No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Tuesday, November 4, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Economy

Jeff Hummel on the American Revolution

by TheAdviserMagazine
4 months ago
in Economy
Reading Time: 4 mins read
A A
Jeff Hummel on the American Revolution
Share on FacebookShare on TwitterShare on LInkedIn


 

Every few years, I post on an excellent article on the American revolution by economic historian Jeff Hummel. It’s on Econlib. I asked Jeff to write it in 2018 and it has been a perennial hit.

Indeed, in  a newsletter a few years ago, Liberty Fund stated:

Our most popular Article ever is from Jeffrey Rogers Hummel in 2018, turning the Revolution into an externality story. He writes, “In fact, the American Revolution, despite all its obvious costs and excesses, brought about enormous net benefits not just for citizens of the newly independent United States but also, over the long run, for people across the globe.”

If you read it, you’ll see why. Jeff takes on so many of the misconceptions that apparently sophisticated people have about the revolution.

Here are the first two paragraphs of “Benefits of the American Revolution: An Exploration of Positive Externalities.”

It has become de rigueur, even among libertarians and classical liberals, to denigrate the benefits of the American Revolution. Thus, libertarian Bryan Caplan writes:  “Can anyone tell me why American independence was worth fighting for?… [W]hen you ask about specific libertarian policy changes that came about because of the Revolution, it’s hard to get a decent answer. In fact, with 20/20 hindsight, independence had two massive anti-libertarian consequences: It removed the last real check on American aggression against the Indians, and allowed American slavery to avoid earlier—and peaceful—abolition.” One can also find such challenges reflected in recent mainstream writing, both popular and scholarly.

In fact, the American Revolution, despite all its obvious costs and excesses, brought about enormous net benefits not just for citizens of the newly independent United States but also, over the long run, for people across the globe. Speculations that, without the American Revolution, the treatment of the indigenous population would have been more just or that slavery would have been abolished earlier display extreme historical naivety. Indeed, a far stronger case can be made that without the American Revolution, the condition of Native Americans would have been no better, the emancipation of slaves in the British West Indies would have been significantly delayed, and the condition of European colonists throughout the British empire, not just those in what became the United States, would have been worse than otherwise.

There are so many great paragraphs. I’ll settle for three:

As a result of the Revolution, nearly all of the former colonies adopted written state constitutions setting up republican governments with limitations on state power embodied in bills of rights. Only Rhode Island and Connecticut continued to operate under their colonial charters, with minor modifications. The new state constitutions often extended the franchise, with Vermont being again the first jurisdiction to adopt universal male suffrage with no property qualifications and explicitly without regard to color. Going along with this was a reform of penal codes throughout the former colonies, making them less severe, and eliminating such brutal physical punishments as ear-cropping and branding, all still widely practiced in Britain. Virginia reduced the number of capital crimes from twenty-seven to two: murder and treason.

And:

The U.S. Constitution’s prohibition on titles of nobility may seem trivial and quaint to modern eyes. But such titles, still prevalent throughout the Old World, always involved enormous legal privileges. This provision is, therefore, a manifestation of the extent to which the Revolution witnessed a decline in deference throughout society. No one has captured this impact better than the dean of revolutionary historians, Gordon Wood, in his Pulitzer Prize winning The Radicalism of the American Revolution.  He points out that in 1760 the “two million monarchical subjects” living in the British colonies “still took it for granted that society was and ought to be a hierarchy of ranks and degrees of dependency.” But “by the early years of the nineteenth century the Revolution had created a society fundamentally different from the colonial society of the eighteenth century.”

One can view this transition even through subtle changes in language. White employees no longer referred to their employers as “master” or “mistress” but adopted the less servile Dutch word “boss.” Men generally began using the designation of “Mr.,” traditionally confined to the gentry. Although these are mere cultural transformations, they both reflected and reinforced the erosion of coercive supports for hierarchy, in a reinforcing cycle. In the Revolution’s aftermath, indentured servitude for immigrants withered away, and most states eliminated legal sanctions enforcing long-term labor contracts for residents, thus giving birth to the modern system of free labor, where most workers (outside of the military) can quit at will. Contrast that with Britain, where as late at 1823 Parliament passed a Master and Servant Act that prescribed criminal penalties for breach of a labor contract.

 

There’s so much there. I strongly recommend that you read the whole thing, especially if you want to make an informed comment.

Happy July 4th in advance. I might not be posting tomorrow because I’ll be in the local July 4th parade with my group called “Monterey County Libertarians for Peace.”

 

Note: The picture is of the Betsy Ross flag hanging in front of my house.



