The Price of Greatness: Alexander Hamilton, James Madison, and the Creation of American Oligarchy

by Jay Cost

Overview

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.

Product Details

ISBN-13:	9781541697461
Publisher:	Basic Books
Publication date:	06/05/2018
Pages:	256
Product dimensions:	6.00(w) x 9.30(h) x 1.10(d)

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.

Table of Contents

Author's Note ix

Introduction 1

1 The Great Desideratum 17

2 One Great American System 35

3 Doing Full Justice 53

4 The Tool and the Tyrant 73

5 Vexations and Spoliation 103

6 Metaphysical War 123

7 Intrigue and Corruption 143

8 The Vilest of Cheats 163

Conclusion 181

Acknowledgments 197

Abbreviations 199

Notes 201

Index 223

Editorial Reviews

"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, WashingtonPost 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 TheFractured Republic and editor of NationalAffairs

From the Publisher

2018-04-03
Founding Fathers worried over inequality, popular sovereignty, and economic growth.Controversy over the meaning of the Constitution, the powers of the presidency, and the reach of federal government; concern about the political influence of wealthy citizens and corruption among elected officials; questions about the effects of tariffs on economic stability—these issues that beset contemporary America began in its earliest days. Focusing on James Madison (1751-1836) and Alexander Hamilton (1757-1804), Weekly Standard contributing editor Cost (A Republic No More: Big Government and the Rise of American Political Corruption, 2015, etc.) offers a revealing look at how their contrasting political philosophies shaped the new nation's domestic and foreign policies. Although they eventually became fierce opponents, Madison and Hamilton began as allies, sharing a belief "that people were easily led astray by selfish interests that undermined the cause of good government." State oversight could not be trusted to rein in opportunism and greed. Their proposals for fostering a strong federal government, however, were at odds: Hamilton envisioned a system emulating Britain's, where senators, appointed by an electoral college, would serve for life, as would the president. Only members of the House would serve three-year terms. The "natural aristocracy" would be drawn from wealthy men, who, merely by virtue of their wealth, had proven their talent for leadership. He proposed a strategy of mediation whereby "individual factions within society would receive direct benefits from the government" in the expectation that they would invigorate the economy and therefore benefit the whole nation by growing its industries. Madison, on the other hand, saw a society dominated by agriculture, "populated by able-bodied, independent farmers." Deeply suspicious of warring factions, he proposed two chambers of Congress, apportioned according to population, with the power to veto state laws. Madison's views were held by Republicans, including Jefferson and James Monroe; Hamilton's, by Federalists, including Washington and John Adams. All recognized the difficulty of balancing nationalism, liberalism, and republicanism, and all saw the risk of factions usurping popular sovereignty.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

[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

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.

author of TheFractured Republic and editor of Nati Yuval Levin

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.

WashingtonPost columnist George F. Will

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

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.

author of Alexander Hamilton and the Persistence o Stephen F. Knott