The Driver

by Garet Garrett

The Driver is a classic novel, original written in the 1920s by famous economist of the period, Garet Garrett. It tells the story of a well-known and widely criticised entrepreneur who takes over a failing railway and turns it into a hugely successful business, along with the major boost it gives the wider economy. a classic in the tale of how misunderstood the role of entrepreneurs in our lives is, and the challenges they face to achieve.

Genres: Fiction, Economics, Politics, Classics, Novels, Literature, Historical Fiction

204 pages, Paperback

First published January 1, 1922

About the author

Garet Garrett was born in 1878 in Illinois. By 1903, he had become a well known writer for the Sun newspaper (1833–1950) in New York. In 1911, he wrote a fairly successful book, Where the Money Grows and Anatomy of the Bubble. In 1916, at the age of 38, Garrett became the executive editor of the New York Tribune, after having worked as a financial writer for The New York Times, the Saturday Evening Post, and The Wall Street Journal. From 1920 to 1933, his primary focus was on writing books.
Between 1920 and 1932 Garrett wrote eight books, including The American Omen in 1928 and A Bubble That Broke the World in 1932. He also wrote regular columns for several business and financial publications.

Reviews

[Marcus · Rating 4 out of 5]

The Driver is political and free-market capitalism historical fiction book. Its explanation of the Panic of 1893 is fascinating. I also enjoyed the descriptions of Coxey's Army and the general business climate at the turn of the century. The rugged individualist main character, Harry Galt, is glorified but isn't without his faults. He's a stock market speculator who seems remarkably prescient but who has a history of market failures. The tone and writing style is direct and matter-of-fact, tell don't show. This works pretty well in matters of business, but in the occasional matters of the heart I found it pretty jarring.

In a sense, it feels like an Ayn Rand book, but the focus is even more centered on the mechanics of creating wealth and running a business than any of Rand's novels. As to whether it "inspired" Atlas Shrugged or not, I'd say it's pretty likely. It has in common:

-The last name and to some degree, the personality of the main characters. Both are called Galt.
-The railroad industry as the major theme.
-The use of the novel as a medium for expressing a political philosophy. I'm not sure how common this was at the time. I know William Godwin was probably the first with Caleb Williams and he came much before, but I'm not sure how prevalent it had become by Garrett's time.
- The atypical romantic relationship in The Driver, between Galt/Lord Porteous and Vera in Atlas Shrugged between John Galt/Francisco d'Anconia/Hank Rearden and Dagny Taggart. Atlas Shrugged was a little more complicated and weird, but in both the female has a very unorthodox view of romance.
-The central line "Who is John Galt" in Atlas and "Who is Harry Galt" in The Driver.

I'd say that's enough to at least indicate a very strong possibility that Rand had read and was influenced by Garrett. However I don't think the stories are close enough to merit any accusations of plagiarism on Rand's part.

This probably isn't a book that will be on many "favorite books of all time" lists, but it's fast paced and interesting nonetheless.

[Ronald A LaMorte · Rating 5 out of 5]

a great read underpinned by great principles

My son, knowing of my fondness for The Fountainhead and Atlas Shrugged, gave me this book for Christmas. As he said, "it could go either way." As a novel, it is a quick and easy read, yet it is easy to see how it may have served as inspiration for both the characters and plot lines of both Rand books. In contrast, it's principles are demonstrated more subtly and in more real-world manner. In addition, the book is laced with very quotable material on economics and human nature that is surprisingly relevant to the modern day. His description of the depression of the 1890s was fascinating, astute, and easy to follow. I at one point early in the book, not realizing it was written in 1922, assumed the events were set in the Great Depression, as the similarities to that era and to our recent "Great Recession" were so glaring.

[Ryan Philip Long · Rating 5 out of 5]

Wow, what an amazing book.

The prose in this book really makes it stand out. Like many novels written in 1920s America, it is an extremely well-written book with a bit of a romantic/fantastic plot. Covering the rise to fortune of a (fictional) Wall Street speculator who dreams of running a railroad during the 1890s, "The Driver" reads like a period piece, except that it was written more or less during the period covered in the book.

The romance in the story is told with great wit, and the historical facts contained in the novel are treated with wisdom and education. Anyone with an interest in the Turn-of-the-Century will enjoy this novel, and of course those of us with an inclination toward economics will enjoy the historical aspects of the novel.

I highly recommend this book to anyone.

[Steve · Rating 5 out of 5]

Read the Mises.Org reprint, which is said to have less reproduction problems than this reprint. Excellent book of the American Dream. A personal read puts to rest the incorrect idea that Ayn Rand's Atlas Shrugged was based on The Driver. Worth seeking out and reading.

