American Capitalism 10/16/2012 8:30:00 AM
Embrace of market for vehicle of distribution of goods.
Dependence of market place to solve distribution and access to resources.
America as a case study of modernity
embodiment of modern world, secular society
born out of the enlightenment, product of this thinking, Thomas
Jefferson, Ben Franklin, James Madison
inherent individual rights, natural rights separate from the state.
BELIEF IN MARKET
Big step backwards today, more religious, theocracy not secular
Can’t be elected unless you area attached to a religion but then say
they are a secular state that separates church from state.
Adam Smith, The Wealth of Nations (1776)
Industrial Revolution during this time. Can’t sell all its products.
Stuck in antiqued commercial system, decline if it cant change to
free trade. New markets. Limit to mercantilist system. No Guilds.
Entrepreneurial spirit, market place decided for itself.
Politicians hurting economy, limit growth, limit equitable distribution
of goods. Cut down trade barriers.
Allows for redistribution of wealth to everyone.
Commercial success/ individual accumulation
Arguing selfishness in business is necessary to ensure public good
and thus central to a functional market.
Laissez-Faire: the state shouldn’t interfere with the market.
Hidden-Hand: the market will determine supply and demand.
George Washington’s secretary of the treasury.
Believed in state power to guide economy.
Regulations, tariffs, public credit.
Created a central bank.
Could compete with England only through guidance of the state