ABSTRACT
Canonical interpretations of the history of economic thought often reflect
slight anxiety with the American experience when using European
doctrinal conjectures as a model. The history of political economy in the
United States does indeed differ from the stylised general history of
economic doctrine. From this fact many conclude that the American
political economy, at least until the beginning of the twentieth century, is
less interesting to study. Most obviously it lacks – with a few obvious
exceptions – outstanding theoretically advanced thinkers and writers.
Instead, the American scene is believed to have been more practical and
institutional in nature. This was already Alexis de Toqueville’s position
when, in his famous, Democracy in America, published in two parts (1835
and 1840), he wrote the following regarding American scholarship in
general:
