Back then, did the new nation of the USA read "Wealth of Nations" and decide to become capatilist as a result?

Question

If this is not the reason that the USA became capitalist at that time, then what was the reason?

Answer 1

They were Capitalist already just like most of the British govt was.

At the time they would not have used the word Capitalist like that.

They would have been referred to as Liberals.

They believed in letting business do whatever business does for profit without interference from the King.

Conservatives thought the King and Parliament should be able to regulate business interests for the good of the country.

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So yes, the Liberals who led the revolution did establish a Liberal form of govt because they were international traders and it was in their interest to do that.

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The book was not written to influence the Liberals in America or England.

It was written to justify them in the British Empire.

It was written in an attempt to influence the King George and the Lords who supported him.

The argument was that the entire empire would be stronger and more secure if business was allowed to prosper without govt controls on which enterprises were operated. Private profits trumping state interests.

If it was cheaper to raise sheep in Australia and ship the wool to England then it should be done even if it meant English wool producers starved, and it should be allowed even if the Sheep raisers were part of the House of Lords.

The start of Globalization is what it was.

The book did contain a very strong warning against letting special interest groups like banks and insurance agencies get to much influence though.

The last thing the trading companies wanted was for the only people of the time that could really be called capitalists to have any authority over them, and argued the bankers should be severely restricted.

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Of course over the years we have managed to turn those ideas completely upside down and inside out so that even the words have opposite meanings now.