Why did liberalism largely displace republicanism as the guiding ideology in the early republic?
What is capitalism? An economic and political system in which a country's trade and industry are controlled by private owners for profit.
The fall of republicanism?
• Capitalism replaced mercantilism o Economics and morality were indistinguishable in the 18th century so capitalism had to win the intellectual and moral debate
Adam Smith, An inquiry into the Nature and causes of the Wealth of Nations, 1776
• Most important essay on economics ever written, laid groundwork for capitalism
• Argued self-interest produced prosperity o “invisible hand”
Natural human ambition will cause person to want to reduce costs in creating …show more content…
Why did they vote for Jefferson
How did political parties develop in the early republic?
Revolution of 1800?
• Federalists consolidated power under adams
• TJ wanted to shrink government and empower the individual o Cut defense spending and repealed Judiciary act of 1789 o Decreased debt
• TJ’s “empire of Liberty” expanded o Lousisiana purchase 1803 o Eye on florida
Jefferson and Expansion
• Tj’s political and moral philosophy o “virtuous republican” o Capitalistic agriculture, not capitalism
• Consequences of