Conclusion
From the 16th to the early 19th centuries, many universities in the US did not have graduate schools, while the number of doctoral degrees awarded was very small, amounting to only a few students per year.
However, in the last quarter of the 19th century, Americans experienced remarkable development in the academic environments of all of the disciplines that constituted the social and natural sciences, including political economy. Adherents of the New School were deeply inspired and motivated to reform the system of higher education in the US following their experiences at German universities. Accordingly, the GHSE served as a ‘midwife, helping to birth the ideas which had been conceived under American conditions’ (Ely 1910, 77, 1938, 145). German-trained American political economists basically imported their experiences at German universities to the US, particularly in terms of teaching and studying, in order to advance economic thinking and knowledge and to encourage the production of original research, critical thinking, and creativity. Their tireless work resulted in the establishment of political economy as an independent academic discipline at many American universities. It also led to German-inspired graduate schools and programs of political economy being set up.In terms of specifics, members of the New School introduced German- inspired courses and language requirements at the political economy departments of American universities. They also introduced the seminary method of teaching at most newly established graduate schools. Furthermore, they played an important role in opening adequate library facilities in order to motivate advanced creative research. As a result, American institutions of higher learning essentially underwent a complete transformation when it came to the discipline of political economy. Eventually, this rapid and robust progress attracted more interest in the academic study of economics.
This was evidenced by rapid expansion in the courses being offered at the newly established economics departments and graduate studies programs in the US, as well as significant increases in the numbers of teachers employed at them and students enrolled. Additionally, there was a multiplication in the number chairs at political economy departments in colleges and universities.By the end of the 19th century, economics was being taught at all major universities in the US, many of which went on to gain international prominence in the 20th century. Many of the early graduates of these newly established American political economy departments went on to become college and university professors across the US. Ultimately, the efforts of adherents of the New School contributed to making economics into a very prestigious profession in the US, with economists occupying some of the highest academic posts, including university presidents. In fact, ‘the serious and eager attention given to economic studies in America, both in Academic and political life,’ at the beginning of 20th century, resulted in American economics departments attracting the attention of European students (Ely 1910, 100). Consequently, the economics departments of American universities became international models that were adopted by many universities around the world for much of the 20th century. This transition led to American universities and colleges producing large numbers of well-respected American economists.
Adherents of the New School faced an extremely difficult situation and tremendous challenges due to financial and institutional constraints, as well as their opposition to orthodox views. Nonetheless, they were able to realize extraordinary achievements in the discipline and profession of economics in the US, due in large part to the influence of the GHSE. Eventually, they became well-known respected experts in their field, to the point that the main newspapers and journals would reference their views about the economic issues and matters of their time.
This chapter is a testimony to the fact that American economists are indebted to the GHSE for their many contributions to the early development of the discipline of economics, which one could never trace back in detail. Unfortunately, the achievements of both the GHSE and the New School are largely taken for granted by modern economists.Notes
1 The Harvard Graduates Magazine. December 1902. Vol. 11: 247—248.
2 Archives at Yale. ‘Arthur Twining Hadley, President of Yale University.’ https:// archives.yale.edu/repositories/12/resources/2590.
3 Archives at Yale. John Christopher Schwab family papers: Collection: John Christopher Schwab family papers∣Archives at Yale.
4 Columbia250. ‘John William Burgess.’ http://c250.columbia.edu/c250_celebrates/ remarkable_columbians/john_burgess.html.
5 Illinois University Department of Economics. ‘Bogart, Ernest L.’ https:// economics.illinois.edu/spotlight/historical-faculty/bogart-ernest-l.
6 Ibid.
7 https://www.statistik-berlin-brandenburg.de/publikationen/aufsaetze/2012/ HZ_201201-01.pdf.
8 https://www.encyclopedia.com/people/social-sciences-and-law/economics- biographies/richmond-mayo-smith.
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