A Merchant's Republic
A Merchant’s Republic: Crisis, Opportunity, and the Development of American Capitalism, 1765-1807 Scott C. Miller Charlottesville, Virginia BA, Vanguard University of Southern California, 2007 MA, George Mason University, 2011 MA, University of Virginia, 2015 A Dissertation presented to the Graduate Faculty of the University of Virginia in Candidacy for the Degree of Doctor of Philosophy Department of History University of Virginia October 2018 Copyright 2018 by Scott C. Miller All Rights Reserved Abstract A Merchant’s Republic: Crisis, Opportunity, and the Development of American Capitalism, 1765-1807 The American colonies stood among the wealthiest societies on earth when revolutionary sentiment burst into rebellion in 1775. While the struggle for independence ultimately succeeded, the war wrought widespread physical devastation, inflation, and economic collapse. While the new United States possessed vast natural resources, relative constitutional stability, and global markets eager to consume American agricultural commodities, historians have confused these opportunities for growth with guarantees of it, casting a deterministic vision that omits the characters that turned growth potential into a dynamic economic culture. Merchants and entrepreneurs led a reformation of American business following the Treaty of Paris. Spurred by depression-era declining imports, falling prices and wages, and rising debts, post-Revolutionary merchant-entrepreneurs made subtle yet radical changes to the way they allocated capital, mitigated risk, formed
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