Hamilton, Clay, and Lincoln: The Curse of Economic Nationalism

IS_EH_HCL — with Thomas J. DiLorenzo

Cost: $49   Length: 5 Lectures
Format: Independent Study
Status: Open for enrollment

About the Course

One of the themes of Murray Rothbard’s writings on the nature of the state is that state power ultimately depends on the perpetuation of a body of beliefs and superstitions about the benevolence and necessity of the state, and the alleged evils of private property, free enterprise, individual liberty, and the civil society. Because the citizens always outnumber any ruling class by many orders of magnitude, they must somehow be made to acquiesce in the ruling class’s plundering of their society in the name of “progress,” “nationalism,” “the greater good,” “socialism,” or whatever.

Beatings, imprisonment, torture, and mass murder are time-tested tools of the state, but they can be very costly and can instigate a revolution. Therefore, relentless propaganda is often relied upon instead to secure the power and privileges of the state and statists.

Once the people of the Soviet empire finally understood that socialist propaganda was all a big lie, the regime was doomed. At that point it was always just a matter of how much beating, imprisonment, torture, and mass murder the thugs and criminals who ran the Soviet government could get away with to keep the system going.

American history is vastly different from the grotesque history of Soviet Russia, but in some ways it is similar. Until recently, there has never been much of a movement to bring full-fledged socialism to America. The ideological battle was not so much capitalism versus socialism but capitalism and freedom versus interventionism and paternalistic regulation and taxation. The interventionists eventually won out, so that today’s political/economic system (in the U.S. and in many other copycat countries) can be described as “participatory fascism,” to borrow a phrase used by Robert Higgs. It is a system of crony capitalism financed by a central bank, government borrowing, and pervasive taxation. It is a system that is of plutocratic elites, for plutocratic elites, and by plutocratic elites (to paraphrase Abraham Lincoln, the true founding father of this system). The massive welfare state is merely used to buy enough votes to maintain the “legitimacy” of the system.

Like Soviet socialism, this system is grounded on a particular ideology or collection of superstitions about the evils of private, competitive markets and the supposed benevolence and necessity of state intervention. The ideology is not socialism but goes under several different names, such as “economic nationalism” or “Hamiltonianism.”

This five-lecture course covers the historical evolution of this interventionist ideology, and what it means for Americans (and others) today. The system of economic nationalism was almost entirely cemented into place during the American “Civil War,” and was the ultimate victory of a political movement that was led at first by Alexander Hamilton, and then by Henry Clay, and then Lincoln. An outline of the topics examined in each lecture is below:

Lecture 1: Hamilton, Jefferson, and the Debate Over American Mercantilism

Lecture 2: The Hamilton/Clay “American System”

Lecture 3: Abraham Lincoln and the Triumph of Hamiltonian Mercantilism

Lecture 4: Hamiltonian Hegemony

Lecture 5: The Importance Today of “The Revolution of 1913”


All readings for this course are free, available online, and provided to students in a fully-hyperlinked syllabus.

Independent Study

Independent study courses are courses that were presented live in the past. These courses are now offered at a discount to anyone who wants to study independently. All courses include lecture recordings, slides, a complete hyper-linked syllabus, automatically-graded quizzes, and a discussion forum. Professors are not available for academic support for these independent study courses.

Sample Certificate of Participation

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Thomas DiLorenzo

Thomas J. DiLorenzo

Author of The Real LincolnLincoln Unmasked, and Hamilton’s Curse. Dr. DiLorenzo is today’s foremost critic of “Lincoln hagiography”.

DiLorenzo is a professor of economics at Loyola University Maryland and a senior fellow at the Ludwig von Mises Institute, he has written for the Wall Street Journal, USA Today, the Washington Post, Reader’s Digest, Barron’s, and many other publications.  He is widely published in the academic journals, including the American Economic Review, Economic Inquiry, International Review of Law and Economics, Public Choice, Quarterly Journal of Austrian Economics, and many others. He holds a Ph.D. in economics from Virginia Tech.

Click here to read an interview with Professor DiLorenzo.

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