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Students graduate thinking that were it not for the federal Constitution, we would all be sitting on the front porch of our cabin spitting tobacco, drinking home-made whiskey, and kicking our dog Blue.
The prevailing historical interpretation of the country under the Articles of Confederation is an example of the harm that has resulted from the ignorance of economics among generations of historians...
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Let us consider the work of Richard B. Morris, the Columbia University historian, whose book The Forging of the Union, 1781?1789 (1987) is considered the standard history of that decade. Morris ascribes the postwar depression (1784?88) to four causes: the "dumping" of low-cost British goods upon the American market (imagine the gall of those sneaky Brits; you beat 'em in war and then they do this to us?); the closing of the British West Indies and other foreign markets to American goods; an unregulated money supply (it is not clear if Morris thinks the problem was too much, or not enough, money; apparently, he seems to think that only the Solons and Greenspans destined to run the federal government knew the right amount); and the lack of a national government with national taxing and regulatory powers (the horror, the horror)...
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