The Emergence of Capitalism in Early America

2020 ◽  
Author(s):  
Christopher W. Calvo
Keyword(s):  
Free Trade ◽  
Adam Smith ◽  
Economic Thought ◽  
Early America ◽  
Primary Position ◽  
History Of Capitalism ◽  
Early American ◽  
History Of ◽  
Wealth Of Nations ◽  
American Political Economy

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.

Introduction

2020 ◽  
pp. 1-26
Author(s):  
Christopher W. Calvo
Keyword(s):  
Economic Thought ◽  
Intellectual Culture ◽  
History Of Capitalism ◽  
Early American ◽  
History Of ◽  
Laissez Faire ◽  
Wealth Of Nations

The introduction situates the concept of hybrid capitalism in the historiography of American economic thought, as well as within the literature on the history of capitalism. The influence of Adam Smith’s Wealth of Nations is discussed. This chapter indicates that early American economists deviated from Smith and British classicism. Protectionism is introduced as the essential expression of the American economic mind. The theoretical distinctions between antebellum liberal and conservative economists are introduced. And the literature on antebellum finance is shown to have relied heavily on the dialectic between laissez-faire and republican ideology. The methodological advantages of discussing capitalism as a form of economic intellectual culture are illustrated with discussions of more recent historical analyses.

The Early History of Financial Economics, 1478–1776. By Geoffrey Poitras. Cheltenham and Northampton: Edward Elgar, 2000. Pp. x, 522.

2002 ◽  
Vol 62 (1) ◽  
pp. 268-269
Author(s):  
Larry Neal
Keyword(s):  
Economic History ◽  
Financial Analysis ◽  
Adam Smith ◽  
Economic Thought ◽  
Financial History ◽  
X 522 ◽  
History Of ◽  
The Difference ◽  
Wealth Of Nations ◽  
Simon Fraser University

Economic historians usually have to explain to their economist colleagues the difference between economic history, which focuses on facts, and history of economic thought, which focuses on ideas. Our colleagues in finance departments, typically fascinated by episodes in financial history treated by economic historians, are bound to be disappointed in the lack of attention given to the development of ideas in finance by historians of economic thought. Geoffrey Poitras, a professor of finance at Simon Fraser University, makes a valiant effort to remedy these oversights in his collection of vignettes that highlight the sophistication of financial instruments and analysts of financial markets well before the time of Adam Smith. Starting in 1478 with the publication of the Treviso Arithmetic, a typical textbook of commercial arithmetic for Italian merchants, and ending with brief snippets from the Wealth of Nations, Poitras treats the reader to a fascinating potpourri of excerpts from various manuals, brief biographies of pioneers in financial analysis, and historical discursions on foreign-exchange and stock markets.

Epilogue

2019 ◽  
pp. 232-248
Author(s):  
James M. Vaughn
Keyword(s):  
West Indies ◽  
Atlantic World ◽  
Adam Smith ◽  
Political History ◽  
Critical Examination ◽  
The Enlightenment ◽  
Ancient Regime ◽  
History Of ◽  
East And West ◽  
Wealth Of Nations

This chapter describes The Abbé Raynal's A Philosophical and Political History of the Settlements and Trade of the Europeans in the East and West Indies, one of the Enlightenment treatises that blazed like a comet across the night sky of the ancient régime. Widely translated and published, twenty official and fifty illegal editions produced between 1770 and 1796. While the Philosophical History was a bestseller throughout the Atlantic world, it was particularly widely discussed and debated in Britain and its empire. The work was the most detailed and critical examination to date of European overseas expansion, and it was avidly read in Britain—where it most famously influenced Adam Smith while he was in the final stages of composing An Inquiry into the Nature and Causes of the Wealth of Nations.

‘Of the Expence of Defence’: What Has Changed Since Adam Smith?

2017 ◽  
Vol 23 (2) ◽  
Author(s):  
Jurgen Brauer
Keyword(s):  
Adam Smith ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
War And Peace ◽  
Chronological Order ◽  
Military Security ◽  
History Of

AbstractThis essay selectively reviews the history of economic thought on war and peace, starting with Adam Smith. Today, Smith’s trickle of thoughts has become a broad marshland. In this marshland, however, discrete currents are apparent – some stronger, some weaker – which this essay identifies, in rough chronological order, as war, defense, conflict, military, security, and peace economics. As these terms often are used interchangeably, one purpose of the essay is to more clearly delineate these intellectual currents and differentiate them from each other. By building canals in the marshlands as it were, the aim is to help all flows of contributions become stronger.

