The Economy Of Early America

In recent years, scholars in a number of disciplines have focused their attention on understanding the early American economy. This text enters the resurgent discussion by showcasing the work of leading scholars who represent a spectrum of historiographical and methodological viewpoints.

By the American Revolution, the farmers and city-dwellers of British America had achieved, individually and collectively, considerable prosperity. The nature and extent of that success are still unfolding. In this first comprehensive assessment of where research on prerevolutionary economy stands, what it seeks to achieve, and how it might best proceed, the authors discuss those areas in which traditional work remains to be done and address new possibilities for a 'new economic history.'

"Contesting the assumption that early American economists were committed to Adam Smith's ideas of free trade and small government, this book provides a comprehensive history of the nation's economic thought from 1790 to 1860, tracing the development of a uniquely American understanding of capitalism"--

The American economy has provided a level of well-being that has consistently ranked at or near the top of the international ladder. A key source of this success has been widespread participation in political and economic processes. In The Government and the American Economy, leading economic historians chronicle the significance of America’s open-access society and the roles played by government in its unrivaled success story. America’s democratic experiment, the authors show, allowed individuals and interest groups to shape the structure and policies of government, which, in turn, have fostered economic success and innovation by emphasizing private property rights, the rule of law, and protections of individual freedom. In response to new demands for infrastructure, America’s federal structure hastened development by promoting the primacy of states, cities, and national governments. More recently, the economic reach of American government expanded dramatically as the populace accepted stronger limits on its economic freedoms in exchange for the increased security provided by regulation, an expanded welfare state, and a stronger national defense.

Focusing on the state of New York, home to the first American banks, utilities, canals, and transportation infrastructure projects, Building the Empire State examines the origins of American capitalism by tracing how and why business corporations were first introduced into the economy of the early republic.

Ever wonder how the American economy became the most powerful one in the world? Tying America's past to the economic policies of today and beyond, the popular History of the American economy, answers this critical question and more, presenting events chronologically for easy understanding. This prestigious book has been used by more learners than any other of its kind in the U.S. Market. History of the American economy has helped generations of learners understand how the American economy evolved. Completely updated with recent research by economic historians, this trusted book ties this country's past to the policies and debates of today and beyond. Visual aids, tables and graphs reinforce learning and encourage interest in the study of economic history.

Due to the enormous influence of Adam Smith’s The Wealth of Nations on Western liberal economics, a tradition closely linked to the United States, many scholars assume that early American economists were committed to Smith’s ideas of free trade and small government. Debunking this belief, Christopher W. Calvo provides a comprehensive history of the nation’s economic thought from 1790 to 1860, tracing the development of a uniquely American understanding of capitalism. The Emergence of Capitalism in Early America shows how American economists challenged, adjusted, and adopted the ideas of European thinkers such as Adam Smith, David Ricardo, and Thomas Malthus to suit their particular interests. Calvo not only explains the divisions between American free trade and the version put forward by Smith, but he also discusses the sharp differences between northern and southern liberal economists. Emergent capitalism fostered a dynamic discourse in early America, including a homegrown version of socialism burgeoning in antebellum industrial quarters, as well as a reactionary brand of conservative economic thought circulating on slave plantations across the Old South. This volume also traces the origins and rise of nineteenth-century protectionism, a system that Calvo views as the most authentic expression of American political economy. Finally, Calvo examines early Americans’ awkward relationship with capitalism’s most complex institution—finance. Grounded in the economic debates, Atlantic conversations, political milieu, and material realities of the antebellum era, this book demonstrates that American thinkers fused different economic models, assumptions, and interests into a unique hybrid-capitalist system that shaped the trajectory of the nation’s economy.

This comprehensive history of the U.S. economy from colonial times to the present explores the nature of American economic growth, the economic welfare of different social groups, and the role of decision making in the economic process.