Democracy in Desperation - (Contributions in Economics and Economic History) by Douglas Steeples & David O Whitten (Hardcover)

About the Book

The Panic of 1893 and the depression it triggered mark one of the decisive crises in American history. Devastating broad sections of the country like a tidal wave, the depression forced the nation to change its way of life and altered the pattern and pace of national development ever after. The depression served as the setting for the transformation from an agricultural to an industrial society, exposed grave economic and social problems, sharply tested the country's resourcefulness, reshaped popular thought, and changed the direction of foreign policy. It was a crucible in which the elements of the modern United States were clarified and refined. Yet no study to date has examined the depression in its entirety. This is the first book to treat these disparate matters in detail, and to trace and interpret the business contraction of the 1890s in the context of national economic, political, and social development.

Steeples and Whitten first explain the origins of the depression, measure its course, and interpret the business recovery, giving full coverage to structural changes in the economy; namely, the growing importance of manufacturing, emergence of new industries, consolidation of business, and increasing importance of finance capitalism. The remainder of the book examines the depression's impact on society--discussing, for example, unemployment, birth rate, health, and education--and on American culture, politics and international relations. Placing the business collapse at the center of the scene, the book shows how the depression was a catalyst for ushering in a more modern America.

Book Synopsis

The Panic of 1893 and the depression it triggered mark one of the decisive crises in American history. Devastating broad sections of the country like a tidal wave, the depression forced the nation to change its way of life and altered the pattern and pace of national development ever after. The depression served as the setting for the transformation from an agricultural to an industrial society, exposed grave economic and social problems, sharply tested the country's resourcefulness, reshaped popular thought, and changed the direction of foreign policy. It was a crucible in which the elements of the modern United States were clarified and refined. Yet no study to date has examined the depression in its entirety. This is the first book to treat these disparate matters in detail, and to trace and interpret the business contraction of the 1890s in the context of national economic, political, and social development.

Steeples and Whitten first explain the origins of the depression, measure its course, and interpret the business recovery, giving full coverage to structural changes in the economy; namely, the growing importance of manufacturing, emergence of new industries, consolidation of business, and increasing importance of finance capitalism. The remainder of the book examines the depression's impact on society--discussing, for example, unemployment, birth rate, health, and education--and on American culture, politics and international relations. Placing the business collapse at the center of the scene, the book shows how the depression was a catalyst for ushering in a more modern America.

Review Quotes

"Advocate for American Enterprise is, in many respects, a rare book. Although written primarily for a scholarly audience whose interest in American development determines the success or failure of any such manuscript, the work can and will appeal to the general American public not so much because of William Dana himself, but rather because the author, Douglas Steeples, has done an outstanding job in presenting this nineteenth century businessman as a living, breathing and very opinionated individual. Not only does Steeples have a gift for writing, but he is particularly good at choosing words that convey not only the message he wants the reader to get, but also the feeling he as the author has in conveying that message. There is no doubt in this reviewer's mind that Advocates for American Enteprise will definitely make its presence felt within the American scholarly community as well as on the general American reading public upon its release."-Michael V. Namorato Department of History University of Mississippi

"Professors Steeples and Whitten provide a much-needed examination of arguably the worst depression in American history, those five-troubled years of 1890's that began with the Panic of May 1893. They effectively demonstrate that hard times created a watershed in the American chronicle. This is informative reading for anyone interested in American history. The research is impressive and the style engaging."-H. Roger Grant Professor and Chair, Department of History Clemson University,

.,."the study hangs together well....Steeples and Whitten have in fact produced an intelligent synthesis that rises above that variety of academic partisanship once denigrated in some scholarly circles as the frame of reference of the "Harvard Business School.,.".This is an impressive study and a significant contribution to our understanding of a vital."-The Historian

?...the study hangs together well....Steeples and Whitten have in fact produced an intelligent synthesis that rises above that variety of academic partisanship once denigrated in some scholarly circles as the frame of reference of the "Harvard Business School.,.".This is an impressive study and a significant contribution to our understanding of a vital.?-The Historian

?[P]resents a well-written narrative of the events of the depression and the effects of the depression on some aspects of the economy and government policy.?-H-Net Reviews

?[The authors] have written a new examination of the 'Panic of 1893' and the five year depression it triggered. Today's softening worldwide markets have created interest in this major market contraction, and the authors achieve success with their attempt to trace and interpret its history in the context of national development....This is a scholarly work relevant for historians and economists; highly recommended for academic libraries.?-Library Journal

