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THE ROLE of STATE MONOPOLY CAPITALISM in the AMERICAN EMPIRE Joseph R

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THE ROLE of STATE MONOPOLY CAPITALISM in the AMERICAN EMPIRE Joseph R Journal of Libertarian Studies Volume 15, no. 3 (Summer 2001), pp. 57–93 Ó2001 Ludwig von Mises Institute www.mises.org THE ROLE OF STATE MONOPOLY CAPITALISM IN THE AMERICAN EMPIRE Joseph R. Stromberg* In 1792, Thomas Paine sounded a cautionary note about the eco- nomics of empire: The most unprofitable of all commerce is that connected with foreign dominion. To a few individuals it may be beneficial, merely because it is commerce; but to the na- tion it is a loss. The expense of maintaining dominion more than absorbs the profit of any trade.1 Had Americans consistently heeded Paine’s advice, the United States might have avoided much of the overseas bloodshed, as well as domestic bureaucratization, which have accompanied the creation of the American empire. MERCANTILISM AND LAISSEZ FAIRE Unhappily, classical liberal ideas never fully prevailed anywhere, including England and the United States. Interest-conscious groups from exporters and manufacturers to missionaries and militarists utilized the power of the national state as often as possible to serve aims that included glory, power, land, and the engrossing of foreign markets judged essential to national prosperity. In practice, this gen- erally meant the prosperity of those doing the judging, even as they invoked the prosperity of the nation. *Joseph R. Stromberg is Historian-in-Residence at the Ludwig von Mises Institute in Auburn, Alabama. 1Thomas Paine, “The Rights of Man,” in Selected Writings of Thomas Paine, ed. R.E. Roberts (New York: Everybody’s Vacation Publishing Company, 1945), p. 328. 57 Journal of Libertarian Studies Although the radicals in the American revolutionary coalition were briefly ascendant (the Articles of Confederation were, after all, the radical program), an upper-class coalition of Northern mer- chants and Southern planters, loudly proclaiming a “crisis” that ex- isted primarily in their pocketbooks, soon carried the day for a new constitution and a greatly strengthened central state. From the in- ception of this new state in 1789, the gentry actively developed an American form of mercantilism symbolized by the commerce clause of the Constitution, a mercantilism that embraced tariffs, a national bank, and other economic interventions. Their program—though not reducible to the feudal survivals that Joseph Schumpeter con- sidered the fount of imperialism2—was a conscious continuation of the British mercantilist perspective. James Madison, in partic u- lar, fashioned the rationale of the self-consciously imperial Ameri- can state, reaffirming the basic expansionist axiom of mercantilism. Even Thomas Jefferson, with his laissez-faire physiocratic leanings, became something of a mercantilist when in power.3 Despite this early statism, the Jacksonian “revolution” produced significant gains for free trade—even more than the Jeffersonian movement had—including the destruction of the second Bank of the United States, and Chief Justice Taney’s decisions overthrow- ing many forms of monopoly grant. Jacksonianism was, in Richard Hoftadter’s words, “a phase in the expansion of liberated capital- ism.”4 But even in an age of relative liberalism, many interests de- fined laissez faire as “help without responsibilities.” Thus, subsi- dies were undertaken even in the name of laissez faire.5 The radical Jacksonians, like the Cobdenites in Great Britain, were unable to sweep away all existing privileges. The liberalism 2Joseph Schumpeter, Imperialism, Social Classes: Two Essays (New York: Meridian Books, 1955), pp. 65, 91–97. 3On the felt “crisis,” see Charles A. and Mary R. Beard, The Rise of Ameri- can Civilization (New York: Macmillan, 1930), pp. 302–7. For a calm view of the period, see Merrill Jensen, The Articles of Confederation (Madison: University of Wisconsin Press, 1959). On the founding fathers, see Wil- liam Appleman Williams, “The Age of Mercantilism: 1740–1828,” in The Contours of American History (New York: New Viewpoints, 1973), esp. pp. 150–62 and 185–92. 4Richard Hofstadter, The American Political Tradition (New York: Vintage Books, 1948), pp. 56–67. 5See Williams, The Contours of American History, p. 212. 