Historian Gordon Wood emphasizes that the Founding Fathers, including Thomas Jefferson, Benjamin Franklin, and John Adams, laid the groundwork for American society without being modern capitalists. As America approaches its 250th anniversary, there’s a trend of applying contemporary capitalist ideas to these figures, which Wood argues is misguided.
1. Historical Context: The Founders were men of a preindustrial age. They did not possess modern economic concepts such as comparative advantage or creative destruction. Their accomplishments were more about moral and political missions rather than economic ambitions.
2. Republican Virtue: The Founders focused on republican virtues and sought to dismantle British hierarchical systems. Their aim was not to promote capitalism but to establish a society based on equality, as echoed in Jefferson's assertion that "all men are created equal. "
3. Property Ownership: While property was essential to the Founders, they viewed it traditionally, as a means of individual authority and independence, not merely for profit-seeking. Jefferson highlighted the role of widespread property ownership in a republic, promoting civic virtue over economic gain.
4. Commercial Activities: Although they were engaged in entrepreneurial pursuits, their involvement was not driven purely by profit. Franklin, for instance, distanced himself from business to align with the principles of republicanism and gentlemanly conduct.
5. Moral Aristocracy: The Founders envisioned a society led by a moral elite well-versed in liberal arts, untouched by selfish profit motives. Despite their aristocratic ideals, they enabled common citizens to seek material advancement, inadvertently sparking economic growth.
The Founding Fathers’ contributions were significant and transformative, leading to an economic revolution without being defined by capitalist ideals. Their legacy speaks to the importance of character in leadership, which allowed a dynamic society to flourish. Wood argues that the Founders' values stand on their own merit and do not require modern reinterpretation to be appreciated.
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