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The Price of Greatness: Alexander Hamilton, James Madison, and the Creation of American Oligarchy
An incisive account of the tumultuous relationship between Alexander Hamilton and James Madison and of the origins of our wealthy yet highly unequal nation
In the history of American politics there are few stories as enigmatic as that of Alexander Hamilton and James Madison's bitterly personal falling out. Together they helped bring the Constitution into being, yet soon after the new republic was born they broke over the meaning of its founding document. Hamilton emphasized economic growth, Madison the importance of republican principles.
Jay Cost is the first to argue that both men were right -- and that their quarrel reveals a fundamental paradox at the heart of the American experiment. He shows that each man in his own way came to accept corruption as a necessary cost of growth. The Price of Greatness reveals the trade-off that made the United States the richest nation in human history, and that continues to fracture our politics to this day.
In the history of American politics there are few stories as enigmatic as that of Alexander Hamilton and James Madison's bitterly personal falling out. Together they helped bring the Constitution into being, yet soon after the new republic was born they broke over the meaning of its founding document. Hamilton emphasized economic growth, Madison the importance of republican principles.
Jay Cost is the first to argue that both men were right -- and that their quarrel reveals a fundamental paradox at the heart of the American experiment. He shows that each man in his own way came to accept corruption as a necessary cost of growth. The Price of Greatness reveals the trade-off that made the United States the richest nation in human history, and that continues to fracture our politics to this day.
256 pages, Hardcover
Published June 5, 2018
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Displaying 1 - 30 of 42 reviews
July 24, 2018
Among political commentators today, Jay Cost may well be the last of the (small-r) republicans. It appears that he has spent an enormous amount of time mulling over what makes self-rule work, and has almost quixotically implored his readers and fellow political analysts to take those issues more seriously. In this book, Cost attempts to situate the clash between republicanism, national wealth, and individual rights in the 18th and early 19th century. It's essentially intellectual history--how do ideas shape societies? What did people believe? That differs from his first two books, which were more just histories of events and patterns.
I learned a lot from this book. A few things stood out:
1. Cost is the first historian I've read that has emphasized the distinction between the repayment of the federal national debt and the assumption of state debts. I think that the distinction is largely glossed over by most--which is amusing, because in Cost's telling, it was *also* glossed over by political actors who wanted to elide the distinction.
2. Nicholas Biddle was apparently a national banker extraordinaire. I wish Cost had spent more time on Biddle himself, but perhaps it was beyond the scope of the book.
3. John C. Calhoun was originally a staunch nationalist.
4. Madison's "flip flop" post-Hamilton can be explained with more continuity than change.
A final note: I like authors who stick to an idea and explore it in consecutive books. Nassim Taleb and Tyler Cowen are two great examples, and with this, I'd add Jay Cost to that list. Taleb's idea is about randomness and ergodicity; Cowen's is about technological change; and Cost's is about the risks of corruption in the American experiment. That's good company for Cost. And Cost has set himself up nicely to continue exploring issues that he raises in this book. I would love to read more about Calhoun in the 1820s, for example.
I learned a lot from this book. A few things stood out:
1. Cost is the first historian I've read that has emphasized the distinction between the repayment of the federal national debt and the assumption of state debts. I think that the distinction is largely glossed over by most--which is amusing, because in Cost's telling, it was *also* glossed over by political actors who wanted to elide the distinction.
2. Nicholas Biddle was apparently a national banker extraordinaire. I wish Cost had spent more time on Biddle himself, but perhaps it was beyond the scope of the book.
3. John C. Calhoun was originally a staunch nationalist.
4. Madison's "flip flop" post-Hamilton can be explained with more continuity than change.
A final note: I like authors who stick to an idea and explore it in consecutive books. Nassim Taleb and Tyler Cowen are two great examples, and with this, I'd add Jay Cost to that list. Taleb's idea is about randomness and ergodicity; Cowen's is about technological change; and Cost's is about the risks of corruption in the American experiment. That's good company for Cost. And Cost has set himself up nicely to continue exploring issues that he raises in this book. I would love to read more about Calhoun in the 1820s, for example.
July 26, 2018
My rating might well have been a 5 had the author been a better writer…..at times rambling and repetitive is the best way to describe it. Sometimes reads like a PhD thesis but the subject matter and theme were both fascinating to me. I learned a lot.
If Washington was considered the Father of our country, then these two gentlemen are the country’s generous uncles. Both are responsible for the passage of our Constitution (Madison wrote much of it and both wrote what we call the Federalist papers explaining & promoting its adoption) and both are responsible for the framework of government policy by which the United States rose to its colossal economic status within a little over a century of its founding. Ultimately, Hamilton’s views took preeminence decades after his death in 1804 (in that famous duel with then Vice President Aaron Burr) and remain largely intact today.
According to the author, the greatness of the “American System” lies within the natural tension and balance between republicanism (small “r”), liberalism (small “l”), and nationalism. Hamilton was first and foremost a Nationalist….developing a policy structure that would lead to American economic development that was rapid and unshackle the U.S. from European economic hegemony. Any fault with Hamilton lay in his inherent bias toward a permanent elite to serve as a check & balance against the excesses of a democratically elected legislature. He felt that the British system of a monarchy along with the elite in the House of Lords balanced against the power of the House of Commons was the best form of government. But, despite popular beliefs first fomented in the 1790’s, he never advocated for an American monarchy.
