Capitalism in America: An Economic History of the United States

Capitalism in America traces the economic history of the United States from its colonial origins to its emergence as a global economic power. Written by former Federal Reserve Chairman Alan Greenspan in partnership with Economist journalist and historian Adrian Wooldridge, the book examines the forces that have shaped American economic development. Greenspan explores how the US economy functions as a dynamic system, with particular focus on productivity growth and innovation. The narrative addresses major historical questions, including slavery's role in the antebellum Southern economy, the impact of FDR's New Deal, and America's shifting relationship with global trade. The authors argue that America's economic success stems from its tolerance for creative destruction—the continuous replacement of old economic structures with new ones. While this process has driven unprecedented prosperity and raised living standards broadly, it has also created significant disruption and hardship for those affected by economic change. The book was shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year Award. It concludes by examining current productivity stagnation and its implications for America's future economic leadership.