Market in Early Republic
James Henretta is a history professor for the University of Maryland. In his article about the market in the early republic, Henretta (1998) outlines the structure of the market during that time period. He opens by pointing out that at the time there were two competing views of what the market should look like. One view, that of Hamilton and the Federalist party, was to "use the power of the state to assist monied men ... to pursue a capitalist path of domestic commercial development" (p.290). Such an approach would focus on building a strong banking industry to support the capitalists. The other approach, as advocated by Jefferson, Madison and the Democratic-Republican party, preferred a model that supported farmers, artisans and other small businesses. Incentives would be offered for these to produce for export markets, a "subsistence-plus" model that allowed people the means to survive while having opportunities to earn extra and grow their businesses from the ground up (p.290).
Each approach would differ in terms of how the market would be structured, and how the legal environment would support market activities. The author notes that the development of the market during the early republic was characterized by frequent conflict of these two ideals. The government owned most of the land, and was therefore heavily involved in land markets, making the issue of economic structure an inherently political one. The author supposes that political involvement in land distribution promoted the subsistence-plus market system, which in turn delayed the arrival of a price-based exchange system. Many Americans lived subsistence lifestyles, which in turn left only limited time and energy for other pursuits,...
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