Madison, on the other hand, was first and foremost a republican (small “r”). His belief in balance and his vehement objection that the Federal government should “play favorites” in both economic and foreign policy led to their split during George Washington’s first term when Hamilton was Treasury Secretary. He felt that the government should be an impartial judge in all matters. Ironically, Madison ultimately adopted many of Hamilton’s policies while President (1808-1816) but primarily after the War of 1812 and with a decidedly republican spin.
While both men shared great intelligence and innate integrity, they both had weaknesses….Hamilton’s reliance on political and economic expediency and Madison’s adherence to a primal ideology. Madison was economically naïve while Hamilton distrusted the forces of unfettered democracy. Both great men, both flawed in their own ways…..both left indelible marks on the United States still felt today. ‘Merica….
Very good but flawed book. Highly recommend.
If Washington was considered the Father of our country, then these two gentlemen are the country’s generous uncles. Both are responsible for the passage of our Constitution (Madison wrote much of it and both wrote what we call the Federalist papers explaining & promoting its adoption) and both are responsible for the framework of government policy by which the United States rose to its colossal economic status within a little over a century of its founding. Ultimately, Hamilton’s views took preeminence decades after his death in 1804 (in that famous duel with then Vice President Aaron Burr) and remain largely intact today.
According to the author, the greatness of the “American System” lies within the natural tension and balance between republicanism (small “r”), liberalism (small “l”), and nationalism. Hamilton was first and foremost a Nationalist….developing a policy structure that would lead to American economic development that was rapid and unshackle the U.S. from European economic hegemony. Any fault with Hamilton lay in his inherent bias toward a permanent elite to serve as a check & balance against the excesses of a democratically elected legislature. He felt that the British system of a monarchy along with the elite in the House of Lords balanced against the power of the House of Commons was the best form of government. But, despite popular beliefs first fomented in the 1790’s, he never advocated for an American monarchy.
Madison, on the other hand, was first and foremost a republican (small “r”). His belief in balance and his vehement objection that the Federal government should “play favorites” in both economic and foreign policy led to their split during George Washington’s first term when Hamilton was Treasury Secretary. He felt that the government should be an impartial judge in all matters. Ironically, Madison ultimately adopted many of Hamilton’s policies while President (1808-1816) but primarily after the War of 1812 and with a decidedly republican spin.
While both men shared great intelligence and innate integrity, they both had weaknesses….Hamilton’s reliance on political and economic expediency and Madison’s adherence to a primal ideology. Madison was economically naïve while Hamilton distrusted the forces of unfettered democracy. Both great men, both flawed in their own ways…..both left indelible marks on the United States still felt today. ‘Merica….
Very good but flawed book. Highly recommend.
July 14, 2024
So many old dudes
June 5, 2018
The Price of Greatness explores the origins of much of the American political and economic engines that we still see today, from the starting point of Alexander Hamilton and James Madison. These two Founding Fathers quickly became divided over America's identity and path, and Jay Cost argues that both men were, in ways, right- and wrong.
I always like learning about original context in history- political, social, economic, etc. and The Price of Greatness does explain some of America's early economic ideas. Unfortunately, the book was a little too dry and rambling (and repetitive) for me to manage more than about a chapter at a time, which means I probably didn't retain or understand as much information as I would have liked. Particularly by the end, Cost seems to stray from the original point of the book- which I took to be the creation of early American political and economic systems- to wander down a recital of various historical ways the government has not acted 'for the people, by the people'. He begins to talk about corruption- as we understand the term today and as Madison and Hamilton would have used the term- and tries to show the reader how to return to America's founding greatness. But all he really succeeds in showing us, in my opinion, is that human nature and greed will naturally take advantage of any system, and that there will always be conflict.
Ultimately, The Price of Greatness does only a mediocre job in explaining "the Creation of American Oligarchy", but if you can get through the dry and repetitive writing, there are some interesting historical nuggets hidden within the text. I'm not entirely sure, however, I found it worth the effort of working through reading the book.
I always like learning about original context in history- political, social, economic, etc. and The Price of Greatness does explain some of America's early economic ideas. Unfortunately, the book was a little too dry and rambling (and repetitive) for me to manage more than about a chapter at a time, which means I probably didn't retain or understand as much information as I would have liked. Particularly by the end, Cost seems to stray from the original point of the book- which I took to be the creation of early American political and economic systems- to wander down a recital of various historical ways the government has not acted 'for the people, by the people'. He begins to talk about corruption- as we understand the term today and as Madison and Hamilton would have used the term- and tries to show the reader how to return to America's founding greatness. But all he really succeeds in showing us, in my opinion, is that human nature and greed will naturally take advantage of any system, and that there will always be conflict.
Ultimately, The Price of Greatness does only a mediocre job in explaining "the Creation of American Oligarchy", but if you can get through the dry and repetitive writing, there are some interesting historical nuggets hidden within the text. I'm not entirely sure, however, I found it worth the effort of working through reading the book.
January 6, 2019
I received a free eBook arc via NetGalley for my free and true opinion
This book is about the tumultuous relationship between Alexander Hamilton and James Madison. As an Australian I have to be honest, I had no idea who Alexander Hamilton and James Madison were and their importance to American History. Together they helped bring the Constitution into being, yet soon after the new republic was born they broke over the meaning of its founding document. Hamilton emphasized economic growth, Madison the importance of republican principles.
It was a good book and I learnt a lot of about American History.
3 stars
This book is about the tumultuous relationship between Alexander Hamilton and James Madison. As an Australian I have to be honest, I had no idea who Alexander Hamilton and James Madison were and their importance to American History. Together they helped bring the Constitution into being, yet soon after the new republic was born they broke over the meaning of its founding document. Hamilton emphasized economic growth, Madison the importance of republican principles.
