This chapter provides an entrepreneur-led theory of American early Pacific imperialism. The central argument is that changes in commodity prices provided incentives for American imperialism. It outlines how price changes encourage imperialism through a sequence of three mechanisms: price, threat, and lobbying. The price mechanism posits that commodity rushes led American entrepreneurs to relocate overseas. The threat mechanism describes the turn from entrepreneurs into lobbyists. The lobbying mechanism describes how entrepreneurs built support for their imperial schemes. In making these arguments, the chapter highlights the structural differences between American and European empires in the mid-nineteenth century by drawing comparisons to economic theories developed to explain European empires.