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The Price of Greatness: Alexander Hamilton, James Madison, and the Creation of American Oligarchy, by Jay Cost
Download Ebook The Price of Greatness: Alexander Hamilton, James Madison, and the Creation of American Oligarchy, by Jay Cost
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Review
"Remarkable and insightful... a fascinating look at the interaction of money and politics in the early years of our Republic, showing that, like much of human nature, issues of greed and corruption are not sudden creations of the modern era."―New York Journal of Books"[A] compelling account.... Cost has written an engrossing and useful book in The Price of Greatness, for it both provides an accessible (short) history of this country's beginnings and illustrates dynamics fundamental to the American model."―Washington Free Beacon"Cost's descriptions of post independence political wrangling and the first decades of the new United States are clear and easily grasped."―Publishers Weekly"Focusing on James Madison and Alexander Hamilton.... Cost offers a revealing look at how their contrastingg political philosophies shaped the new nation's domestic and foreign policies.... A well-argued examination of the nation's founding principles."―Kirkus Reviews"In his lively new book, Jay Cost continues his fascinating inquiry into the sources of American political corruption by examining Alexander Hamilton's and James Madison's divergent understandings of the Constitution and the proper balancing of liberty, republicanism, and national unity and prosperity."―Bradford Wilson, Executive Director, James Madison Program, Princeton University"Thoughtful people differ concerning why so many of today's most talented writers on American history practice their craft outside academia. Thoughtful people agree, and this book demonstrates, that Jay Cost is among those writers."―George F. Will, Washington Post columnist""Jay Cost has managed to do the unthinkable. He's written an insightful account of the principles and practices of two great founding fathers, Alexander Hamilton and James Madison, without savaging one or the other. This terrific book is destined to reshape our thinking about the key events of the early republic including the tragic break between Hamilton and Madison.... A must-read for those interested in a deeper understanding of two giants whose principles animate America's conflicted soul."―Stephen F. Knott, author of Alexander Hamilton and the Persistence of Myth"Jay Cost brings alive the profound dispute between Madison's republicanism and Hamilton's nationalism and helps us see why it still matters. At once a discerning scholar of political theory and a perceptive student of political practice, he is the perfect guide to this rich story."―Yuval Levin, author of The Fractured Republic and editor of National Affairs
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About the Author
Jay Cost is a senior writer at the Weekly Standard and has written for the Wall Street Journal, National Review, and Commentary. He holds a PhD in political philosophy from the University of Chicago. The author of A Republic No More, he lives in Harmony, Pennsylvania.
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Product details
Hardcover: 256 pages
Publisher: Basic Books (June 5, 2018)
Language: English
ISBN-10: 1541697464
ISBN-13: 978-1541697461
Product Dimensions:
6.5 x 1 x 9.5 inches
Shipping Weight: 1 pounds (View shipping rates and policies)
Average Customer Review:
4.4 out of 5 stars
21 customer reviews
Amazon Best Sellers Rank:
#110,450 in Books (See Top 100 in Books)
If one were asked to name the pair of former friends turned enemies who defined the modern American republic, most would answer “Adams and Jefferson.†Jay Cost, in The Price of Greatness, makes a compelling case that the answer ought to be “Madison and Hamilton.â€Just as Adams and Jefferson were the words and the music of the revolution, The Price of Greatness lays claim to those roles for Hamilton and Madison in the birth of the Republic. While the elder statesmen were ambassadors abroad, it was Madison and Hamilton who worked to create the constitution and advocated for its ratification in The Federalist Papers. But within months, as Cost presents through extensive research and accessible prose, they would be bitter rivals, engaged in a tug-of-war of world views that became the foundation for the two-party system that survives to this day.But the real insight in this book is how much they influenced each other, and the enduring power of Hamilton’s ideas – and their unfortunate side effects. As Cost demonstrates in the chapter discussing the postwar policies of Madison’s Republican party, Hamilton may have died in 1804 but his policy influence lived on. Madison, ever the pragmatist, adopted a “kinder gentler†version of Hamilton’s economic policies, spreading the largesse to a broader constituency. Due to its effectiveness the idea stuck, from the Hamiltonian “bounties†of old to the crony capitalism of the present. And even though each and every period in history has evidence of greedy and corrupt people in power exploiting the system, it is hard to argue against the benefit that the tension between the two has provided the Republic. Without these competing and contradictory views as a sort of philosophical check and balance, the Republic craters in one direction or the other and is unsustainable.The Price of Greatness is an important contribution to the scholarly work of the founding period and beyond. More importantly, it is a unique study of two of our most influential founders and the importance of their collaboration, both directly and as adversaries. Viewing them in relation to one another, as the leading minds behind each of their respective parties, gives a new perspective on much of the trials of the founding period while providing timely insight into our current national politics.