It was a good book and I learnt a lot of about American History.
3 stars
October 22, 2018
Jay Cost is always worth reading. He is the best at combing incisive historical background with pertinent modern concerns. Here he pits Hamilton's insistence on stoking economic growth, even if it meant going out of our way to please the wealthy, with Madison's concern for preserving republican principles, even if it meant less prosperity for all. Cost shows how this back and forth was fuel for most of the disagreements between the Federalists and the Republicans (later called "Democrats," although it is clearly demonstrable that these were not the Democrats founded by Jackson) in the two Washington administrations and beyond (think assumption of war debt, Hamilton's report on manufacture, and more).
Cost extends the study beyond the death of Hamilton to get to the Second Bank, John Calhoun's turn from basically a Federalist to the opposite, and more. Cost's conclusions highlight the inherent tension between republican ideals and the need to drive economic growth (which does more to alleviate poverty than anything else does). The implications today are obvious; Cost offers general conclusions applicable to a variety of scenarios. Worth your time.
Cost extends the study beyond the death of Hamilton to get to the Second Bank, John Calhoun's turn from basically a Federalist to the opposite, and more. Cost's conclusions highlight the inherent tension between republican ideals and the need to drive economic growth (which does more to alleviate poverty than anything else does). The implications today are obvious; Cost offers general conclusions applicable to a variety of scenarios. Worth your time.
July 26, 2018
Decent book about the contributions and conflict of these two founders. For a shorter book it was far too detailed about things like trade policy and yet at the same time not detailed enough in other areas. It also tended toward repetitiveness at times.
July 22, 2018
I received a copy of this book from the publisher through NetGalley to read and review.
As we endure yet another tempestuous period in American politics (is there ever any other?), it is often useful to remind ourselves where this grand experiment originated - both for purposes of perspective and for re-orientation. Jay Cost, in “The Price of Greatness,” seeks to remind us that our current struggles have ever been with us, and - so long as the great American idea persists - they shall ever continue. For, at the heart of the matter, Cost argues, lies the central tension that pervades all American political society: “the relationship among liberalism, republicanism, and nationalism.”
The book serves a gentle correction to Ron Chernow’s (and Lin-Manuel Miranda’s) well-deserved resuscitation of Alexander Hamilton’s reputation, by pointing out that not all of Hamilton’s successes were unmitigated, and that, running alongside the benefits of his work as Treasury Secretary, the excesses his systems encouraged did indeed bring about the political corruption that his opponents (and friends) like James Madison warned against.
Hamilton sought to harness the interests of the wealthy and powerful, binding them to the general welfare of the country. In so doing, he desired to make the country’s benefit the same as their own. To this end, he handed out appointments, favours, and deals to entice the wealthy to back the government. But “when a state bestows wealth or prestige upon some group, the group can employ those resources to protect and extend its privileges.” And extend and protect themselves those interests did:
Madison, though certainly not perfect in his opinions and ideas, nor without his own naïveté - set himself in opposition. His was the notion that the government the Constitution enabled (and he should know, having crafted the document) was meant to be one of limited action and limited means; that the majority of the interactions the People were to have with governing bodies of any kind were to be localized in the various States. His insight was that whenever the government at large intervened in systems, it would end up choosing winners and declaring losers, no matter if its intentions were good. This troubled him greatly: “More than anything else, Madison could not abide the unfairness of Hamilton’s program[s].”
Cost has not crafted a screed against Hamiltonian fervor, nor a hagiography of Madison’s character, but rather a reminder that the other Founders had juxtaposed insights and influence that were just as important as Hamilton’s. Indeed, without that contention, their approaches - Hamilton’s liberal federalism against Madison’s staunch republicanism - as they were spurred by a genuine mutual and deep nationalistic desire to see the country flourish, would have instead caused the fledgling country to spiral into the destructive depths of one excess or the other. As Cost concludes:
Americans may struggle mightily against one another, but without those inward checks, the American project would be lost.
As we endure yet another tempestuous period in American politics (is there ever any other?), it is often useful to remind ourselves where this grand experiment originated - both for purposes of perspective and for re-orientation. Jay Cost, in “The Price of Greatness,” seeks to remind us that our current struggles have ever been with us, and - so long as the great American idea persists - they shall ever continue. For, at the heart of the matter, Cost argues, lies the central tension that pervades all American political society: “the relationship among liberalism, republicanism, and nationalism.”
The book serves a gentle correction to Ron Chernow’s (and Lin-Manuel Miranda’s) well-deserved resuscitation of Alexander Hamilton’s reputation, by pointing out that not all of Hamilton’s successes were unmitigated, and that, running alongside the benefits of his work as Treasury Secretary, the excesses his systems encouraged did indeed bring about the political corruption that his opponents (and friends) like James Madison warned against.
Hamilton sought to harness the interests of the wealthy and powerful, binding them to the general welfare of the country. In so doing, he desired to make the country’s benefit the same as their own. To this end, he handed out appointments, favours, and deals to entice the wealthy to back the government. But “when a state bestows wealth or prestige upon some group, the group can employ those resources to protect and extend its privileges.” And extend and protect themselves those interests did:
Over the course of his tenure at the Treasury Department, [Hamilton] would exhibit a shocking naïveté regarding the greed and small-mindedness of the speculative class...They were not the natural aristocrats he assumed them to be. Many were just crooks who abused his misplaced trust.
