Shock Values: Prices and Inflation in American Democracy, Binder

<!DOCTYPE html> <html class="no-js" lang="en"> <head>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-7R02ZYQVQY"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-7R02ZYQVQY'); </script> <script> var contextPath = ""; </script> <meta charset="utf-8"> <meta http-equiv="x-ua-compatible" content="ie=edge"> <meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no"> <link rel="apple-touch-icon" href="/favicon.ico">  <meta name="pagetype" content="bo" /> <meta name="pubdate" content="May 2024" /> <meta name="authorname" content="Carola Binder" /> <meta name="publisher" content="pu3430623_3430810" /> <meta name="date" content="Mon Oct 14 05:06:43 CDT 2024" /> <meta name="description" content="The book Shock Values: Prices and Inflation in American Democracy, Carola Binder is published by University of Chicago Press." /> <meta name="keywords" content="inflation, prices, stabilization, monetary policy, economic history, Federal Reserve, price controls, democracy"> <meta name="booktitle" content="Shock Values" /> <meta name="bookkeywords" content="inflation, prices, stabilization, monetary policy, economic history, Federal Reserve, price controls, democracy"> <meta name="bookdescription" content="The book Shock Values: Prices and Inflation in American Democracy, Carola Binder is published by University of Chicago Press." /> <title>Shock Values: Prices and Inflation in American Democracy, Binder</title> <meta property="og:type" content="book" /> <meta property="og:site_name" content="University of Chicago Press" /> <meta name="twitter:card" content="summary" /> <meta name="twitter:site" content="@UChicagoPress" /> <meta property="og:url" content="https://press.uchicago.edu/ucp/books/book/chicago/S/bo215190546.html" /> <meta property="og:title" content="Shock Values" /> <meta property="og:description" content="How inflation and deflation fears shape American democracy. Many foundational moments in American economic history—the establishment of paper money, wartime price controls, the rise of the modern Federal Reserve—occurred during financial panics as prices either inflated or deflated sharply. The government’s decisions in these moments, intended to control price fluctuations, have produced both lasting effects and some of the most contentious debates in the nation’s history. A sweeping history of the United States’ economy and politics, Shock Values reveals how the American state has been shaped by a massive, ever-evolving effort to insulate its economy from the real and perceived dangers of price fluctuations. Carola Binder narrates how the pains of rising and falling prices have brought lasting changes for every generation of Americans. And with each brush with price instability, the United States has been reinvented—not as a more perfect union, but as a reflection of its most recent failures. Shock Values tells the untold story of prices and price stabilization in the United States. Expansive and enlightening, Binder recounts the interest-group politics, legal battles, and economic ideas that have shaped a nation from the dawn of the republic to the present. 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<h2>Prices and Inflation in American Democracy</h2> <div class="author-info"> <p class="author link-reverse-underline"><a href='/ucp/books/author/B/C/au208524115.html'>Carola Binder</a></p> </div> </div> <div class="purchase-item-detail-summary"> <div class="collapse-truncated-wrapper truncated-faded"> <div class="collapse-truncated" id="example-collapse-truncated-1"> <div class="collapse-truncated-inner"> <p><B>How inflation and deflation fears shape American democracy.</B></p><p> Many foundational moments in American economic history—the establishment of paper money, wartime price controls, the rise of the modern Federal Reserve—occurred during financial panics as prices either inflated or deflated sharply. The government’s decisions in these moments, intended to control price fluctuations, have produced both lasting effects and some of the most contentious debates in the nation’s history. </p><p> A sweeping history of the United States’ economy and politics, <i>Shock Values</i> reveals how the American state has been shaped by a massive, ever-evolving effort to insulate its economy from the real and perceived dangers of price fluctuations. Carola Binder narrates how the pains of rising and falling prices have brought lasting changes for every generation of Americans. And with each brush with price instability, the United States has been reinvented—not as a more perfect union, but as a reflection of its most recent failures. </p><p><i>Shock Values</i> tells the untold story of prices and price stabilization in the United States. Expansive and enlightening, Binder recounts the interest-group politics, legal battles, and economic ideas that have shaped a nation from the dawn of the republic to the present. </p> </div> </div> <a class="collapse-truncated-toggle" href="#" role="button" data-toggle="collapse" data-target="#example-collapse-truncated-1" aria-expanded="false" aria-controls="example-collapse-truncated-1"> <span class="trigger-open"> <noindex>Read More<span class="sr-only">about Shock Values</span></noindex> </span> <span class="trigger-collapse"> <noindex>Read Less<span class="sr-only">about Shock Values</span></noindex> </span> </a> </div> </div> <div class="purchase-item-detail-details"> <p class="sans-serif-light">An audiobook version is <a href=’"https://tantor.com/shock-values-carola-binder.html">available</a>.