How One Precious Metal Has Dominated the American Imagination for Four Centuries
March 13, 2017
In this economic history, Ledbetter (Unwarranted Influence), editor at Inc. magazine, traces the complicated relationship between gold and American monetary policy, examining our reliance on the metal alongside our frequent attempts to sever that dependence. As Ledbetter explores and explains the waxing and waning of the gold standard, he shows how it affects America’s ties to the world economy, how it has influenced events in war and peacetime, and how private ownership of gold has been a quagmire of controversy and opportunism. Ledbetter notes that “for much of America’s history, gold literally was money—and therefore ignited some of the most contentious political battles the nation has ever seen.” However, his own expertise in the material doesn’t necessarily translate to accessibility; this is an excellent book for those well-versed in economic topics, but less useful for the casual reader. Ledbetter hews closely to the financial aspects of gold as an influence on the country’s progress, though he does touch upon some of the cultural, technological, and artistic roles it has played—such as the fate of the Golden Rooster of Las Vegas—which makes for some entertaining diversions. Ledbetter’s style is a little dry, but this is a solid look at America’s golden history.