Madison, though certainly not perfect in his opinions and ideas, nor without his own naïveté - set himself in opposition. His was the notion that the government the Constitution enabled (and he should know, having crafted the document) was meant to be one of limited action and limited means; that the majority of the interactions the People were to have with governing bodies of any kind were to be localized in the various States. His insight was that whenever the government at large intervened in systems, it would end up choosing winners and declaring losers, no matter if its intentions were good. This troubled him greatly: “More than anything else, Madison could not abide the unfairness of Hamilton’s program[s].”
Cost has not crafted a screed against Hamiltonian fervor, nor a hagiography of Madison’s character, but rather a reminder that the other Founders had juxtaposed insights and influence that were just as important as Hamilton’s. Indeed, without that contention, their approaches - Hamilton’s liberal federalism against Madison’s staunch republicanism - as they were spurred by a genuine mutual and deep nationalistic desire to see the country flourish, would have instead caused the fledgling country to spiral into the destructive depths of one excess or the other. As Cost concludes:
“We must remain mindful of this and appreciate that policies that advance the national project or the liberal project must also remain consistent with the republican principles that are just as essential to the American creed.”
Americans may struggle mightily against one another, but without those inward checks, the American project would be lost.
May 17, 2018
My study of history did not provide a compare and contrast of Madison and Hamilton. Mr. Cost provides an excellent comparison of the political philosophy of Madison and Hamilton. He also teaches a beautiful truth for all statesmen through Hamilton. Though one may believe they know a person or people, they are not necessarily dependable when placed in a situation of personal gain versus national interest. Mr. Cost also points out the change that happened in our founders as time past. Madison accepted Hamilton's views as Madison took on other responsibilities.
This book was a pleasure to read and filled in my understanding of 18th century America. The only negative that I can type of this book is a statement of my vocabulary. I found the Kindel's dictionary very useful. Mr. Cost used words that I was unfamiliar. My assessment of my own vocabulary was adjusted.
This book was a pleasure to read and filled in my understanding of 18th century America. The only negative that I can type of this book is a statement of my vocabulary. I found the Kindel's dictionary very useful. Mr. Cost used words that I was unfamiliar. My assessment of my own vocabulary was adjusted.
March 15, 2022
The ideological differences between Jefferson/Madison and Hamilton still have echoes today. The author does a good job ensuring the reader understands Hamilton's motivations and visions, but at times excuses the results and the obvious lack of wisdom Hamilton was blind to. Most of these come due to Hamilton's naïveté regarding power (when compared to his peers, one can see the lack of religion in his early life probably played into such naïveté).
There have been numerous studies showing how power actually affects brain chemistry and changes who you are. Seek them out. I have no doubt that with Hamilton's intelligence, had he had the benefit of seeing those studies, which confirm what religions testify to (especially Christianity) many of his ideas he would've abandoned after rightfully realizing how much power he was proposing fall into the hands of people and institutions. And at the expense of those who most represented the American spirit. The common working class citizens. It's no surprise that the power Hamilton desired to be handed out is today being used to exert cruelty on the elite ruling class' subjects, again the common working class citizens.
Had Madison stayed true to his principles, we likely wouldn't have the thoroughly corrupt federal government we have today. We likely would've avoided a civil war.
But Hamilton was incredibly persuasive and as is often the case, principled leaders let fear creep in. They too often gave in to Hamilton's ideas for fear that Great Britain would reclaim the rebellious nation and subject it to the crown.
But that wasn't going to happen. Great Britain had already over extended itself. Like our current federal government, they were obsessed with power and blinded by it, a self-serving ruling class with no genuine care for their citizens. And as a result shot themselves in the foot with bad decision after bad decision. But the King even knew deep down they couldn't commit enough to retake the new nation. It would cost too many lives and greatly hurt their economy.
Madison understood this at the birth of the nation, but appeared to get nervy, thinking about his legacy. Not unlike a future president Lincoln. And it's likely he let his love of his friend cloud his judgement, instead of seeing the most important responsibilities he had that would affect the world for centuries.
There's always the looming future, right? You can always make the argument that something bad is coming and thus we need to prepare. And those people will call it wisdom. This applies to gain of function labs for sure. Elevate viruses to become more deadly so that we can study them and find workable treatments should such a deadly virus ever come. Hamilton was the same way with the government. He feared not only GB, but so many nations possibly conquering the US. He was a scaredy-cat in a lot of ways and couldn't compartmentalize that flaw in him when constructing ideas of how the new republic should be formed. So he fought like mad to create a more complex version of the tyrannical government the colonists gave their lives to separate from.
But these deadly viruses never come (fear, it turns out, seems to be the most deadly of viruses). And those other nations were extraordinarily unlikely to threaten the US. Time, money and effort could have been spent on securing liberty more appropriately. And those things could've been put to better use in today's time for better healthcare research that has the chance to really impact humanity. So much wasted on such unreasonable and unwise fears. So goes history.
Had Madison become the leader he should've been, the Seventeenth Amendment would likely have never come about. The states would still have power and serve as a check on the federal government.
And had more people realize Jefferson's brilliance, banks wouldn't be oppressing and enslaving the middle class in tandem with our federal politicians; something Hamilton refused to believe would occur.
Which is the real problem, right? So many opposing sides really come down to the whether or not men are inherently good. Madison and Jefferson knew firsthand how corrupt men could be given the chance. But Hamilton wasn't really exposed to the British government and it's corruption and oppression of its people (and loads of people throughout the world). He wasn't born in GB and that's unfortunate. He might have realized a number of his blindspots otherwise.
