American Business: A History

“The business of America is business,” President Calvin Coolidge famously said in 1925.1 But what he said next is far less known, and central to the aims of this course: “They are profoundly concerned with producing, buying, selling, investing and prospering in the world.” How, exactly, did that concern develop over the course of American history, in response to particular historical and cultural conditions? How did it shape, and how was it shaped by, other American concerns? And how do those concerns, anxieties, challenges, and opportunities manifest in today’s business landscape – and what does that mean for America’s place in the world tomorrow?

To find out, we’ll engage in a largely chronological analysis of the history of American business, focusing primarily on the last 150 years; and using a range of primary and secondary sources, ranging from Revolutionary-era documents to AI company press releases to business school case studies. It should be noted that there is no background in economics or finance required to take this course.

In addition to the readings, we will use Columbia’s largest advantage for the study of this subject – its location in New York City, the historical and still unquestioned home of American business – to bring in senior guest speakers from leading New York companies, offering unique perspectives on the past, present, and future business environment. We are fortunate that Matt Anestis, a former BlackRock managing director, Boston Consulting Group partner, and member of the Board of Visitors of American Studies, has agreed to actively support these efforts, and provide extensive real-world business insight to students throughout the term along with opportunities to visit top New York City businesses in various industries and meet with employees over coffee. These opportunities – ungraded and optional – will supplement the course and provide real-world complementary insight into what life is like on a world-class investment trading floor, Silicon Alley Startup office, publishing office, etc.  The schedule and choice of companies will reflect the goals and interests of students in the class.

1 Almost: the actual line reads “the chief business of the American people is business.” Always check your sources!