An Account Of The Origin Of The Mississippi Doctrine Of Repudiation

America's First Great Depression

For a while, it seemed impossible to lose money on real estate. But then the bubble burst. The financial sector was paralyzed and the economy contracted. State and federal governments struggled to pay their domestic and foreign creditors. Washington was incapable of decisive action. The country seethed with political and social unrest. In America's First Great Depression, Alasdair Roberts describes how the United States dealt with the economic and political crisis that followed the Panic of 1837. As Roberts shows, the two decades that preceded the Panic had marked a democratic surge in the United States. However, the nation's commitment to democracy was tested severely during this crisis. Foreign lenders questioned whether American politicians could make the unpopular decisions needed on spending and taxing. State and local officials struggled to put down riots and rebellion. A few wondered whether this was the end of America's democratic experiment. Roberts explains how the country's woes were complicated by its dependence on foreign trade and investment, particularly with Britain. Aware of the contemporary relevance of this story, Roberts examines how the country responded to the political and cultural aftershocks of 1837, transforming its political institutions to strike a new balance between liberty and social order, and uneasily coming to terms with its place in the global economy.

Sovereignty, RIP

Has the concept of sovereignty outlived its usefulness? Social order requires a sovereign: an actor with unlimited, undivided, and unaccountable authority. Or so the classic theory says. But without noticing, we’ve gutted the theory. Constitutionalism limits state authority. Federalism divides it. The rule of law holds it accountable. In vivid historical detail—with millions tortured and slaughtered in Europe, a king put on trial for his life, journalists groaning at idiotic complaints about the League of Nations, and much more—Don Herzog charts both the political struggles that forged sovereignty and the ones that undid it. He argues that it’s no longer a helpful guide to our legal and political problems, but a pernicious bit of confusion. It’s time, past time, to retire sovereignty.

Bibliotheca Americana Nova