The Land of Enterprise: A Business History of the United States

by Benjamin C. Waterhouse

A new, gripping history of America—told through the executives, bankers, farmers, and politicians who paved the way from colonial times to the present—reveals that this country was founded as much on the search for wealth and prosperity as the desire for freedom.

The Land of Enterprise charts the development of American business from the colonial period to the present. It explores the nation’s evolving economic, social, and political landscape by examining how different types of enterprising activities rose and fell, how new labor and production technologies supplanted old ones—and at what costs—and how Americans of all stripes responded to the tumultuous world of business. In particular, historian Benjamin Waterhouse highlights the changes in business practices, the development of different industries and sectors, and the complex relationship between business and national politics.

From executives and bankers to farmers and sailors, from union leaders to politicians to slaves, business history is American history, and Waterhouse pays tribute to the unnamed millions who traded their labor (sometimes by choice, often not) or decided what products to consume (sometimes informed, often not). Their story includes those who fought against what they saw as an oppressive system of exploitation as well as those who defended free markets from any outside intervention. The Land of Enterprise is not only a comprehensive look into our past achievements, but offers clues as to how to confront the challenges of today’s globalization, income inequality, and technological change.

Genres: History, Economics, Business, Nonfiction, Buisness

288 pages, Hardcover

Published April 11, 2017

About the author

Benjamin C. Waterhouse is assistant professor of history at the University of North Carolina, Chapel Hill.

Reviews

[Oktay Yagiz · Rating 4 out of 5]

The Land of Enterprise is not only a comprehensive look into America's past achievements, but offers clues as to how to cope with the challenges of today’s world: globalization, income inequality, and technological change.

[Casey · Rating 4 out of 5]

A good book, providing a succinct history of business practices in America, from colonial days through to the present. This book skirts economic theories and cuts to the roots of business practices. The trends in American development of labor practices, various technologies, corporate finance, and government regulation are all kluged together into a single narrative. A lot of the story is spent on the 19th century, with a strong case being made that the railroad industry was the prime mover in transforming American business. The author makes a good case that alongside the first and second industrial revolutions there was a business revolution. This movement pushed America from the primarily rural and decentralized industries to a much more urban and centralized model. But, alongside this structural transformation of the business itself, was a shift in the labor and government participation. The back and forth between these three competing forces is well explained. The book does tend to just stay on the surface, not going into a lot of detail of particular industries (other than the railroad mania of the late 1800s). But this helps keep the story centered on the overall framework of the American Business itself. Highly recommended for those wanting to learn more about the evolution of the American economy from a business-centric perspective.

[B · Rating 5 out of 5]

An excellent book that traces how business (and small business in particular) has developed in the US from the colonist era to present time.

Waterhouse analyses how small entrepreneurs used to be the organic backbone of the American economy and were gradually replaced by big corporations, how vertical and horizontal management styles have taken shape, and how successive administrations have tried to cope with the problems that inevitably result from capitalism.

An attentive reader who follows Waterhouse’s discussion on various issues –such as on regulation versus deregulation, the tension between state versus central rule, between corporate and labour relations, the different business models prevalent in the north and south, the special ‘commerce clause’ that is inserted into the constitution, the different perspectives of Jefferson and Hamilton on the economy (the former favoring agrarian, the latter manufacturing sectors), the issue of “trust” in late 19th century, and the development of advertising business, will undoubtedly better understand the present-day debates as a continuity of the past.

One of the best books I have read on the topic!

[Dean · Rating 3 out of 5]

Very disappointing. Might have been because I read after just finishing a very good read. Might be because as a student of American history and a capitalist that I knew everything in it already. I was definitely expecting more. Usually, when I read a great history book from a University professor I say to myself wish I was at his college and had taking his course. The opposite here. This is a book and a class that can be missed.

[Ross · Rating 3 out of 5]

For those interested in the commercial history of the U.S. this is a nice overview from colonial days right up to the present. For this audience, there is probably little you haven't already heard of, but it is interesting to go through it all again.
The author cites Coolidge's remark "The business of America is business," and it is very true.

[N · Rating 3 out of 5]

Informative and concise text of how capitalism and the business history of the United States went from middle class, capitalistic and secure, to how the business world took capitalism by storm in the 1980s; with economic deregulation leading to the Great Recession of 2008-09, and how global elitism transformed politics today. Who knew that business could that great of an influencer?

[Brian · Rating 2 out of 5]

Sorry, but this book just left me feeling disappointed. Too much opinion, not enough objective analysis, especially toward the end.

[Kelly Griffin · Rating 5 out of 5]

Very good overview of the rise of business in the US.

[Carl Johnson · Rating 3 out of 5]

Brief but fascinating overview of the evolution of business models in America from the colonial era to the present.

[Mathilde Vig Højerslev · Rating 4 out of 5]

read for my “American Business” course at Uni

[Joseph Stieb · Rating 4 out of 5]

A concise, interesting, and useful synthesis of business history written for a broad audience. Waterhouse fuses the history of business into the more mainstream narratives of American history. He treats business history as a broad concept that includes labor, commerce, production, connections to politics, and links to core visions of the US such as the Hamiltonian and Jeffersonian traditions. The book is both short and wide-ranging, coming right up to the 2008 financial crisis. Complex issues like the Bank War, the gold v silver standards, and the rise of high finance in the 1980's are explained clearly. Economic concepts receive a paragraph or two for explanation, which is useful for non-economists like me who need refreshers on these terms. I will definitely draw on this book in the future to write lectures and lesson plans as well as to get quick, accurate descriptions of complex economic issues. Recommended for high school and college teachers of American history.

[Darren · Rating 4 out of 5]

One can never tire of an interesting history when presented in an informative, engaging way. This book helps tell the story of the United States of America, as seen through the lens of business, from the early colonial days to the present-day.

The author relays first-person accounts of many including farmers, politicians, businessmen and financiers, noting the political, social, economic and business changes that have occurred in good and bad times. This is a well-written book that can keep you company for some time and should be guaranteed to teach you a fair few things. If you desire more, there are extensive notes and references to follow later.

It can appear to be a complex read at times, due to the sheer mass of material presented, yet it is accessible, interesting and likely to appeal to more than just history buffs!

[Carol Chapin · Rating 4 out of 5]

Concise and very easy to read overview of the history of business in the United States. This was a good supplement to a course in American History that I’m currently auditing.