WHEN this series of nine volumes on the economic history of the United States was first conceived, the nation's economy had reached a critical stage in its development. Although the shock of the depression of 1929 had been partially absorbed, the sense of bewilderment which it produced had not yet vanished, and the suffering and the bitterness of its first years were being transformed into less substantial, though still anguished, memories. Reform measures, either in operation or proposed, were being actively debated, but with less sense of urgency than earlier.
To the Editors of this series a fresh consideration of America's economic history was justified by more than the experiences of the recent past or the obscurity of the future. Rich contributions to the literature of American history had been made through cooperative series dealing with the political, social, and cultural aspects of American life. Numerous singlevolume surveys of the country's economic development had been written. But, as late as the end of the fourth decade of the twentieth century, the world's foremost economic power had not yet produced an integrated, full-length, and authoritative treatment of its own economic history.
Scholarly concern with American economic history has been constantly growing during the past half century, and chairs of economic history have been established in leading universities. A more profound understanding of the role of economic forces in the nation's history has not only been developed by historians and economists, but has also won some measure of popular acceptance. The earlier thin trickle of monographs has broadened in recent years into a flood of publications. At present, such specialized studies, the many collections of documentary materials, and the mountains of government reports on different facets of American economic life, are staggering in their richness and scope.
This series has been planned to utilize these available sources in the preparation of a full-scale, balanced, cooperative, and readable survey of the growth of American economy and of its transformation from one of primitive character to world pre-eminence in industry, trade, and finance. Clearly, in nine volumes all aspects of the nation's economic life cannot be treated fully. But such a series can point the way to new fields of study and treat authoritatively, if not definitively, the main lines of economic development. Further, the series is intended to fill a present need of those professionally concerned with American economic history, to supplement the economic materials now available in general school and college histories of the United States, and finally to provide