Learning from History What Made the U.S. Prosperous

During the Gilded Age, as Milton Friedman famously said, there was “no FCC, no SEC, and you pick out any other three letters of the alphabet and it wasn’t there either.” Annual spending by the federal government was only about 3% of GDP, and Americans used their freedom to invent many products like barbed wire and to discover 300 products to be made from the lowly peanut. We had medical breakthroughs with the germ theory of disease, and entrepreneurs funded the science that led to cures for hookworm. Entrepreneurs also started libraries all over the nation and funded missionaries to preach Christianity in China, Africa, and other places around the world. The U.S. became a great industrial power during the Gilded Age; millions of immigrants flocked to New York City. American oil and steel dominated the world. A free people showed the world how freedom could improve lives across the globe.

via Learning from History What Made the U.S. Prosperous.

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