?[They] have used in a most effective way material drawn from a wide variety of sources to present a lucid account of the meaning of the economic, social, political, and cultural experience of the American people during a period of adversity. They have placed their account within the framework of the significant structural shifts that were taking place in the American economy in the last decade of the nineteenth century...?-Labor History

?Everything is neat, comartmentalized, and free from the narrative sweep that a chronology might afford. This is a book for someone who wants the facts- with as little drama or philosophical musing as possible- and, convienently, endnotes at the close of each chapter.?-The Journal of American History

?Steeples and Whitten, each an experienced scholar and author, have written a superb history of the 1890s. This is a work for all who are interested in the American past and future, not just economic history. Economic historians may relish the statistics and superb bibliography more than other readers, but labor and social historians will find much to interest them.?-Choice

?This book on the depression of the 1890's by Douglas Steeples and David O. Whitten presents a well-written narrative of the events of the depression and the effects of the depression on some aspects of the economy and government policy.?-EH: NET: Economic History Network

?This work provides a good overview of the depression and confirms for the reader that the decade of the 1890s was a "divide, however gentle, between a passing agragarian America and an emerging industrial power."?-Business Library Review

"ÝP¨resents a well-written narrative of the events of the depression and the effects of the depression on some aspects of the economy and government policy."-H-Net Reviews

"ÝThe authors¨ have written a new examination of the 'Panic of 1893' and the five year depression it triggered. Today's softening worldwide markets have created interest in this major market contraction, and the authors achieve success with their attempt to trace and interpret its history in the context of national development....This is a scholarly work relevant for historians and economists; highly recommended for academic libraries."-Library Journal

"ÝThey¨ have used in a most effective way material drawn from a wide variety of sources to present a lucid account of the meaning of the economic, social, political, and cultural experience of the American people during a period of adversity. They have placed their account within the framework of the significant structural shifts that were taking place in the American economy in the last decade of the nineteenth century..."-Labor History

..."the study hangs together well....Steeples and Whitten have in fact produced an intelligent synthesis that rises above that variety of academic partisanship once denigrated in some scholarly circles as the frame of reference of the "Harvard Business School...".This is an impressive study and a significant contribution to our understanding of a vital."-The Historian

"[P]resents a well-written narrative of the events of the depression and the effects of the depression on some aspects of the economy and government policy."-H-Net Reviews

"[They] have used in a most effective way material drawn from a wide variety of sources to present a lucid account of the meaning of the economic, social, political, and cultural experience of the American people during a period of adversity. They have placed their account within the framework of the significant structural shifts that were taking place in the American economy in the last decade of the nineteenth century..."-Labor History

"Everything is neat, comartmentalized, and free from the narrative sweep that a chronology might afford. This is a book for someone who wants the facts- with as little drama or philosophical musing as possible- and, convienently, endnotes at the close of each chapter."-The Journal of American History

"Steeples and Whitten, each an experienced scholar and author, have written a superb history of the 1890s. This is a work for all who are interested in the American past and future, not just economic history. Economic historians may relish the statistics and superb bibliography more than other readers, but labor and social historians will find much to interest them."-Choice

"This book on the depression of the 1890's by Douglas Steeples and David O. Whitten presents a well-written narrative of the events of the depression and the effects of the depression on some aspects of the economy and government policy."-EH: NET: Economic History Network

"This work provides a good overview of the depression and confirms for the reader that the decade of the 1890s was a "divide, however gentle, between a passing agragarian America and an emerging industrial power.""-Business Library Review

"[The authors] have written a new examination of the 'Panic of 1893' and the five year depression it triggered. Today's softening worldwide markets have created interest in this major market contraction, and the authors achieve success with their attempt to trace and interpret its history in the context of national development....This is a scholarly work relevant for historians and economists; highly recommended for academic libraries."-Library Journal

About the Author

DOUGLAS STEEPLES is Dean, College of Liberal Arts, and Professor of History at Mercer University. He is the author of numerous articles, he editor of several books including, most recently, Managing Change in Higher Education (1990) and associate editor of Business Library Review. He is also president of the Economic and Business Historical Society for 1998-99.

DAVID O. WHITTEN is Professor of Economics at Auburn University. He is the author or editor of several books, including Extractives, Manufacturing, and Services: A Historiographical and Bibliographical Guide (Greenwood, 1997), and editor of Business Library Review.