The first comprehensive examination of early American economic thought in over a generation, The Emergence of Capitalism in Early America challenges the traditional narrative that Americans were born committed to the principles of Adam Smith. Americans are shown to have developed a distinct brand of hybrid capitalism, suited to the nation’s unique political, intellectual, cultural, and economic histories. Given America’s primary position in the history of capitalism, its economists were well situated to comment on market phenomenon. Covering a broad range of the period’s economic literature and offering close analyses of the antebellum reception of Smith’s Wealth of Nations, this book rescues America’s first economists from historical neglect. In thematically organized chapters, the intellectual cultures of American protectionism and free trade are examined. Protectionism exercised enormous influence in the discourse, constituting what rightly has been called an ‘American political economy.’ Henry Carey is highlighted as the central thinker in protectionist thought, providing an economic blueprint for the nation’s future industrial and commercial supremacy. Sharp regional divisions existed among the nation’s strongest proponents of free-trade ideology, namely Calhoun, Wayland, McVickar, Vethake, Cardozo, and Cooper, as well as important theoretical distinctions with Smithian-inspired laissez-faire. In a separate chapter, American conservative economists—among others, Fitzhugh and Holmes—are positioned alongside antebellum socialists—Skidmore and Byllesby—illustrating the rather awkward ideological arrangements attendant to emergent capitalism. Finally, the tricky relationship Americans have held with financial institutions is explored. Beginning with Hamilton, this book analyzes the financial literature as Americans learned to live with arguably the most complex and misunderstood manifestation of capitalism—finance.
TPP, American National Security and Chinese SOEs
