100 books like The Great Persuasion

American economics in the Progressive Era (usually dated from the later 1800s to World War I) is quite fascinating.

Mary Furner’s book is an excellent discussion of the developing American social sciences in this period.

American universities developed rapidly along with the professionalization of the social sciences. At the same time, rapid US industrialization created a raft of new economic and social problems that demanded a response.

This created a tension between the desire for professional “scientific” standing and the demand to respond to obvious social problems by advocating for particular policy responses.

Furner pays particular attention to the work and career of economist H. C. Adams, who was a teacher to a number of the later institutionalist group. In the institutionalist literature, this tension is expressed in the conjoined goals of “science and social control.” 

For institutionalists, the solution to this problem was found in the pragmatic and instrumental… show more.

Mary Furner’s book presents what is the common view of progressives as liberal reformers, but there is another side to progressive social science that is less liberal. 

The progressive era social science literature is replete with racism and with arguments about racial and other forms of inferiority derived from eugenics.

The vast amount of immigration from Southern and Eastern Europe gave rise to concerns about the undermining of American standards, both biological and economic, including theories of “race suicide.” 

Leonard’s book has generated a great deal of discussion, and while there is no doubt that many progressives displayed eugenic and racist ideas, it needs to be stressed that such views were not limited to progressives, but included many of those with conservative and even free-market views in other areas.     

It is not often recognized just how significant the Rockefeller Foundation, and especially the Laura Spelman Rockefeller Memorial Foundation (LSRM), was to the development of Economics in the United States. 

The story is quite extraordinary, starting with the appointment of a very young Beardsley Ruml to head up the LSRM, who led the way by funding economic programs and research institutes (University of Chicago, Social Science Research Council, Brookings, National Bureau of Economic Research), with a particular emphasis on work that was empirical and aimed at social improvement and the solution of social problems. 

Ruml shared the philosophy of “science and social control” that was so central to the institutionalist movement.  

This book provides an excellent discussion of the various policy debates and conflicts that occurred within the New Deal, involving monetary policy, the National Recovery Act, the Agricultural Adjustment Act, as well as many other programs. 

Key to this was the shift away from “planning” and towards the greater use of fiscal policy and anti-trust that occurred after 1935 as the result of Supreme Court decisions. 

Institutionalists played a major role in all parts of the New Deal, but policies were often rather experimental. 

As various ideas were tried and discarded (for both economic and legal reasons), policy eventually arrived at an Americanized version of Keynesianism.     

Ultimately, I am recommending this book to you because Milton Friedman is one of the founders of Capitalism and winner of the Nobel. I enjoyed reading this book in college for the significant impact it holds. Truly, in a free market society based on survival of the fittest, one is forced to outlive the other. However, a great author will combine the two polar dynamic ideologies into one. While Milton Friedman’s work has historical implications on modern society, it is out of date. 

Mises' warnings about socialism bringing about the end of civilization have entered popular lore a sort of common sense, so it's worthwhile to read the original.

This book is less a scientific analysis than an ode to market liberalism: to “the desperate struggle of lovers of freedom prosperity and civilization against the rising tide of totalitarian barbarism.” At stake is the very possibility of non-market modernity.

Mises argues that modern society cannot function without a market defined by acquisitive trade: individuals' peaceful cooperation hinges on their ability to make rational choices about their production and consumption of things, and such choices are possible only when a system of competitive market price expresses the true value of every commodity.

“The socialist order of society,” he warns, “is not realizable” and will lead to the collapse of (western) civilization itself: “Nomad tribes from the Eastern steppes would again raid and pillage Europe,… show more.

Friedman, a Nobel-winning former Economics professor, writes brilliantly and playfully, and students of economics love to read him. Yet he delves into the heart of the monetary problems that have been confronted historically. This he uses to shed light on how to conduct monetary policy today.

He ranges across the whole of American history. For example, the failure of the Continental Congress’s currency occurred since it was printed to finance the Revolutionary War when there was no federal government and no federal tax revenue. This led to the new US Constitution and the ability to raise taxes, and a stable currency that was backed by gold and silver.

With the Civil War, the US Treasury printed money called “greenbacks” and suspended conversion to gold and silver during the War, but re-established convertibility in 1879 at the pre-War rate. Friedman shows how this convertibility led to prolonged, hugely damaging deflation for… show more.

Capitalism and Freedom is the greatest exposition of the consequential case for libertarianism. In other words, Milton Friedman’s case for libertarian policies rests not on moral assumptions or “natural” rights but on showing that capitalism is important because it has positive consequences – it enables human prosperity and flourishment.

Perhaps as importantly, Capitalism and Freedom shows that economic freedom is a necessary condition not just for economic prosperity but for personal and political freedom. Thus, free markets are not only compatible with democracy (contra what many people claim), but a necessary condition for protecting democracy and personal freedoms.

This book’s outlook is probably the closest to the one articulated in my book. It is also the most recent one on the list, making it an easy read.

The enduring impact of Milton Friedman and his writings is ably captured in this volume.

Part II focuses on his monetary contributions and relates his writings to the policy actions of the Federal Reserve and many other recent and older episodes. Among these chapters, James Lothian offers a particularly compelling account of not only the evolution of Friedman’s work but also its impact on those around him. Eugene Lerner connects his Friedman-inspired early Civil War research to monetary developments after the global financial crisis in 2008. 

Nobel Prize winner Robert Lucas makes a particularly revealing personal observation: “Friedman has no interest at all in what side you are on. You are expected to articulate a view of the effects of policies. How will it work? Who gains? Who loses?”

DiLorenzo analyzes fundamental economic topics in a clear and understandable way.

This book helped me develop better counterarguments to many of the mainstream views on how the economy “should” work. For instance, he explains that although the government is supposed to try to help the economy, its policies are often driven by special interests that steer the economy in their own desired direction.

And he explains that although government central planning is supposed to help the environment, it often results in great environmental damage (such as the severe environmental harm done under the former Soviet Union).

DiLorenzo gives example after example of the ways in which governments damage the very economies that they are allegedly tasked with managing for the “greater good.”