145 Cronyism in Early America with Patrick Newman

Cronyism: Liberty versus Power in America 1607-1849 describes the evolution of political favor seeking in early American history, from the colonial era to the Mexican War. Newman argues that cronyism emerged from the perennial clash between the forces of liberty and power. When the interventionist Federalists, National Republicans, and Whigs controlled the government, special-interest policies—central banking, protective tariffs, businesses subsidies, territorial expansion, and so on—drastically increased. However, after the libertarian Jeffersonian Republicans and Jacksonian Democrats assumed the command posts, cronyism only moderately declined before resuming its upward march. “Power,” Lord Acton teaches us, “tends to corrupt,” and slowly but surely the proponents of limited government turned into the privilege granting parties they previously despised.
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Patrick is Assistant Professor of Economics at Florida Southern College. He completed his PhD in the Department of Economics at George Mason University.