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American Capitalism LEC-6.docx

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History 1803E
Jeffery Vacante

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  poster child  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. Individualism.  BELIEF IN MARKET  TECHNOLOGICAL PROWESS  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. Alexander Hamilton  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
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