Source link

Tags: AmericanHummelJeffRevolution
ShareTweetShare
Previous Post

One Big Beautiful Bill’s impact for financial advisors and clients

Next Post

Trump ‘big beautiful’ bill gives top 1% biggest tax cuts in these states

Related Posts

edit post
The Lasting Economic Scars of War

The Lasting Economic Scars of War

by TheAdviserMagazine
November 4, 2025
0

Yves here. This post usefully estimates how deep and durable the costs of war really are. The subtext is that...

edit post
Operation Arctic Frost — BIDEN’S WATERGATE

Operation Arctic Frost — BIDEN’S WATERGATE

by TheAdviserMagazine
November 4, 2025
0

Just received this doc frm DOJ Proof that Biden Atty General Merrick Garland+ Deputy Atty General Lisa Monaco+ FBI Dir...

edit post
Market Talk – November 3, 2025

Market Talk – November 3, 2025

by TheAdviserMagazine
November 3, 2025
0

ASIA: The major Asian stock markets had a green day today: • NIKKEI 225 closed • Shanghai increased 21.731 points...

edit post
Tucker Carlson vs. Israel First Republicans

Tucker Carlson vs. Israel First Republicans

by TheAdviserMagazine
November 3, 2025
0

A major MAGA civil war erupted into the open in the last week, pitting Tucker Carlson and other “America First”...

edit post
Russia looks to cosy up with China after Trump’s meeting with Xi

Russia looks to cosy up with China after Trump’s meeting with Xi

by TheAdviserMagazine
November 3, 2025
0

In this pool photograph distributed by the Russian state agency Sputnik, Russian Prime Minister Mikhail Mishustin (R) arrives at the...

edit post
Closing Argentina’s Central Bank: A Response to Professor Hülsmann

Closing Argentina’s Central Bank: A Response to Professor Hülsmann

by TheAdviserMagazine
November 3, 2025
0

In a recent comment, Professor Hülsmann responds to my article in which I explain Ludwig von Mises’s classification of money...

Next Post
edit post
Trump ‘big beautiful’ bill gives top 1% biggest tax cuts in these states

Trump ‘big beautiful’ bill gives top 1% biggest tax cuts in these states

edit post
What Trump’s July 9 Tariff Deadline Could Mean for Your Wallet

What Trump’s July 9 Tariff Deadline Could Mean for Your Wallet

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Another Violent Outburst – Democrats Inciting Civil Unrest

Another Violent Outburst – Democrats Inciting Civil Unrest

October 24, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
He Voted for Lower Prices. Now His Bills Are up 20%: 10 Everyday Costs Hammering Consumers

He Voted for Lower Prices. Now His Bills Are up 20%: 10 Everyday Costs Hammering Consumers

0
edit post
Breaking down the new Social Security tax deduction

Breaking down the new Social Security tax deduction

0
edit post
IBM’s CEO disagrees with JPMorgan CEO Jamie Dimon’s disdain for texting in meetings: ‘Telling people they can’t use their technology would be weird’

IBM’s CEO disagrees with JPMorgan CEO Jamie Dimon’s disdain for texting in meetings: ‘Telling people they can’t use their technology would be weird’

0
edit post
The Lasting Economic Scars of War

The Lasting Economic Scars of War

0
edit post
Debate Grows as EU Considers Giving ESMA Direct Oversight of Crypto and Stock Markets

Debate Grows as EU Considers Giving ESMA Direct Oversight of Crypto and Stock Markets

0
edit post
Homebuyers Just Got a Major Privacy Win—Here’s What Changed

Homebuyers Just Got a Major Privacy Win—Here’s What Changed

0
edit post
He Voted for Lower Prices. Now His Bills Are up 20%: 10 Everyday Costs Hammering Consumers

He Voted for Lower Prices. Now His Bills Are up 20%: 10 Everyday Costs Hammering Consumers

November 4, 2025
edit post
IBM’s CEO disagrees with JPMorgan CEO Jamie Dimon’s disdain for texting in meetings: ‘Telling people they can’t use their technology would be weird’

IBM’s CEO disagrees with JPMorgan CEO Jamie Dimon’s disdain for texting in meetings: ‘Telling people they can’t use their technology would be weird’

November 4, 2025
edit post
Bitcoin November sell-off worsens as investors reduce risk

Bitcoin November sell-off worsens as investors reduce risk

November 4, 2025
edit post
The Lasting Economic Scars of War

The Lasting Economic Scars of War

November 4, 2025
edit post
Debate Grows as EU Considers Giving ESMA Direct Oversight of Crypto and Stock Markets

Debate Grows as EU Considers Giving ESMA Direct Oversight of Crypto and Stock Markets

November 4, 2025
edit post
Air India to resume Israel flights in January

Air India to resume Israel flights in January

November 4, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • He Voted for Lower Prices. Now His Bills Are up 20%: 10 Everyday Costs Hammering Consumers
  • IBM’s CEO disagrees with JPMorgan CEO Jamie Dimon’s disdain for texting in meetings: ‘Telling people they can’t use their technology would be weird’
  • Bitcoin November sell-off worsens as investors reduce risk
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.