But you can't engineer society in a way where people will naturally restrain themselves in gratitude. Gosh, is there any better society to see this reality that our narcissistic culture in the US? The best thing to do is divide power as much as possible, institute many different checks on each outlet of power, and encourage people through liberty to become the best people they can be.
We likely wouldn't be suffering things like income inequality or the current insanity of our prison system if there were less Hamiltons. We wouldn't be bombing every middle eastern village overseas because of our obsession with power (and thus, resources). We wouldn't be $30T in debt. By no means would things be perfect, but these realities do shape the world. And that shaping has echoes. It's exponential.
But instead we get what we have today. A bunch of rich billionaires who enjoy creating foundations to influence our weak leaders across the world. The result is a lot of war, income inequality and the disappearing of the working class, the loss of important liberties, and said weak leaders with an incredible amount of violent force at their disposal to take command of your life. And that's called "progressive."
Sorry kids, what is truly "progressive" is liberty. Our founders gave it an incredible shot, but as many of them wrote, it's a constant fight. Because men are not good. Too many become rich and powerful and know the way to achieve further power is too forcibly take liberty or convince a naive, narcissistic population to give it up.
So read the book, if you want. it's a great little history course in a way. Not an ungodly amount of detail, but just the right amount. It hits the Goldilocks zone for most casual readers.
And from there you can move on to other, more detailed works about Madison, Jefferson and Hamilton. Although, if you'd like my advice, seek out the works published before 1970. That will avoid a lot of the stupid (I mean that literally) political biases of the authors that tend to creep in starting around 1970 in which the conclusion is already decided and the book is simply shaped around it.
There have been numerous studies showing how power actually affects brain chemistry and changes who you are. Seek them out. I have no doubt that with Hamilton's intelligence, had he had the benefit of seeing those studies, which confirm what religions testify to (especially Christianity) many of his ideas he would've abandoned after rightfully realizing how much power he was proposing fall into the hands of people and institutions. And at the expense of those who most represented the American spirit. The common working class citizens. It's no surprise that the power Hamilton desired to be handed out is today being used to exert cruelty on the elite ruling class' subjects, again the common working class citizens.
Had Madison stayed true to his principles, we likely wouldn't have the thoroughly corrupt federal government we have today. We likely would've avoided a civil war.
But Hamilton was incredibly persuasive and as is often the case, principled leaders let fear creep in. They too often gave in to Hamilton's ideas for fear that Great Britain would reclaim the rebellious nation and subject it to the crown.
But that wasn't going to happen. Great Britain had already over extended itself. Like our current federal government, they were obsessed with power and blinded by it, a self-serving ruling class with no genuine care for their citizens. And as a result shot themselves in the foot with bad decision after bad decision. But the King even knew deep down they couldn't commit enough to retake the new nation. It would cost too many lives and greatly hurt their economy.
Madison understood this at the birth of the nation, but appeared to get nervy, thinking about his legacy. Not unlike a future president Lincoln. And it's likely he let his love of his friend cloud his judgement, instead of seeing the most important responsibilities he had that would affect the world for centuries.
There's always the looming future, right? You can always make the argument that something bad is coming and thus we need to prepare. And those people will call it wisdom. This applies to gain of function labs for sure. Elevate viruses to become more deadly so that we can study them and find workable treatments should such a deadly virus ever come. Hamilton was the same way with the government. He feared not only GB, but so many nations possibly conquering the US. He was a scaredy-cat in a lot of ways and couldn't compartmentalize that flaw in him when constructing ideas of how the new republic should be formed. So he fought like mad to create a more complex version of the tyrannical government the colonists gave their lives to separate from.
But these deadly viruses never come (fear, it turns out, seems to be the most deadly of viruses). And those other nations were extraordinarily unlikely to threaten the US. Time, money and effort could have been spent on securing liberty more appropriately. And those things could've been put to better use in today's time for better healthcare research that has the chance to really impact humanity. So much wasted on such unreasonable and unwise fears. So goes history.
Had Madison become the leader he should've been, the Seventeenth Amendment would likely have never come about. The states would still have power and serve as a check on the federal government.
And had more people realize Jefferson's brilliance, banks wouldn't be oppressing and enslaving the middle class in tandem with our federal politicians; something Hamilton refused to believe would occur.
Which is the real problem, right? So many opposing sides really come down to the whether or not men are inherently good. Madison and Jefferson knew firsthand how corrupt men could be given the chance. But Hamilton wasn't really exposed to the British government and it's corruption and oppression of its people (and loads of people throughout the world). He wasn't born in GB and that's unfortunate. He might have realized a number of his blindspots otherwise.
But you can't engineer society in a way where people will naturally restrain themselves in gratitude. Gosh, is there any better society to see this reality that our narcissistic culture in the US? The best thing to do is divide power as much as possible, institute many different checks on each outlet of power, and encourage people through liberty to become the best people they can be.
We likely wouldn't be suffering things like income inequality or the current insanity of our prison system if there were less Hamiltons. We wouldn't be bombing every middle eastern village overseas because of our obsession with power (and thus, resources). We wouldn't be $30T in debt. By no means would things be perfect, but these realities do shape the world. And that shaping has echoes. It's exponential.
But instead we get what we have today. A bunch of rich billionaires who enjoy creating foundations to influence our weak leaders across the world. The result is a lot of war, income inequality and the disappearing of the working class, the loss of important liberties, and said weak leaders with an incredible amount of violent force at their disposal to take command of your life. And that's called "progressive."
Sorry kids, what is truly "progressive" is liberty. Our founders gave it an incredible shot, but as many of them wrote, it's a constant fight. Because men are not good. Too many become rich and powerful and know the way to achieve further power is too forcibly take liberty or convince a naive, narcissistic population to give it up.