[Stuart Dean · Rating 5 out of 5]

The story of Henry Galt and how he rose from obscurity during the Panic of 1893 and became the most powerful Robber Baron of the time. Galt works as a stock exchange speculator for the Great Midwestern Railroad which is going out of business, much like most of the railroads of the time. He buys up stock in Great Midwestern as the price continues to plummet until eventually he gains control. Then, through hard work but mostly through the force of his personality, he builds the railroad up to be the most powerful in the land. He gains riches, expands beyond the rail business, and gains enemies. Through it all he perseveres.

This is a two-fold story of a man's drive to succeed along with a diagram for economic prosperity. Garrett explains his philosophy through Galt. It is not overly complex: Buy low, sell high. Panics and booms are both psychological in nature and must simply be weathered. Banks should be stingy with money and keep interest rates high during good times to build up a strong reserve so they can lend heavily at low rates during eventual bad times. The government should stay out of the econ business as much as possible.

It's all really well written. Following Galt on his path as he bulldozes his opposition is interesting. Much of what he does is of questionable ethicality, and it shows just how little regulation existed at the time as most of it would be illegal today. There is also the psychology of the Great Man on display. He is sure that if he can just get himself in charge of things then everything will fall into place.

Of great interest is the insight into what the times were like in the 1890s. The U.S. had just spent 20 years in what was known as the Gilded Age, boom times. Then the Panic started, exacerbated by the government's decision to proclaim that an amount of silver was equal to the same amount of gold. Naturally, people bought up all the silver they could get, took it to the Treasury, turned it in for gold, then sold the gold overseas at its real price. Soon the government was in danger of literally running out of gold, which was bad since it was the foundation of the economy and the government depended mostly on tariffs for income, there being no income tax at the time. They got out of it by repealing the silly silver act and borrowing money from the banks at high interest, there being no Federal Reserve at the time. In those days banks, and some actual individuals, had more money than the government. At one point in the book Gates proclaims he plans to spend $500,000 which causes someone to exclaim that this amount is equal to half the National Debt. In 1900 the U.S. National Debt amounted to around $1 billion. Today it is at $34 trillion.

Some might notice a certain similarity in this book and Atlas Shrugged. There is even a point in it where people are going about saying "Who is Henry Galt?" Ayn Rand never did credit Garrett for her ideas, but it was not uncommon for her to be negligent in acknowledging her source material.

[Akash · Rating 5 out of 5]

They say history repeats itself in outline but the authors shows that history also repeats movements - the coxy’s army that the author talks about in early 20th century is no different to occupy Wall Street movement that we witnessed in early 21st century.
History also shows that there are always people who see reality for what it is and make big bets, as opposed to accepting the reality that media suggests. I could not help but compare the bet of Henry Galt on the country and the great mid western company, when all other rail road are going to hell, to the bet that Warren Buffett made on America and Burlington Railroad couple of years ago.

Of course, this is a novel, but it is based on real life events - the panic of 1893 that the author experienced first hand.

[Goldielyn Limsiy · Rating 4 out of 5]

The Driver
Garet Garett

Picked this book because many have said this could have partially inspired Ayn Rand’s Atlas Shrugged because it tackles semi similar principles, the protagonists are both named Galt, and a railroad is involved.

Well, I like this more than Atlas Shrugged, although Rand’s work was definitely more ambitious, I found the characters in The Driver more likeable or at least understandable. It was cool to know a bit about American history too. Can’t believe there was a time when the US tried to keep the rate of silver and gold equal. Downright stupidity? But very cool to see how one man’s belief in the unlocking potential of the railroad could spur the whole economy forward 👏

[Gordon Neil lefort · Rating 5 out of 5]

Galt is like Galt

An interesting book about an achiever - a driver - similar to Galt in Atlas Shrugged. In the same fashion they were attacked for their achievement by envious competitors, moochers, and the flunkies in government. Their ultimate victory saved prosperity.

[Marcus Goncalves · Rating 5 out of 5]

Wow, I devoured this book over the weekend! Great story, written in the 1930’s prior to the Great Depression, about New York in the 1890's during the financial panic. In some ways it reminded me of Follet's style.

[Joel · Rating 4 out of 5]

I often wonder what happened to America’s battle of ideas. I lift my gaze wistfully from the gutter – where the current debate takes place, nonsensical 140-character arrows hurled back and forth over a pile of garbage – to contemplate dejectedly the past when the titans of American thought sat astride our purple mountains, rallying a nation to the orbit of their conviction and the consequence of their immense talent. A colossal contest it was, the minds of noble men wrestling with each other over the soul of the greatest nation on earth. They built agendas, waged campaigns and organized coalitions – the clamoring of the populace serving to enhance the volume of the debate, lending it energy and purpose if not substance; for that they already had.

They were not afraid of their talent, those confident men of old. Industrialists, journalists and elected leaders who were also novelists, poets; artists – the last a calling card that served to legitimize, not invalidate their authority. People like William Buckley and Whittaker Chambers following the giants of the Old Right – classical liberals like John Roderigo Dos Passos, H.L Menken, Rose Wilder Lane, Albert Jay Nock and of course Garet Garrett, economist and journalist.