</p> <hr> <p>  352 pages | 6 x 9 | © 2024 </p> <p class="subject-list"> Economics and Business: <a href="/ucp/books/subject/su19/su19_7.html" class="subject-tag">Economics--Government Finance</a>, <a href="/ucp/books/subject/su19/su19_8.html" class="subject-tag">Economics--History</a> </p> </div> </div> </div> </div> <ul class="nav anchored-nav" id="anchor-anchored-nav"> <li class="nav-item"> <a class="nav-link" href="#anchor-reviews" >Reviews</a> </li> <li class="nav-item"> <a class="nav-link" href="#anchor-table-of-contents" >Table of contents</a> </li> <li class="nav-item"> <a class="nav-link" href="#anchor-excerpt" aria-disabled="true">Excerpt</a> </li> <li class="nav-item"> <a class="nav-link" href="#anchor-gallery" aria-disabled="true">Gallery</a> </li> <li class="nav-item"> <a class="nav-link" href="#anchor-awards" aria-disabled="true">Awards</a> </li> <li class="nav-item"> <a class="nav-link" href="#anchor-author-events" aria-disabled="true">Author Events</a> </li> <li class="nav-item"> <a class="nav-link" href="#anchor-related-titles" >Related Titles</a> </li> </ul> <div class="anchored-nav-content"> <div class="anchored-nav-section"> <div class="anchored-nav-accordion-toggle-container"> <a class="anchored-nav-accordion-toggle" role="button" data-toggle="collapse" href="#anchor-reviews" aria-expanded="false" aria-controls="anchor-reviews"> Reviews </a> </div> <div class="collapse" id="anchor-reviews"> <section class="anchored-nav-content-section"> <h2 class="section-heading">Reviews</h2> <div class="slider"> <div> <blockquote class="blockquote-review"> <div>"Binder argues fluctuations in prices have 'shaped American democracy since its very beginning,' influencing the size, structure and scope of government. . . .Binder skillfully traces America’s circuitous path from a gold and silver standard to a fiat currency, as well as the nation’s recurrent battles over centralized monetary power, from Andrew Jackson’s war on the Second Bank of the United States in 1832 to calls for ending the Fed today. But <i>Shock Values</i> is much more than a monetary history. Many of the most illuminating sections concern non-monetary responses to price fluctuations, such as government attempts to control prices directly by setting maximum or minimum prices."</div> </blockquote> <p class="blockquote-review-attribution">The Financial Times</p> </div> <div> <blockquote class="blockquote-review"> <div>"[<i>Shock Values</i>] is the new and very useful book by Carola Binder...a very good economic history."</div> </blockquote> <p class="blockquote-review-attribution">Tyler Cowen | Marginal Revolution</p> </div> <div> <blockquote class="blockquote-review"> <div>"<i>Shock Values</i> [is] a timely subject in this inflation-focused presidential election year. Carola Binder expounds on monetary ideas both sound and otherwise. She takes up tariffs, antitrust policy, price control, rent control, the minimum wage and the quest for the will-o’-the-wisp called 'price stability.' Her brisk narrative, starting in colonial times, carries the reader all the way down to the tumultuous present."</div> </blockquote> <p class="blockquote-review-attribution">The Wall Street Journal</p> </div> <div> <blockquote class="blockquote-review"> <div>"In [<i>Shock Values</i>], Binder looks back at the long history of politics, inflation and how the government has tried to respond, at times through fiscal policy like price controls, at others with monetary policy."</div> </blockquote> <p class="blockquote-review-attribution">Marketplace</p> </div> <div> <blockquote class="blockquote-review"> <div>"Binder examines the economic destabilization caused by fluctuations in the cost of goods and the effective—and often controversial—remedies the American government has historically used to steady the market, plus their lasting effects. . . .A solid history of American economic policies."</div> </blockquote> <p class="blockquote-review-attribution">Library Journal</p> </div> <div> <blockquote class="blockquote-review"> <div>"<i>Shock Values</i> is a very readable monetary history of the United States, from the Revolutionary era to the 2020s. . . .An excellent overview."</div> </blockquote> <p class="blockquote-review-attribution">Diane Coyle | The Enlightened Economist</p> </div> <div> <blockquote class="blockquote-review"> <div>"<i>Shock Values </i>explores how price fluctuations and attempts to manage them have shaped American democracy, analyzing examples of the disparate impacts of price fluctuations and their political consequences. [Binder] covers the colonial and Revolutionary War eras, focusing on monetary arrangements, inflation, and price controls in the colonies and the new nation."