So read the book, if you want. it's a great little history course in a way. Not an ungodly amount of detail, but just the right amount. It hits the Goldilocks zone for most casual readers.
And from there you can move on to other, more detailed works about Madison, Jefferson and Hamilton. Although, if you'd like my advice, seek out the works published before 1970. That will avoid a lot of the stupid (I mean that literally) political biases of the authors that tend to creep in starting around 1970 in which the conclusion is already decided and the book is simply shaped around it.
July 7, 2018
I started out listening to this as an audiobook. The title sounded great but the narration started out really dry. And then soon on, I heard the narrator appear to say that Hamilton's and Madison's original two parties are "as they are commonly called today, the Democratic-Republican Party" with party in the singular. I thought, surely that is a "reader error" and tried to read the first few pages on Amazon but it skipped that part. I (foolish me) then ordered the print book. And there on page 7, it actually says "as they are commonly called today, the Democratic-Republican Party." This book was advertised to explain how the differences during the nation's origins can explain differences in current times, focusing on economic features, decisions, and arguments. One example of how I found this book lacking: Cost does not even tie the issues in the tariffs of early times to the tariff wars Trump has started up. This book reads as if the author is not living in his copyright era (Basic Books 2018).
I had read Ron Chernow's Alexander Hamilton both in print and via audio CD. His book is chock full of solid facts narrated in a very meaningful, enjoyable, and meaningful fashion. Then I had read a few other things about George Washington and John Adams. I think Jay Cost took a bunch of dryness pills before he started out on this piece of dullness.
Great historical writers take complex concepts and explain them very clearly. A fairly well educated reader may not catch the nuances and depth of those concepts but can feel satisfied that s/he is following the writer. That is NOT the case with Jay Cost who seems either not to understand many of the concepts he is writing about or is not able to connect with a reader through clear explanation. i do not recommend this book. If you have not read Chernow's Alexander Hamilton, please do read it.
Having written this review, I promptly ordered Chernow's George Washington on audio CD to listen to in the car and started reading Jon Meacham's The Soul of America in hardcover print. I heartily recommend both of these along with Chernow's Alexander Hamilton. Next I will reach Meacham's Pulitzer winning Thomas Jefferson now that I have a sense of Meacham's prose style. (I wonder how it will fit with The Hemings of Monticello?)
I had read Ron Chernow's Alexander Hamilton both in print and via audio CD. His book is chock full of solid facts narrated in a very meaningful, enjoyable, and meaningful fashion. Then I had read a few other things about George Washington and John Adams. I think Jay Cost took a bunch of dryness pills before he started out on this piece of dullness.
Great historical writers take complex concepts and explain them very clearly. A fairly well educated reader may not catch the nuances and depth of those concepts but can feel satisfied that s/he is following the writer. That is NOT the case with Jay Cost who seems either not to understand many of the concepts he is writing about or is not able to connect with a reader through clear explanation. i do not recommend this book. If you have not read Chernow's Alexander Hamilton, please do read it.
Having written this review, I promptly ordered Chernow's George Washington on audio CD to listen to in the car and started reading Jon Meacham's The Soul of America in hardcover print. I heartily recommend both of these along with Chernow's Alexander Hamilton. Next I will reach Meacham's Pulitzer winning Thomas Jefferson now that I have a sense of Meacham's prose style. (I wonder how it will fit with The Hemings of Monticello?)
June 24, 2023
Dr. Cost has contributed a concise and engaging volume on the key relationship between Alexander Hamilton and James Madison who, working closely together, crucially shaped a government to meet the needs of the new American nation. He engages with the challenge they faced with their competing concepts of the role of government as they recognized the difficulty of balancing nationalism, liberalism, and republicanism with the very real risk of factions rising that could pose a threat to the maintenance of popular sovereignty. The two agreed on the inadequacy of the Articles of Confederation, supporting the passage of the Constitution of 1787 along with their combined effort to contribute nearly all of the essays that made up the Federalist Papers. With Hamilton serving as Secretary of the Treasury under President Washington he would advocate for strong executive power in the Federal Government that he deemed necessary to promote rapid commercial and industrial development, including establishing a National Bank. From his seat in the House of Representatives Madison looked on with grave reservations as this push clashed with his view of an American economy built around an agrarian society with a far more limited role of government that pursued a "republican balance" that served the broader population seeing Hamilton's efforts focused on the financial sector as setting the conditions for corruption. Ultimately, James Madison comes to accept the necessity of the approach of Hamilton in order to pursue development of the nation, negotiating the Louisiana Purchase for President Thomas Jefferson and driving early 19th century westward expansion. However, as Dr. Cost reflects, such decisions accepted tradeoffs with far reaching impacts on inequality present in American life.
July 22, 2023
An informative book on the competing ideas and policies of Hamilton and Madison and how they both shaped and continue to shape the government of the United States of America. It primarily covers the period of their political careers from their participation in continental congress under the Articles of Confederation through to the presidency of Andrew Jackson when the aged Madison took up his pen against Nullification and the the 2nd National Bank encapsulated the combined legacies of both Madison and Hamilton.
