Investing in U.S. Financial History: Understanding the Past to Forecast the Future

I found this book to be a masterful and engaging chronicle that bridges the gap between academic rigor and accessible storytelling. As someone who had limited knowledge of U.S. financial developments between the nation’s founding and the Great Depression, I found this book to be an eye-opening and enriching experience. Higgins manages to cover over two centuries of financial evolution with remarkable clarity and conciseness. The book’s sweeping arc never feels overwhelming, thanks to the author’s ability to distill complex events into digestible narratives. His treatment of the First and Second Banks of the United States and the transformative impact of the railroads is particularly compelling—those chapters alone are worth the price of admission. What sets this book apart is its blend of macroeconomic analysis with vivid anecdotes. Stories about figures like Hetty Green and J.P. Morgan add a human dimension to the financial milestones, making the history feel alive and relevant. I was especially struck by how much I learned about these personalities and their influence on the financial landscape. While the book offers a thorough exploration of early U.S. financial history, its coverage of more recent decades is understandably brisk. This isn’t a flaw so much as an invitation—perhaps a second volume could delve deeper into the post-WWII era and beyond. The section on the Second World War economy is solid, providing adequate context without getting bogged down in minutiae. It serves as a useful bridge to the modern financial system, even if it leaves the reader wanting more detail. This book is a must-read for anyone interested in how America’s financial system came to be. It’s informative, engaging, and—most importantly—makes history feel relevant to today’s economic challenges.

"Investing in U.S. Financial History" by Mark Higgins is the rare finance book that doesn’t just inform you, it reorients the way you see markets entirely. Higgins walks you through more than two centuries of American financial evolution, from the canal mania of the early 1800s to the railroad boom, the rise of electricity, the microchip revolution, and today’s tech supercycles. And what becomes crystal clear is this: "the story never really changes, only the characters do." Higgins shows how each breakthrough technology arrives with breathtaking promise, attracts waves of speculative capital, soars beyond reason, and ultimately resets in a bust that paves the way for long-term transformation. The parallels between centuries-old infrastructure frenzies and modern tech bubbles are both uncanny and incredibly useful for any investor trying to navigate the future. This book is meticulously researched yet surprisingly accessible, making it one of the most actionable “history lessons” I’ve ever read. If you’ve ever wondered whether today’s innovations rhyme with yesterday’s manias, Higgins offers a definitive and fascinating yes. A must-read for investors who want to forecast tomorrow by truly understanding yesterday.

Few finance books will remain relevant for years after they have been published. Investing in US Financial History will certainly be included in this list. It shocks me that, prior to Mark Higgins, no one had ever truly put pen to paper and walked through the entire financial history of the US dating back to Alexander Hamilton. Many of the stories written hold relevance and echo themes of today, although many are long forgotten to even advanced practitioners. The research conducted to put this together is incredibly thorough and provides a wealth of knowledge for today's investors. One important lesson that the book leaves you with is the understanding that many financial events or concerns echo multiple periods in history. By providing a one-stop book to learn about all of those major events plus documentation for further reading, the reader walks away with a greater understanding of the world they live in and how it came to be. I will certainly be reading this book multiple times. If there are ever future editions, I'll absolutely add them to my shelf, especially considering all the underlining I ended up doing in the current version. This book is simply invaluable!

This book’s coverage of US financial history is the most comprehensive I’ve read. There is abundant detail, but it is sufficiently engaging so as not to feel like a slog to digest.

Amazing book for getting up to speed on US financial history. Highly recommend

I have looked at or tried to read several recently published economic histories of the United States, covering from the beginning of the country nearly to the present. I have found this one to be the most readable and informative. There are many charts and graphs, that are clearly presented and are a major asset. Instead of a dry history, many examples are used to tell the story. Most other histories trying to cover this entire period lack detail or are barely readable. There are some well written histories covering the more recent period (e.g. by Ben Bernanke), but this is the only well written one I have found with sufficient detail covering the entire period.

Very well written and organized. Enormous amount of information. Numerous CLEAR graphs and illustrations that really illustrate points in the text. I must point out that the graphs and illustrations do not interfere with the text flow. I think anyone with an interest in finance and/or investing will find this a worthwhile read.

This may be a great book, but I wouldn't know it. The Kindle version does not allow text size change. The text/font size is way too small. This is the first time I encounter a Kindle book that doesn't allow adjustments to the text size.

impossible to read on kindle

Although the title of the book alludes to the evolution of investing as an activity throughout US Financial History, I feel that the time spent reading this book is also an investment that unlocks a deeper understanding and appreciation for the financial markets. Starting from the birth of the country and the financial system till the COVID-19 pandemic and it’s effects on the economy, the book crisply flows through the various eras that defined the country. It is an unbiased retelling of the various manias, the after effects and the reforms that followed, expressed through the eyes and context of that time-period. The author manages to express the prevailing sentiments of that time through the use of quotes and anecdotes from that period, thereby managing to avoid the slightly patronising tone that hindsight sometimes creates. While the clever quotes and point of interest boxes keep you entertained throughout, the extensive notes section that provides the sources for all the information in the book ensures that this book is worth revisiting many times. I urge every one who is interested in creating a successful career in finance or financial services to grab a copy of this book and read it from cover to cover because as the saying goes - ‘Those who do not learn history are bound to repeat it.’

A very informative book about the history of capital in our capitalistic past. It reveals how economics and politics have both advanced and corrupted each other in the past 250 years of America. It shows how fragile our system really is, and how luck has sometimes been responsible for the continuation of our republic. This reader is not so sure how much longer our luck will last. But, I hope the optimism expressed by Mark does bear out.

This book provides great insight into the historic evolution of the US financial system. It is full of very interesting information, and for a historic account, easy to read! It is a staple for any financial library.