58 Joseph R. Stromberg – The Role of State Monopoly Capitalism of the period was further marred by chattel salvery—a major viola- tion of natural rights theory—and by the imperialist war with Mex- ico, which was little more than land-grabbing under the mantle of “manifest destiny.”6 THE (ENFORCED) DECLINE OF LAISSEZ FAIRE Sectional conflict over control of the area taken from Mexico was a key factor in starting the subsequent War for Southern Inde- pendence, the Civil War. This period, from 1861–65, led to a mam- moth resurgence of Hamiltonian statism. First, by denying to states the right of secession, Lincoln utterly transformed the federal union, dealing a deathblow to real decentral- ization and abolishing the final check in the checks-and-balances system.7 Second, Lincoln’s far-reaching executive “war power”—invent- ed from whole cloth—paved the way for twentieth-century presi- dential Caesarism. Likewise, his conscription set a precedent for wartime, and later peacetime, militarization of America. Civil lib- erties naturally suffered.8 With respect to the political economy, wartime centralization was equally harmful. With the free-trading South out of the union, Lincoln’s Republican administration secured passage of a “National Bank Act, an unprecedented income tax, and a variety of excise taxes” verging on “a universal sales tax.”9 The tariff, whose lowering South- ern nullifiers had forced in 1830, was increased to nearly 50 percent, with postwar rates going steadily higher. Wartime greenbacks set a 6On nineteenth-century liberalism on both sides of the Atlantic, see Robert Kelley, The Transatlantic Persuasion: The Liberal–Democratic Mind in the Age of Gladstone (New York: Alfred A. Knopf, 1969); and Murray N. Rothbard, “Left and Right: The Prospects for Liberty,” in Egalitarianism as a Revolt Against Nature and Other Essays (Auburn, Ala.: Ludwig von Mises Institute, 2000), pp. 21–53. 7See David Gordon, ed., Secession, State, and Liberty (New Brunswick, N.J.: Transaction Publishers, 1998), for a discussion of the theory and history of secession, of Lincoln’s views on the matter before he became presi- dent, and related topics. 8Arthur A. Ekirch, Jr., The Decline of American Liberalism (New York: Atheneum, 1969), pp. 116–31. 9Ekirch, The Decline of American Liberalism, p. 129. 59 Journal of Libertarian Studies precedent for future inflation. Finally, subjugation of the Confed- eracy and its reintegration into the union on Northern terms made the South into a sort of permanent internal colony of the North- eastern Metropolis, just as blacks remained a sub-colony within the region.10 Aside from protection of American manufacturers, perhaps the most flagrant wartime and post-war subsidy consisted of funds lent and land given to the railroads by the federal government to encour- age railroad growth. Between 1862 and 1872, the railroads received from Congress some 100 million acres of land. Similarly, federal le g- islation saw to it that large quantities of “public” land in the South— which might have gone to freed slaves and poor whites—wound up mainly in the hands of Yankee timber and other interests.11 Such was the famed but partly mythical laissez faire which his- torian William Appleman Williams, with an amusing lack of irony, sees as epitomized in the inflationary–protectionist program of one wing of the Radical Republicans.12 In truth, the Gilded Age witnes- sed a “great barbecue,” to use Vernon Louis Parrington’s phrase, rooted in the rampant statism of the war years, whose participants defended themselves with Spencerian rhetoric while grasping with both hands.13 Beeves for this barbecue were supplied not only by the federal government, but also by local governments through franchise monopolies, etc. 10B.B. Kendrick, “The Colonial Status of the South,” in The Pursuit of Southern History: Presidential Addresses of the Southern Historical As- sociation, 1935–1963, ed. George B. Tindall (Baton Rouge: Louisiana State University Press, 1964), pp. 90–105; and C. Vann Woodward, “The Colonial Economy,” in A History of the South, vol. 9, Origins of the New South (Baton Rouge: Louisiana State University Press, 1951), pp. 291–320. 11Ekirch, The Decline of American Liberalism, pp. 153–54; and Paul Wal- lace Gates, “Federal Land Policy in the South, 1866–1888,” Journal of Southern History 6, no. 3 (August 1940), pp. 303–30. 12Williams, The Contours of American History, pp. 300–1. 13Ekirch, The Decline of American Liberalism, chap. 10, pp. 147–70. For the radical individualist critique of Spencerianism, see James J. Martin, Men Against the State: The Expositors of Individualist Anarchism in America, 1827–1908 (Colorado Springs, Colo.: Ralph Myles, 1970), pp. 239–41. 60 Joseph R. Stromberg – The Role of State Monopoly Capitalism NINETEENTH-CENTURY ROOTS OF THE AMERICAN EMPIRE Regulation of railroads, monetary reform, and the search for overseas markets (especially for agricultural surpluses) were among the major American political issues from 1865 to 1896. Southern and Western farmers sought regulation—and, ultimately, their rad- ical wing sought nationalization—of the railroads to ensure their “equitable” operation. Another agrarian goal was large-scale coinage of silver to reverse its 1873–74 demonetization, and to provide “eas- ier” money to foster trade with countries on the sterling standard.14 Above all, many farmers sought new outlets
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