The Emergence of Capitalism in Early America

309 Pages·2020·1.925 MB·English

by  Christopher W. Calvo

The Emergence of Capitalism in Early America
University Press of Florida
Florida A&M University, Tallahassee
Florida Atlantic University, Boca Raton
Florida Gulf Coast University, Ft. Myers
Florida International University, Miami
Florida State University, Tallahassee
New College of Florida, Sarasota
University of Central Florida, Orlando
University of Florida, Gainesville
University of North Florida, Jacksonville
University of South Florida, Tampa
University of West Florida, Pensacola

The
Emergence
of
Capitalism
in
Early
America
hj
Christopher W. Calvo
University Press of Florida
Gainesville / Tallahassee / Tampa / Boca Raton
Pensacola / Orlando / Miami / Jacksonville / Ft. Myers / Sarasota
Copyright 2020 by Christopher W. Calvo
All rights reserved
Published in the United States of America
25 24 23 22 21 20 6 5 4 3 2 1
The Library of Congress has cataloged the printed edition as follows:
Names: Calvo, Christopher W., author.
Title: The emergence of capitalism in early America / by Christopher W. Calvo.
Description: Gainesville : University Press of Florida, 2020. | Includes bibliographical
references and index. |
Identifiers: LCCN 2019032955 (print) | LCCN 2019032956 (ebook) | ISBN
9780813066332 (hardback) | ISBN 9780813057446 (pdf)
Subjects: LCSH: Capitalism—United States—History. | United
States—Economic conditions—History. | United States—Social conditions—History.
Classification: LCC HC105 .C225 2020 (print) | LCC HC105 (ebook) | DDC
330.973/05—dc23
LC record available at https://lccn.loc.gov/2019032955
LC ebook record available at https://lccn.loc.gov/2019032956
The University Press of Florida is the scholarly publishing agency for the State University
System of Florida, comprising Florida A&M University, Florida Atlantic University,
Florida Gulf Coast University, Florida International University, Florida State University,
New College of Florida, University of Central Florida, University of Florida, University
of North Florida, University of South Florida, and University of West Florida.
University Press of Florida
2046 NE Waldo Road
Suite 2100
Gainesville, FL 32609
http://upress.ufl.edu
In memory of Jorge Enrique Calvo
hj

Contents
Acknowledgments ix
1. Introduction: Capitalism and Antebellum Thought 1
2. Laissez-Faire in the American Tradition 27
3. Progress and Poverty: Malthus and Ricardo in America 75
4. The Crisis of Free Society: The Southern
and Northern Reactionaries 103
5. An American Political Economy 137
6. Henry Carey, Nature, and the Destiny of Man 180
7. Liberalism, Republicanism, and Finance 192
8. Conclusion: The Old and the New in American Economics 234
notes 243
Index 291

Acknowledgments
Historians of Adam Smith are apt to point out that the complexities of the
Wealth of Nations render the text impervious to concise summation, though
its timeless significance compels the serious attention of anyone interested
in economics. More than two centuries after its initial publication, Smith’s
work is still cited as the birthplace of modern economic thought. Its ability
to weave seamless and captivating narratives about the phenomena, motiva-
tions, systems, interests, and institutions of market societies has helped people
understand the economic world around them. This book traces the evolu-
tion of American economic thought from the Wealth of Nations to the Civil
War era, placing special emphasis on the domestic reception and treatment
of Smith. It details the early American attempts at completing what Smith’s
Wealth of Nations did, that is, account for capitalism. Early Americans spun
a tangled web of interpretative ideologies drawn from Smith precisely as they
immersed themselves in the material realities that morphed marketplaces into
market society. The cerebral and real-world manifestations of the Wealth of
Nations in early America assumed hybrid forms. This book is an intellectual
history of that story.
Just as the Wealth of Nations is commonly taken as a starting point in cap-
italism, so too did Smith provide me with the launchpad for this project. It
began when I was barely an adult in what now seems like the early stages of a
previous life. I am grateful that many of the friends and family who assisted
at the start are still in my life at the book’s completion. The earliest version
of this project was presented to a graduate seminar taught by Darden Pyron,
who in a very casual way told me, “You may be onto something here.” From
there the research was guided by Howard Rock, Nicol Rae, and Peter Onuf.
Each afforded important counsel, and I am even more thankful today, a