Enlightenment, Scottish

2018 ◽  
Author(s):  
Christopher J. Berry
Keyword(s):  
Cultural History ◽  
David Hume ◽  
Causal Explanation ◽  
Adam Smith ◽  
Social Institutions ◽  
Commercial Society ◽  
The Enlightenment ◽  
History Of ◽  
Wealth Of Nations ◽  
William Robertson

This term refers to the intellectual movement in Scotland in roughly the second half of the eighteenth century. As a movement it included many theorists – the best known of whom are David Hume, Adam Smith and Thomas Reid – who maintained both institutional and personal links with each other. It was not narrowly philosophical, although in the Common Sense School it did develop its own distinctive body of argument. Its most characteristic feature was the development of a wide-ranging social theory that included pioneering ‘sociological’ works by Adam Ferguson and John Millar, socio-cultural history by Henry Home (Lord Kames) and William Robertson as well as Hume’s Essays (1777) and Smith’s classic ‘economics’ text The Wealth of Nations (1776). All these works shared a commitment to ‘scientific’ causal explanation and sought, from the premise of the uniformity of human nature, to establish a history of social institutions in which the notion of a mode of subsistence played a key organising role. Typically of the Enlightenment as a whole this explanatory endeavour was not divorced from explicit evaluation. Though not uncritical of their own commercial society, the Scots were in no doubt as to the superiority of their own age compared to what had gone before.

scholarly journals What’s the problem, Mr. Smith? Shedding more light (than Heat) on Adam Smith’s view of man *

2018 ◽  
Vol 27 (1) ◽  
pp. 1-28
Author(s):  
Emmanoel de Oliveira Boff
Keyword(s):  
Adam Smith ◽  
Economic Thought ◽  
Human Beings ◽  
Moral Sentiments ◽  
Impartial Spectator ◽  
Self Interest ◽  
Cast Doubt ◽  
Wealth Of Nations ◽  
Theory Of Moral Sentiments

Abstract Why has the “Adam Smith Problem” recently been discussed in the literature? Although most historians of economic thought regard the problem solved, these discussions cast doubt on this apparent solution. This article suggests that the “Adam Smith Problem” may originate from the concept of the human being developed by Smith in the “Theory of Moral Sentiments”: in this book, human beings can be understood as composed of an empirical and a (quasi) transcendental side, in the form of the impartial spectator. It is argued that it is the tension between these two parts which creates supposed inconsistencies between aspects of the “Theory of Moral Sentiments” and the “Wealth of Nations” like, for example, the role of sympathy and self-interest in each of these books.

II. Adam Smith's Project of an Empire

1925 ◽  
Vol 1 (3) ◽  
pp. 249-283 ◽  
Author(s):  
E. A. Benians
Keyword(s):  
Great Britain ◽  
British Empire ◽  
Adam Smith ◽  
Natural System ◽  
American Colonies ◽  
Colonial Policy ◽  
The Future ◽  
History Of ◽  
Wealth Of Nations ◽  
General Opinion

It is now nearly one hundred and fifty years since the publication of the Wealth of Nations and the Declaration of American Independence. The two events, closely associated in time, recall each other; for in his famous chapter on colonies Adam Smith predicted, with little apparent regret, the loss of the American colonies, and outlined the project of an empire which he thought could have been preserved and been worth preserving. That chapter, though it did not influence the course of the controversy which called it forth, nor, for a time, the colonial policy of Great Britain, has become, none the less, a landmark in the history of the British Empire. After Adam Smith had written, it was possible to think of colonies in a new way, though it was still not impossible to treat them in the old. The united empire of which he dreamed never became a fact, or even a political programme, but the ideas which he advanced bore their fruit in general opinion, and the spirit in which he wrote was in due course to animate a generation of colonial reformers and to bring forth a new and better colonial policy. Durham and his friends did not advocate Smith's imperial Parliament, the “States General of the British Empire,” and they did advocate imperial control of colonial trade, and not his “natural system of perfect liberty and justice”; but one may believe that the faith in the future of the British Empire which inspires the speeches of Molesworth and Buller, the Report on Canada and the Art of Colonization, owed some of its vitality to the courageous Utopia imagined in the Wealth of Nations.

Are there Limits to the Past in the History of Economic Thought?

1991 ◽  
Vol 13 (2) ◽  
pp. 134-143 ◽  
Author(s):  
S. Todd Lowry
Keyword(s):  
Adam Smith ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
The Past ◽  
Hard Time ◽  
History Of

When I first began the serious study of the history of economic thought, my presumption was that one should always start at the beginning. This was some thirty-five years ago and I have been finding so much interesting material that I have had a hard time getting past Adam Smith. The search for the beginning, of course, led me to the question of what do we mean by economic thought and how do we define it for the purpose of identifying its origin?.

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