It is clearly a well researched book and written by someone who is interested and passionate about his subjects and their ideas. I found the writing style clear and easy to follow, but it is more an informative read than a fun read, so I think a reader’s enjoyment of the work will depend on their level of interest on the subject. Personally, I love reading about this period of American history. I also enjoy thinking about political philosophies and ideas, so much of the book was enjoyable; however, I don’t usually read about economics which meant the chapters that went in depth into Hamilton’s economic policies were a slog for me. My mixed emotional enjoyment almost led me to give it fewer stars, but since the goal of the book is to inform on certain aspects of American and I think it accomplishes that goal well, 4 stars it is. Indeed I would recommend this book to anyone interested in the political legacies of Hamilton and/or Madison, the early formation of the USA’s government, or political & economic history & ideas in general.
Also the audiobook narrator is excellent. He definitely helped the book be more engaging and his voice added a sense of intelligent authority to the material.
It is clearly a well researched book and written by someone who is interested and passionate about his subjects and their ideas. I found the writing style clear and easy to follow, but it is more an informative read than a fun read, so I think a reader’s enjoyment of the work will depend on their level of interest on the subject. Personally, I love reading about this period of American history. I also enjoy thinking about political philosophies and ideas, so much of the book was enjoyable; however, I don’t usually read about economics which meant the chapters that went in depth into Hamilton’s economic policies were a slog for me. My mixed emotional enjoyment almost led me to give it fewer stars, but since the goal of the book is to inform on certain aspects of American and I think it accomplishes that goal well, 4 stars it is. Indeed I would recommend this book to anyone interested in the political legacies of Hamilton and/or Madison, the early formation of the USA’s government, or political & economic history & ideas in general.
Also the audiobook narrator is excellent. He definitely helped the book be more engaging and his voice added a sense of intelligent authority to the material.
August 19, 2019
“The Price of Greatness” is an in-depth study of the continuing contest between the Hamiltonian vision of a partnership between wealthy investors who could drive America to economic and political greatness and the Madisonian vision of equal treatment of all classes of citizens.
This is more of an economic history than a dual biography. Much of the text consists of analysis of tariffs and tax and borrowing policies that extended long after Hamilton’s death. Although originally opposed to the Hamiltonian system, Madison would eventually guide its development. The contending visions find their partisans to the present day. The struggles over the two Banks of the United States are studied and gave me a much better understanding of the Banks and their roles in our history.
Author Jay Cost has crafted a well-researched tome that traces the flow of ideas through the American experience. It is informative at the risk of being overly technical for the general reader. I was interested enough to stick with it but those looking for a fast-moving history might be disappointed.
This is more of an economic history than a dual biography. Much of the text consists of analysis of tariffs and tax and borrowing policies that extended long after Hamilton’s death. Although originally opposed to the Hamiltonian system, Madison would eventually guide its development. The contending visions find their partisans to the present day. The struggles over the two Banks of the United States are studied and gave me a much better understanding of the Banks and their roles in our history.
Author Jay Cost has crafted a well-researched tome that traces the flow of ideas through the American experience. It is informative at the risk of being overly technical for the general reader. I was interested enough to stick with it but those looking for a fast-moving history might be disappointed.
July 29, 2021
3.5 Stars
This is a good book, but I was hoping for so much more. I loved the beginning where the author was showing each of them and their ideas and how they fought against each other, but also over time, changed positions, too.
The problems that I had with the book are more toward the latter part of the book. The influences of Alexander Hamilton and James Madison are evident to all of us, today...but as the book progressed...the author made less and less connections...and just spouted name after name of the men at that time extrapolating what they knew to how it would work for them (and the nation). This is where I felt the need to make the connections with Alexander Hamilton and James Madison would have been a better way to fulfill the premise of the book...essentially pointing out how they both (though working at odds with each other) made a difference and help our country succeed.
I've read a number of books exploring these men's lives and the influence they've had on our country. I will possibly reread this book. There is a lot of good in it.
This is a good book, but I was hoping for so much more. I loved the beginning where the author was showing each of them and their ideas and how they fought against each other, but also over time, changed positions, too.
The problems that I had with the book are more toward the latter part of the book. The influences of Alexander Hamilton and James Madison are evident to all of us, today...but as the book progressed...the author made less and less connections...and just spouted name after name of the men at that time extrapolating what they knew to how it would work for them (and the nation). This is where I felt the need to make the connections with Alexander Hamilton and James Madison would have been a better way to fulfill the premise of the book...essentially pointing out how they both (though working at odds with each other) made a difference and help our country succeed.
I've read a number of books exploring these men's lives and the influence they've had on our country. I will possibly reread this book. There is a lot of good in it.
August 13, 2018
Having read biographies of Hamilton and Madison I don't consider this book as much of a contribution. At times I felt it was lacking significantly in detail but as an overview of the battle between monarch and republican forms of government I liked it. We seem to have forgotten to some degree that sovereignty under our republican form of government belongs to the people not the chief executive. We no longer have open elections due to the influence of PACs and money on the process. I think both Madison and Hamilton would be appalled at the conditions of our electoral process today with domination by the few. The last few lines of the book were the best and an apt summary:
"We get the government we deserve. So when the American people demand a return to republican propriety the government will acquiesce. For public opinion sets bounds to every government and is the real sovereign in a free one."
"We get the government we deserve. So when the American people demand a return to republican propriety the government will acquiesce. For public opinion sets bounds to every government and is the real sovereign in a free one."
