Chapter

Revolutionary Developments

in The First Wall Street

Published by University of Chicago Press

Published in print December 2005 | ISBN: 9780226910260
Published online March 2013 | e-ISBN: 9780226910291 | DOI: http://dx.doi.org/10.7208/chicago/9780226910291.003.0003
Revolutionary Developments

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This chapter discusses how the mainland colonies of British North America underwent profound economic, social, and political changes during the 18th century. The American Revolution was as much a monetary phenomenon as a fiscal (tax) one. In addition to shaking off those pesky little taxes, the colonists rebelled to gain control over the domestic money supply and interest rates and hence the market value of their property. Ironically, the financial stress of the Revolutionary War created monetary chaos, rampant inflation, extremely high interest rates, and large property value fluctuations. Out of those difficulties, however, emerged a modern financial sector that laid the basis for America's ultimate political unification and economic development. The American Revolution did more than give the thirteen mainland colonies their political independence. That new government laid the foundation for the financial revolution that funded the transportation, market, and industrial revolutions of the 19th century.

Keywords: Revolutionary war; colony; money; economy; economic development; America

Chapter.  5888 words.  Illustrated.

Subjects: History of the Americas

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