Books about the Founders often fall into two categories. First, there are the (literally) weighty biographies – comprehensive portraits in which author often identifies too much with the subject's biases. Second, there are the more general accounts, which too often become platitudinous exercises in civic mythology. Jay Cost's The Price of Greatness avoids both traps.By focusing on the changing political relationship between Alexander Hamilton and James Madison, he offers more balanced – and occasionally surprising – assessments of both men and of key events like the Compromise of 1790 (the subject of "The Room Where It Happens" in the Hamilton musical).And by focusing on the decades immediately following the adoption of the Constitution, Cost explains not only how American politics have fallen short of our ideals from the outset, but also how those failures have echoed throughout the nation's history.Cost argues that after the Revolutionary War, the central political struggle in America was to secure the principles of (small-l) liberalism, (small-r) republicanism, and nationalism. The two main authors of The Federalist Papers, Madison and Hamilton, proved great allies in the fight to adopt the Constitution because they agreed on the nationalist idea that a stronger government was needed than the Articles of Confederation provided.This alliance developed despite Madison's more republican structure for the new Constitution having prevailed over Hamilton's (which included having an American version of the House of Lords instead of a Senate). Once the new form of government was adopted, however, the two became bitter opponents over Treasury Secretary's Hamilton's proposals for a more industrial and nationalist country as opposed to Madison's more agrarian, republican vision.Cost observes that a great nation need not be a just nation, and vice versa. His analogy is that Madison believed the government should be a referee among competing interests, while Hamilton thought it should be a head coach – in which case, the star players might receive favorable treatment.Hamilton's plans sought to favor the financial and industrial sectors, believing he could invest them in unifying and strengthening the country in the long term. Madison believed that Hamilton's approach would inevitably corrupt the fledgling government. Both men had a point, but rushed to believe the other was acting from more selfish, impure motives (some things in politics never change). Such was the birth of party politics in America.Before Madison became president, his concerns were partially validated. The speculation over titles in Western lands and shares in the First Bank of the United States were rife with corrupt speculation. But the operation of the bank did not live down to Madison's worst fears. Moreover, the expiration of the Bank's charter would prove an enormous headache for Madison during the War of 1812 .Ironically, afer the war, Madison and the Republicans tried to promote their republican goals with Hamiltonian means, including chartering the Second Bank of the United States and adopting protective tariffs. While the Second Bank supported a decade of prosperity, it fell prey to the sorts of corruption Madison feared regarding the First Bank.Moreover, the politics of the tariffs devolved into the "faction of the majority" warned against in The Federalist Papers. This mode of politics foreshadowed all manner of future corruption, from the creation of the national railroad to the power of the industrial trusts. In the 20th century, Progressives would campaign against these corruptions, while advocating the very formula that produced them. And so it goes.The Price of Greatness, then, is the story of how Madisonian republicanism prevailed in establishing a structure for the government, but Hamiltonian nationalism has prevailed when it is time to make public policy – and that our inability to ever fully harmonize these principles has haunted our history to this day. Cost, the author of A Republic No More and Spoiled Rotten, has become well-versed in the history of American political corruption.Cost's triumph here is in framing seemingly arcane political fights and scandals within these larger, enduring political themes, bringing the stakes to life for a modern readership. It is an unstuffy, engaging read – and at just over 200 pages, one easy to turn into a binge. If the book has a flaw, it is that Cost occasionally assumes we remember more from our history classes than we might, though never so much as to confuse the reader. It otherwise illuminates a particular slice of American history well, while explaining its current relevance. A must-read for fans of both Hamilton and Madison, as well as students of American political theory.
I liked this book, because the author explained in English, a lot of technical matter. Also, his perspective was refreshing.
An impressive dive into the personalities that shaped and formed our system of government. In light of today's political wrangling, it shows what flexibility can gain and what the price of dogmatism can cost. In the words of someone else, "History does not repeat. It echos."
Good read, It shows how some of today's issues have been around from the beginning
It may not be written in the most riveting prose, but the topic is fascinating and Jay does an excellent job breaking down the progression of his argument. I would recommend it to anyone interested in the history of the founding generation.
Good read that attempts to take a deeper look, from a policy perspective, of the differing views between Madison and Hamilton.
Learned another series of facts about how we became who,we are and how easily we could have lost it all.
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