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Capitalism in early America

alues and ideology.Foner also discusses the relationship between capitalism and the mobs and food riots that took place in pre-Revolutionary Boston. The end of just pricing- the end of constant prices and the beginning of inflation and prices that responded to supply and demand, especially impacted the urban poor. They responded with food riots and mob activity to obtain grain, meat and bread. Both the poor and artisans felt that the operations of the free market worked against their economic interest. They denied that the farmer, baker, merchant and shopkeeper had absolute right of property in the necessities of life. The absolute right of property granted to merchants allowed prices to rise due to supply and demand. This is a basic right under the beliefs of capitalism. This hike in prices resulted in hunger and food riots. On occasion, the local government resorted to taxation populaire- the seizure of food supplies. Once confiscated, the foodstuffs were then sold at traditional prices. Price controls became a huge issue for the people of these times. The need for profit and power caused the wealthy to take advantage of and abuse the poor and artisans. The entrepreneurial spirit had caused the end to the guilds of the Old World and there existed no cohesion between the artisan groups. As a result, the moral economy that had existed before, existed no more. As a result, people cried out for price controls to save the waning economic conditions. While riots did not occur in all the colonies, the feelings of mistrust and suspicion toward merchants prevailed. The concept of laissez-faire had become very popular in the cultivated and merchant classes and many of the old economic traditions were pushed aside. There began to exist a rift between classes. While the upper-classes were profiting from the capitalist system, the other members were suffering. When the cry for independence went out in the colonies, the lower classes...

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