The Founding Fortunes

The Founding Fortunes examines the financial and economic dimensions of America's founding period, tracking how wealth and commerce shaped the Revolution and early republic. Tom Shachtman focuses on key merchants, traders, and businessmen who played central roles in funding and steering the American cause. The book traces how colonial commercial networks transformed into revolutionary supply chains and explores the monetary challenges faced during the war years. Through accounts of both well-known figures like Robert Morris and lesser-known merchants, it reveals the intersection of private enterprise and nation-building during this pivotal era. The narrative follows these business leaders into the post-war period as they helped establish the new nation's financial systems and economic foundations. Their experiences with debt, speculation, and financial innovation illuminate the economic debates and decisions that shaped America's early development. This work presents the American Revolution and founding period through an economic lens, demonstrating how commercial and financial considerations were inseparable from political ideals. The parallel stories of personal fortunes and national formation reveal the pragmatic forces that influenced America's path to independence and stability.

Readers value the book's focus on the financial aspects and economic motivations of the Founding Fathers, offering a perspective not commonly found in other Revolutionary War histories. Several reviewers noted the detailed research into lesser-known figures like Robert Morris and Haym Solomon. Readers appreciated: - Clear explanations of complex financial transactions - Coverage of both wealthy and middle-class revolutionaries - Documentation of how personal fortunes influenced political decisions Common criticisms: - Writing can be dry and textbook-like - Too much focus on monetary details rather than broader historical context - Some sections get bogged down in financial minutiae Ratings: Goodreads: 3.8/5 (87 ratings) Amazon: 4.2/5 (84 reviews) Notable reader quote: "Shows how the founders weren't just idealistic patriots but also pragmatic businessmen protecting their interests" - Amazon reviewer Another reader noted: "Important perspective but sometimes reads like an accounting ledger rather than history"

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✦ Many of America's Founding Fathers, including George Washington and Thomas Jefferson, were deeply in debt despite their large landholdings, which influenced their views on economic policy and financial independence. ✦ Robert Morris, the primary financier of the American Revolution, went from being one of the wealthiest men in the colonies to spending three years in debtors' prison after risky land speculation. ✦ The first American millionaire, Elias Hasket Derby, made his fortune by shifting from trading with Britain to establishing new trade routes with China and India after the Revolution. ✦ Author Tom Shachtman discovered that Benjamin Franklin deliberately lived modestly in France while serving as ambassador, believing it would help him better represent the young republic's democratic ideals. ✦ The Continental Congress printed so much paper money during the Revolution that it led to devastating inflation - by 1781, it took $168 in Continental currency to equal one dollar in silver.