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Emma Hart

When we talk about the economy, “the market” is often just an abstraction. While the exchange of goods was historically tied to a particular place, capitalism has gradually eroded this connection to create our current global trading systems. In Trading Spaces, Emma Hart argues that Britain’s colonization of North America was a key moment in the market’s shift from place to idea, with major consequences for the character of the American economy.

 Hart’s book takes in the shops, auction sites, wharves, taverns, fairs, and homes of seventeenth- and eighteenth-century America—places where new mechanisms and conventions of trade arose as Europeans re-created or adapted continental methods to new surroundings. Since those earlier conventions tended to rely on regulation more than their colonial offspring did, what emerged in early America was a less fettered brand of capitalism. By the nineteenth century this had evolved into a market economy that would not look too foreign to contemporary Americans. To tell this complex transnational story of how our markets came to be, Hart looks back farther than most historians of US capitalism, rooting these markets in the norms of seventeenth- and eighteenth-century Britain. Perhaps most important, this is not a story of specific commodity markets over time but rather is a history of the trading spaces themselves: the physical sites in which the grubby work of commerce occurred and where the market itself was born.

The University of Chicago Press

American Beginnings, 1500–1900

Trading Spaces: The Colonial Marketplace and the Foundations of American Capitalism

Gautham Rao

This study of 19th century commerce and federal oversight “reveals the importance of customs houses in the creation of the federal government” (Choice).
 
 In the wake of the American Revolution, the young nation found itself victorious, liberated, and in millions of dollars of debt. To address this founding financial crisis, the nascent federal government devised a system of taxes on imported goods and installed custom houses at the nation’s ports to collect the fees. But, as the United States became dependent on this revenue, the import merchants gained outsized influence over the daily affairs of the custom houses. As the United States tried to police this commerce in the early nineteenth century, the merchants’ stranglehold on custom house governance proved to be formidable.

 In National Duties, Gautham Rao makes the case that the early development of the federal government and the modern American state lie in these conflicts at government custom houses—specifically in the period between the American Revolution and the presidency of Andrew Jackson. Rao argues that the contours of the government emerged from the push-and-pull between these groups, with commercial interests gradually losing power to the administrative state, which only continued to grow and lives on today.

National Duties: Custom Houses and the Making of the American State

Max M. Edling

Two and a half centuries after the American Revolution the United States stands as one of the greatest powers on earth and the undoubted leader of the western hemisphere. This stupendous evolution was far from a foregone conclusion at independence. The conquest of the North American continent required violence, suffering, and bloodshed. It also required the creation of a national government strong enough to go to war against, and acquire territory from, its North American rivals.

 In A Hercules in the Cradle, Max M. Edling argues that the federal government’s abilities to tax and to borrow money, developed in the early years of the republic, were critical to the young nation’s ability to wage war and expand its territory. He traces the growth of this capacity from the time of the founding to the aftermath of the Civil War, including the funding of the War of 1812 and the Mexican War. Edling maintains that the Founding Fathers clearly understood the connection between public finance and power: a well-managed public debt was a key part of every modern state. Creating a debt would always be a delicate and contentious matter in the American context, however, and statesmen of all persuasions tried to pay down the national debt in times of peace. A Hercules in the Cradle explores the origin and evolution of American public finance and shows how the nation’s rise to great-power status in the nineteenth century rested on its ability to go into debt.

A Hercules in the Cradle: War, Money, and the American State, 1783–1867