Why did the most prosperous colonies in the British Empire mount a rebellion? Even more puzzling, why didn’t the British agree to have American representation in Parliament and quickly settle the dispute peacefully? At first glance, it would appear that a deal could have been reached to share the costs of the global public goods provided by the Empire in exchange for political power and representation for the colonies. (At least, this was the view of men of the time such as Lord Chapman, Thomas Pownall and Adam Smith). We argue, however, that the incumbent government in Great Britain, controlled by the landed gentry, feared that allowing Americans to be represented in Parliament would undermine the position of the dominant coalition, strengthen the incipient democratic movement, and intensify social pressures for the reform of a political system based on land ownership. Since American elites could not credibly commit to refuse to form a coalition with the British opposition, the only realistic options were to maintain the original colonial status or fight a full-scale war of independence.
Frederick Douglass ended his Independence Day jeremiad in Rochester with steadfast optimism (“I do not despair of this country”). Read his closing lines, and what despair you might feel when listening to a President who abets ignorance, isolation, and cynicism is eased, at least somewhat. The “mental darkness” of earlier times is done, Douglass reminded his audience. “Intelligence is penetrating the darkest corners of the globe.” There is yet hope for the “great principles” of the Declaration of Independence and “the genius of American Institutions.” There was reason for optimism then, as there is now. Donald Trump is not forever. Sometimes it just seems that way. ♦
Mihir A. Desai (Harvard), The Wisdom of Finance: Discovering Humanity in the World of Risk and Return (2017): This book is not about the latest study that will help you make money in the stock market or that will nudge you into saving more
Lloyd Hitoshi Mayer (Notre Dame), Creating a Tax Space for Social Enterprise, in The Cambridge Handbook of Social Enterprise Law (Cambridge University Press 2017) (J. Yockey & B. Means eds.):