August 11, 2020
This is a book I actually learned a decent amount from. I came into the book with a woefully inadequate knowledge base of either Madison or Hamilton. Cost outlines the views of Madison and Hamilton early on, setting the stage for the Federalist/Republican debates that would be formative in American politics and economics. We owe much to these men. I also learned a fair amount about early American economics (the creation of the 1st two national banks, the corruption from either politicians or bankers that plagued them, Hamilton's trust in the elite - and Madison's distrust, Biddle's role in re-righting the economic ship, among other things). All that said, this book was a chore. I did not enjoy reading it; I felt like I was in college reading 'A History of Western Civilization' and ultimately finished it for the sake of finishing it. There were times I wished he clarified definitions (i.e. how he would use the term Federalist and Nationalist), times I found the book to be repetitive, and other instances that the book just seemed off course and rabbit trailing. In all, if the topic interests you, or you'd like to learn more about the topic, the book may interest you. I certainly learned from the book, but felt the writing left much to be desired.
July 12, 2018
This book proved fairly disappointing. The author tries to show how the founding fathers tried to balance the three paths of nationalism, republicanism and liberalism, and how Hamilton's efforts to get the rich to support the new Constitution led to an imbalance toward oligarchy which Madison later also accepted. But the writing is very pedantic and hard to follow: He tends to string together quotes from others with his own connective, dry prose. Furthermore, he is much more conservatively cynical about our present (well, pre-Trump) government than I am I should have taken note that his other work is titled "A Republic No More."
Don't bother.
Don't bother.
June 29, 2020
I could just never get into this one. For such a short history book, there was too much repetition of information. I got frustrated that I wasn't being trusted to remember those details. I was really interested in this topic, but it never reached out and grabbed me. The epilogue really struck out some interesting ideas and reasons for this argument to be relevant today, but I didn't get any sense of that larger meaning as I was reading. If you are curious about this argument on a theoretical level, this might be for you. Otherwise, however, I got more from reading individual biographies on these two than this book.
October 13, 2020
Since I watched the Hamilton Musical, I am fascinated by the rivalry between Hamilton and Madison. This book is a fantastic way to fulfil that curiosity. The philosophical differences between these two gentlemen continue even in today's political situation in the country.
However, the 'the Creation of American Oligarchy' part seemed both rushed and way too much detail at the same time. If the author were to provide a smoother transition from where Madison's time end and how the oligarchy took roots, it would have been nicer.
Overall, a great book for anyone interested in the US history.
However, the 'the Creation of American Oligarchy' part seemed both rushed and way too much detail at the same time. If the author were to provide a smoother transition from where Madison's time end and how the oligarchy took roots, it would have been nicer.
Overall, a great book for anyone interested in the US history.
September 27, 2024
For *Hamilton* fans (the musical and the persona), this was a good overview of the politics he stood for, and highlighted the intertwined relationship with James Madison.
As others have mentioned, the technical abilities of the author detract from a 5 star review, as I found myself thinking "didn't I just read this sentence?" but that was just the nature of some of the passages.
A well researched compilation of historical texts that provides a straightforward, albeit dense, independent analysis of the issues without taking sides. Highly educational and recommended for Hamilton fans who want to learn more about the "why" of his political conflict beyond staged rap battles.
As others have mentioned, the technical abilities of the author detract from a 5 star review, as I found myself thinking "didn't I just read this sentence?" but that was just the nature of some of the passages.
A well researched compilation of historical texts that provides a straightforward, albeit dense, independent analysis of the issues without taking sides. Highly educational and recommended for Hamilton fans who want to learn more about the "why" of his political conflict beyond staged rap battles.
October 11, 2018
Interesting read about how Hamiltonian and Madisonian thought has gone through different phases during the early years of our country and how many of these thoughts are still shaping us today. He uses many examples of the battles between the two thoughts and then how different sides incorporated parts of the other side at different times. This is partly a growth in thinking but also a manipulation to achieve some type of political or economic gain. The different arguments from the founding of our country are to a large degree the same arguments we have today.
May 25, 2018
This admirably concise book reviews the political histories of Alexander Hamilton and James Madison, contrasting them with each other and setting them in the context of their times. In these days of political turmoil, it is tempting to draw parallels and to try to take lessons from the founders. I can only imagine T. Jeff. or Alex. H. raising an eyebrow at the antics of our current politicians.
January 24, 2019
A deep dive into the many disagreements between Hamilton and Madison and the impacts of their competing visions on the country. Gets pretty deep into finance- deeper than I wanted. Still learned some new things and wanted to support the creator of one of my favorite podcasts Constitutionally Speaking.
September 13, 2023
A Lost Cause retcon of the founding era, this book features the Slave Power using the massive electoral advantages the U.S. Constitution bestowed on enslavers to nobly fend off oligarchy and political privilege. Slavery is treated as a category Hamilton wins in The Tale of the Tape vs. Madison, not anything that merits mention in an analysis of decades of ideology and party politics.
August 18, 2018
Not a badly written book, but a little bit too much in the weeds for me. Cost went into to too much detail for my tastes...to the point I lost interest in the book. Probably a great book for scholars, but a little too deep for my tastes.
October 3, 2018
Very wonky, but lots of information I had not learned anywhere else, nice narrative arc tying major founding fathers together. Seems like a recent history book on Chinese political figures and economic transformation would read in a similar manner. We have more in common that we might think!
October 9, 2018
Phenomenal book. Picked up because of Cost's work on Constitutionally Speaking. Great analysis of the political situation at the time, why Madison and Hamilton made the decisions they did, and how both were ultimately mistaken about the results of their actions.
July 10, 2018
Very good read.
Introduces the agreement, conflict, and effects of the fiduciary policies at the foundation of the country.
Much better read than this description of the book...
Introduces the agreement, conflict, and effects of the fiduciary policies at the foundation of the country.
Much better read than this description of the book...
May 15, 2019
High school history textbook trying to craft a narrative...but it can’t help banging on the drum.
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