2008
1 out of 1 found this review helpful
This book is a one volume "epic history of American economic power" that focuses on the fantastic capacity of the United States as a machine to create wealth (if not to redistribute it); its approach is surprisingly similar to what a 19th century bourgeois apologist might have chosen, that of a believer in a vision of "progress" that would now appear old fashioned and naive, especially to the more left leaning readers. But one has to admit that one of the most striking aspects of American history is the sheer speed and size of all economic developments, and that, from the very start.
Of course this is due to the immensity and diversity of the territory and its natural resources, in wildlife, agricultural lands, timber, minerals, oil, etc. But also, as this territory filled with people, to its huge size as a market for industrial and later consumer products and services, combined with the absence of the many cultural and political obstacles that some may say still characterize "Old Europe".
As a consequence, America was and may still be a land of incredible opportunity for entrepreneurs, native or immigrant, and capitalists. This gave substance to "the American dream" and it is this powerful, seemingly unstoppable march that the author has chosen to emphasize and dramatize. He succeeded in writing an enjoyable book that reads like a novel. I would recommend it to anyone interested in the subject who prefers not to be bogged down in charts, graphs and econometrics. American economic history written in this way is fascinating and I picked up at least two anecdotes that are quite revealing. First, every stock exchange boom in American history attracted a lot of capital from abroad (this includes the 1990s dotcom bubble); European investors lost a lot of money each time, financing American growth without gaining much from it. Second, American farmers suffered a lot from the advent of the automobile. All the crops that used to feed horses were suddenly made "available" for humans, which depressed agricultural prices for decades and caused the State to intervene to support farmers. With the current development of biofuels (the new name for fodder), this trend is now going the other way...
A Must Read for All Americans! November 8, 2007
1 out of 2 found this review helpful
This is simply, a superb book. I thought I knew about American history, but many of the articles in the book really opened my eyes. The author explodes a number of myths, including the underlying reasons for the Great Depression.
What saddens my is that this type of history is not being taught to our children. That is why I suggest that every American should read this book. Wouldn't be bad to have the ideas and history televised in the same way as "Free To Choose".
Hmmm, come to think of it, this book should be required reading for all Europeans who tell us how horrible we are to be Americans. It is very uplifting.
An Educational, Though Somewhat Biased, Account Of American Economic History April 23, 2007
4 out of 5 found this review helpful
Gordon's intent is to present an accessible yet highly informative history of American business and in this effort he largely succeeds. I especially enjoyed this book because I have a strong interest in American history but am far from an expert in economics matters. Yet Gordon was able to educate me on issues such as the gold standard vs free silver debate of the late 19th century. He writes in a clear, simple prose that enables potentially complicated subjects to become more understandable to the lay reader. Basically, I learned more from this book than any other I have read so far this year.
But Gordon is a pro-business conservative and his writings are clearly a celebration of America's financial and technological truimphs without much interest in the shortcomings of our especially "individualistic" form of capitalism. For example, he hardly mentions the environmental degradation often caused by unregulated business practices or the extreme inequalities of wealth and poverty that exist in our nation.
Still Gordon is far from a dogmatic thinker and he does provide criticism about the excesses of unregulated capitalism when he considers it appropriate. For example, he makes a convincing case that Andrew Jackson's decision to close the central bank was a disaster that led to numerous financial panics and economic downturns until the establishment of the Federal Reserve System in 1913.
Yes, Gordon is a bit biased and perhaps too celebratory about the virtues of American business. But still the book is very well written and offers so much useful knowledge that it deserves to be read.
You will not find a more readable or entertaining book on U.S. Economic History April 22, 2007
7 out of 9 found this review helpful
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.
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