Fraud: An American History from Barnum to Madoff | National Humanities Center

Work of the Fellows: Monographs

Fraud: An American History from Barnum to Madoff

By Edward J. Balleisen (NHC Fellow, 2009–10)

Business History; Fraud; American History

Princeton, NJ: Princeton University Press, 2018

From the publisher’s description:

In America, fraud has always been a key feature of business, and the national worship of entrepreneurial freedom complicates the task of distinguishing salesmanship from deceit. In this sweeping narrative, Edward Balleisen traces the history of fraud in America—and the evolving efforts to combat it—from the age of P. T. Barnum through the eras of Charles Ponzi and Bernie Madoff. This unprecedented account describes the slow, piecemeal construction of modern institutions to protect consumers and investors—from the Gilded Age through the New Deal and the Great Society. It concludes with the more recent era of deregulation, which has brought with it a spate of costly frauds, including corporate accounting scandals and the mortgage-marketing debacle. By tracing how Americans have struggled to foster a vibrant economy without encouraging a corrosive level of cheating, Fraud reminds us that American capitalism rests on an uneasy foundation of social trust.

Awards and Prizes
Ralph Gomory Prize (2018)
Business / History / Business History / Fraud / American History /

Balleisen, Edward J. (NHC Fellow, 2009–10). Fraud: An American History from Barnum to Madoff. Princeton, NJ: Princeton University Press, 2018.