</div> </blockquote> <p class="blockquote-review-attribution">Journal of Economic Literature</p> </div> <div> <blockquote class="blockquote-review"> <div>“In recent decades, economists have made great strides in understanding how monetary and fiscal policy influence inflation. <i>Shock Values</i> dives deeper to show how institutional changes throughout US history have been both a cause and a consequence of an unstable price level. Binder perceptively dissects how public policies meant to control inflation have been driven by a complex mix of special interest politics, ideology, and advances in our understanding of the role of monetary policy.”</div> </blockquote> <p class="blockquote-review-attribution">Scott Sumner | author of "The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy"</p> </div> <div> <blockquote class="blockquote-review"> <div>“Debates about the money supply and price level predate the Revolutionary War and have often been at the forefront of US politics. Accessible and a joy to read, <i>Shock Values</i> pulls together economic, political, and intellectual history to tell the remarkable story of three centuries of US inflation (or lack thereof).”</div> </blockquote> <p class="blockquote-review-attribution">Joshua Hausman | University of Michigan</p> </div> </div> </section> </div> </div> <div class="anchored-nav-section"> <section class="anchored-nav-content-section-2-col"> <div class="anchored-nav-content-section-row"> <div class="anchored-nav-section-back-to-top"> <a href="#anchor-anchored-nav" class="emphasized-link-with-icon">Back to top<img class="link-icon" src="/.resources/ucp/img/icons/press-back-to-top.svg" alt="Back to top" /> </a> </div> <div class="anchored-nav-accordion-toggle-container"> <a class="anchored-nav-accordion-toggle" role="button" data-toggle="collapse" href="#anchor-table-of-contents" aria-expanded="false" aria-controls="anchor-table-of-contents"> Table of Contents </a> </div> <div class="collapse" id="anchor-table-of-contents"> <section class="anchored-nav-content-section-col"> <h2 class="section-heading">Table of Contents</h2> <div id="hasChapterSale"></div> <div class="collapse-truncated-wrapper truncated-faded"> <div class="collapse-truncated" id="example-collapse-truncated-toc" data-max-line-count="20"> <div class="collapse-truncated-inner"> <div class="table-of-contents"> Introduction<br /> 1. The Colonies and the Revolution<br /> 2. Financing the New Nation<br /> 3. The Jacksonian Era and the Civil War<br /> 4. The Money Question in the Postbellum Era<br /> 5. The Federal Reserve Act and World War I<br /> 6. Deflation and Stabilization<br /> 7. The Great Depression and the New Deal<br /> 8. World War II and the Office of Price Administration<br /> 9. The Korean War and the Treasury-Fed Accord<br /> 10. The Great Inflation<br /> 11. The Volcker Disinflation and the Greenspan Standard<br /> 12. Inflation Targeting and the Great Recession<br /> 13. The Pandemic and the Return of Inflation<br /> 14. Looking Back and Looking Ahead<br /><br /> Notes<br /> Index </div> </div> </div> <a class="collapse-truncated-toggle" href="#" role="button" data-toggle="collapse" data-target="#example-collapse-truncated-toc" aria-expanded="false" aria-controls="example-collapse-truncated-toc"> <span class="trigger-open"> <noindex>Read More<span class="sr-only">about table of contents</span></noindex> </span> <span class="trigger-collapse"> <noindex>Read Less<span class="sr-only">about table of contents</span></noindex> </span> </a> </div> </section> </div> </div> </section> </div> <noindex> <div class="anchored-nav-section"> <div class="anchored-nav-accordion-toggle-container"> <a class="anchored-nav-accordion-toggle" role="button" data-toggle="collapse" href="#anchor-related-titles" aria-expanded="false" aria-controls="anchor-related-titles"> Related Titles </a> </div> <div class="collapse" id="anchor-related-titles"> <section class="anchored-nav-content-section"> <div class="anchored-nav-section-back-to-top"> <a href="#anchor-anchored-nav" class="emphasized-link-with-icon">Back to top<img class="link-icon" src="/.resources/ucp/img/icons/press-back-to-top.svg" alt="Back to top" /> </a> </div> <h2 class="section-heading">Related Titles</h2> <div class="slider"> <div class="teaser"> <div class="teaser-image"> <a href="/ucp/books/book/chicago/E/bo88750045.html"> <img class="img-fluid teaser-image-shadow" loading="lazy" src="/.imaging/mte/ucp/thumbnail/dam/ucp/books/jacket/978/02/26/78/9780226781334.jpg/jcr:content/9780226781334.jpg" width="848" height="600" alt="Essays on Liberalism and the Economy, Volume 18"> </a> </div> <div class="teaser-body"> <div class="teaser-content"> <h3 class="teaser-title "> <a href="/ucp/books/book/chicago/E/bo88750045.html" class="teaser-link-emphasized">Essays on Liberalism and the Economy, Volume 18</a> </h3> <p > F. 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Shock Values: Prices and Inflation in American Democracy, Binder