Accumulation and Power analyses America’s economic development across three great waves of economic expansion: the Grand Traverse 1850-1900, the New Era 1916-1929 and the Great Postwar Boom, 1945-1972. Drawing on the work of Keynes, Schumpeter, Marx it departs radically from the "new economic history" model, focusing instead on capitalist decision making and its social consequences. It argues that the accumulation process is far more important than competitive markets in explaining resource allocation and growth. This innovative book is essential reading for all students and scholars of American economic history.