Class, State, and Revolution in the History of American Capitalism

The significance of the American Revolution has generally been downplayed in accounts of the rise of capitalism in the United States, especially those undertaken from a critical perspective. New approaches to the history of capitalism, however, have emphasised the centrality of the state. This article argues that re‐centring the state's role in the history of capitalism should return attention to the significant restructuring of the American state that occurred during and as a result of the revolution. At the same time, it argues that this restructuring cannot be understood historically outside the context of class‐formation of which it was a part. Revolution reshaped the new nation's capitalist class, in the near term, much more than it did the labouring classes. This reconfiguration encompassed and went beyond the innovation of new political institutions. In the long‐run it helped to underpin the particular development of capitalism in the United States.