The Puritans established a capitalist economy but also regulation of business for the common good.
“Religion and Profit Jump Together,”
- Edward Winslow
”
Some thought that coffee was an appropriate drink for business minded Protestants, unlike alcohol that dulled the senses. Lloyd’s started as a London coffee house frequented by insurance agents. Coffee was sold in Boston by 1670.
- Brian Cowan, Yale University Press, 2005
Climate Change
Clear-cutting trees and over hunting “nuisance”
animals let to economic growth but long term
environmental damage that was not understood
at first
In the Matter of Robert Keayne
Keayne was Boston’s wealthiest merchant. He was accused by multiple colonists of unfair business practices, fined, and subjected to public ridicule. Minister John Cotton reprimanded him in religious terms. Few would agree with some of Cotton’s criticisms today (it is wrong to buy low and sell high) but it shows a willingness to curb abuses by the wealthiest colonists.
Judge Jonathan Corwin’s House is associated with the Salem Witch Trials. It is also an example of a prosperous merchant’s home — substantial for the time but unpretentious by later standards.
- Alamy
Enter Max Weber
In his famous work The Protestant Ethic
and the Spirit of Capitalism Max Weber
argued that Calvinism spurred business
development. Perhaps success in business
was a sign of God’s favor and the prospect
of salvation. Many find that too simple an
explanation today but there was often an
affinity between the merchant class and
Calvinist attitudes
Regulation in a Commonwealth
The Puritans did not have an ideological
resistance to the regulation of business
but favored a well-organized society where
problems were addressed. Government
could have a role in finding solutions.
There were laws regulating the dates
for fishing (to preserve stocks), laws
mandating that seamen have a contract
before voyages (to prevent pay disputes
upon returning), and controls on the price
and sale of commodities, among other
regulations
The Pine Tree Shilling
Silversmith John Hull was appointed “mint master.” Melting down Spanish coins taken by privateers or gained in trade Hull created the pine tree shilling for Massachusetts. The elevated design at the edges was intended to frustrate counterfeiters.
- Massachusetts Archives