Published online by Cambridge University Press: 04 January 2016
A necessary step in any assessment of early national economic growth is a characterization of market development before independence from Great Britain. Drawing up such a characterization, however, presents problems as at least two different pictures of the eighteenth-century economy are currently available. One depicts the intense involvement of early Americans in markets and overseas trade, while another equally powerful image suggests a colonial landscape of sleepy villages inhabited by farmers devoid of a profit orientation and almost entirely dependent upon their own households and neighborhood reciprocity for goods and services.
An earlier draft of this article was delivered at the Conference on Economic Growth and Social Change in the Early Republic, Chicago, April 24-26, 1980. I wish to thank Lorena Walsh and Daniel Scott Smith for their comments and criticisms.