Today – of course – novels are reserved for the likes of Tom Clancy and Dan Brown – cotton candy of the mind, serving better the big screen where ideas come in last place after violence and sex. Nouveau artists and Hollywood stars who feel entitled to lead through the sheer brazenness of their banality – juxtaposed as it always is against ignorance masquerading as outrage; condescension as thought; opinion as understanding.

But I digress.

I just finished reading Garet Garrett’s short novel “The Driver”. Garrett is of course that figure of roaring twenties classicism. Economist, journalist, writer and novelist. ‘Liberal’, in the true sense of the word – ‘that which is conducive to a free society’. The novel is about Henry Galt, a Wall Street speculator who becomes a railroad man. A heroic figure of daring risks who, through his exceptional motive capacity, not only saves a railroad system – but also the stuttering motor of the national economy. The novel is a defense of sound money:

“It is my idea,” said Galt, “that the financial institutions of the country, instead of lending themselves out of funds in times of high prosperity ought then to build up great reserves of capital to be loaned out in hard times. That would keep people from going crazy with prosperity at one time and committing suicide at another time (…). Great Midwestern Properties will decrease their capital expenditures as prices rise and increase them as prices fall. We won’t have any more depressions (p 183).”

It is about the role of the industrialist in the development of national wealth and the battle of one man against those who line up against him, including many in his own government who use their public trust – coercive power – to attempt and destroy him.

For the astute observer, there are of course similarities with Ayn Rand’s epic novels. Henry Galt and John Galt. The powerful railroads that crisscross America. The focus on the motive power of man; and the classical liberal ideas of responsibility, hard work, individuality and private property. This is only natural – we all acquire inspiration through the process of synthesizing what we learn into something new. Perhaps Garrett was an inspiration to Rand, as Rand has been an inspiration to me. If that is the case, then Rand has become Garrett’s greatest and most successful pupil. We never know who reads us – we novelists. Whose hearts we touch; whose lives we inspire. Whether it is a private man in the quiet of his home who becomes a better person – or a juggernaut who takes our ideas to the moon. Yet we continue on, with the confidence that somewhere in the darkness our words are finding a resting place. This, my friends, is how the battle of ideas is won.

And – at least for me – is what makes writing all the more fun.

[Brent · Rating 3 out of 5]

This was an interesting read. It starts off with the narrator following Coxey's Army which was basically the "Occupy Wallstreet" of 1894.

The narrator ends up working as a secretary for a railroad. A speculator turned tycoon named Henry M. Galt, ends up taking over the railroad when the stock is down, and turns the company around. Galt refers to the narrator as "Coxey" in tongue-in-cheek manner throughout the rest of the book. The book was basically written as a biography of the fictional character Galt from the moment he was introduced.

The book is interesting because of the insights into how the railroad operated, how the stock market worked, and how people related to the stock market.

[Stephen Hero · Rating 3 out of 5]

There was a period in my life when I was both a male factor and a malefactor. Now I've got a straight story to tell. And I don't need any help.

Read the reviews. Believe the hype.

The synopsis reads as such: The destruction of the world through the eyes of an innocent child under guise of transcendent underachiever. Else; gleeful prolonging Re: ancient yearnings Re: forgotten time.

Oftentimes being quite sardonic offers its own rewards. What man cannot control he may sometimes conduct. Ask Beethoven if you don't believe me.

[Bob Ladwig · Rating 4 out of 5]

I think that Ayan Rand borrowed from Garrett in Atlas Shrugged, both have major characters named John Galt, both involve railroads, and both are an apologetic for the free market over the parasite class of government. What is great about this is how it explicitly shows that government regulation is fascistic as it is usually the competitors usning the club of the state to cripple the most cutting edge company. Good book.

[Jason · Rating 4 out of 5]

The book that Ayn Rand actually stole some of her ideas for Atlas Shrugged from. I enjoyed reading this piece...it's not a great work of fiction, but it is better than Atlas Shrugged simply because it tries to tackle the economic issues without worrying about having to justify atheism and licentious behavior. It's also got an enjoyable storyline in and of its own merit.

[Roman Skaskiw · Rating 4 out of 5]

What an inspirational book! Loved it. I loved it especially as one loves an underdog.

Commerce is one of the least understood, wrongly condemned, and under appreciated forces in society.

Interesting fact: Ayn "Intellectual Property" Rand totally ripped off some ideas (even sentences) from this book.

Here is my video review.

[Kat M · Rating 3 out of 5]

History repeats itself. This is a novel, but the events (circa the last turn of the century) are eerily similar to what is going on today.

[Joe · Rating 5 out of 5]

This was truly an Ayn Rand with a Human Face book. Wonderful.

[Henry · Rating 4 out of 5]

simple, but gripping read. educatonal in the way of business while still being easy to read.

[Clementine]

The Driver by Garet Garrett