ECONOMY Archives | What It Means to Be American

What George Bailey’s Building and Loan Company Can Still Teach Us About Banking

In His Time and Ours, Big Lenders Often Get a Pass, While Small Banks and the Communities They Serve Are Left Vulnerable

By Robert E. Wright
December 6, 2018

The bank run scene in It’s a Wonderful Life always makes me cry real tears. If you care about America, you should love the scene too—and not just because it is a brilliant piece of cinematic storytelling.

The scene unfolds as George Bailey, played by Jimmy Stewart, sets off on his honeymoon in a taxicab, only to realize that depositors have gathered outside a local bank, demanding their money. Instead of continuing on his honeymoon, George hustles to his beloved Bailey …

Frank Capra’s Formula for Taming American Capitalism

It’s a Wonderful Life Prescribed Community and Empathy as the Remedy to a Callous Economic System

By Maribel Morey
December 6, 2018

From the Gilded Age and until well into the Great Depression, Americans engaged in one of the most consequential debates in the country’s history: how best to address the economic inequities and societal problems stemming from industrialization, and relatedly, wealth maximization in the private sector.

For some, a bureaucratic state was the answer. As was argued first by the Socialist Party of America in the early 20th century, the state could equalize wealth inequalities. Later, with the Depression, a great …

Why Americans Think Managing the National Budget Is Like Balancing the Family Checkbook

The Myth That Average Citizens Hold the Reins of the Economy Stems from 18th-Century Morality Tales

By Joanna Cohen
December 18, 2017

Americans are forever being urged to do things that supposedly will jump-start the economy, protect jobs, and raise the fortunes of Wall Street. Politicians and pundits implore consumers to “Buy American,” so as to help U.S. workers and keep the trade deficit low. Or to hit the shopping malls—even if it means taking on more debt— while still somehow finding a way to balance the family checkbook.

What’s striking about these demands is that the responsibilities and obligations of American consumers …

The North Carolina Trucker Who Brought the World to America in a Box

How Malcom McLean's Shipping Containers Conquered the Global Economy by Land and Sea

By Marc Levinson
June 15, 2017

On April 26, 1956, a crane lifted 58 aluminum truck bodies onto the deck of an aging tanker ship moored in Newark, New Jersey. Five days later, the Ideal-X sailed into Houston, Texas, where waiting trucks collected the containers for delivery to local factories and warehouses. From that modest beginning, the shipping container would become such a familiar part of the landscape that Americans would not think twice when they passed one on the highway, or saw one at the …

When Secret Societies Sold Life Insurance

Before the Great Depression, Fraternal Lodges Offered Financial Security Without the Stigma of Charity

By Lisa Hix
March 22, 2016

Once, when I visited my brother, who lives in a small Texas town, he took me down a winding road to a turn-of-the-20th-century cemetery in a forest clearing. There, we found three tall tombstones in the shape of tree trunks, each stamped with an insignia reading “Woodmen of the World.” What were these strange things?

When I got home, I dug into the mystery of these stone stumps, discovering the profoundly insecure time before Americans had Social Security, when anxieties about …

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