21 October 2017

The Atlantic: How Money Became the Measure of Everything

Until the 1850s, in fact, by far the most popular and dominant form of social measurement in 19th-century America (as in Europe) were a collection of social indicators known then as “moral statistics,” which quantified such phenomena as prostitution, incarceration, literacy, crime, education, insanity, pauperism, life expectancy, and disease. While these moral statistics were laden with paternalism, they nevertheless focused squarely on the physical, social, spiritual, and mental condition of the American people. For better or for worse, they placed human beings at the center of their calculating vision. Their unit of measure was bodies and minds, never dollars and cents. [...]

By the late 1850s, however, most Northern and Southern politicians and businessmen had abandoned such moral statistics in favor of economic metrics. In the opening chapter of his best-selling 1857 book against slavery, the author Hinton Helper measured the “progress and prosperity” of the North and the South by tabulating the cash value of agricultural produce that both regions had extracted from the earth. In so doing, he calculated that in 1850 the North was clearly the more advanced society, for it had produced $351,709,703 of goods and the South only $306,927,067. Speaking the language of productivity, Helper’s book became a hit with Northern businessmen, turning many men of capital to the antislavery cause. [...]

As corporate consolidation and factories’ technological capabilities ramped up in the Gilded Age and Progressive Era, additional techniques of capitalist quantification seeped from the business world into other facets of American society. By the Progressive Era, the logic of money could be found everywhere. “An eight-pound baby is worth, at birth, $362 a pound,” declared The New York Times on January 30th, 1910. “That is a child’s value as a potential wealth-producer. If he lives out the normal term of years, he can produce $2900 more wealth than it costs to rear him and maintain him as an adult.” The title of this article was “What the Baby Is Worth as a National Asset: Last Year’s Crop Reached a Value Estimated at $6,960,000,000.” During this era, an array of Progressive reformers priced not only babies but the annual social cost of everything from intemperance ($2 billion), the common cold ($21 a month per employee), typhoid ($271 million), and housewife labor ($7.5 billion), as well as the annual social benefit of skunks ($3 million), Niagara Falls ($122.5 million), and government health insurance ($3 billion).   

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