Thomas K. McCraw (1940–2012)

Basically a double-biography of Alexander Hamilton (America's first Treasury secretary) and Albert Gallatin (America's third Treasury secretary), with a focus on their financial policies. Hamilton, of course, is having a bit of a national moment. But Gallatin — the longest-serving Treasury secretary in U.S. history, and the principal economic adviser to both presidents Thomas Jefferson and James Madison — is much more obscure.

As someone who's read Ron Chernow's biography, there was little in the Hamilton section that was new. But it was well-done and concise.

The Gallatin section was more interesting, because I knew less about Gallatin.

But I felt the book didn't really transcend the sum of its parts. It did a good job highlighting Hamilton's and Galatin's similarities — their immigrant backgrounds, their support for banks and commerce (versus agriculture), their role as administrators and advisers to Virginian presidents. This is interesting stuff, especially McCraw's thesis that a shared immigrant background made the two men more open to commerce.

Where it fell short was in contrasting the two. As a brief section discussing Gallatin's tenure in Congress highlights, the Pennsylvanian had some big differences with Hamilton's financial system. But the chapters on Gallatin's service as Treasury secretary largely wave these away. Instead they focus on their similarities. Gallatin's preference for less regulation and a smaller debt than Hamilton are mentioned almost in passing. A sharper focus on the differences between their worldview would have not only been helpful new information but it would have also brought their similarities into sharper relief.… (more)

A very optimistic account of business growth in the United States from 1920 to 2000. I think the main argument here is the importance of innovation and a decision making model that is a mixture of centralization and decentralized. I would like to see how McCraw would cover the last twenty years. There is a brief chapter at the end on the rise of Silicon Valley, but it was written when there was still a very optimistic view of the internet and globalization. I wonder how a chapter covering the expansion of the internet (with its dark side), the rise of China (which is not mentioned in this book), social media, collection and selling of personal information, and the changes caused by the 2008 great recession play out.… (more)