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When Columbus first returned to Spain from the Caribbean, he dazzled King Ferdinand and Queen Isabella with exotic parrots, tropical flowers, and bits of gold. Inspired by the promise of riches, countless seafarers poured out of the Iberian Peninsula and wider Europe in search of spices, treasure, and land. Many returned with strange tales of the New World. Curiosity began to percolate through Europe as the New World’s people, animals, and plants ruptured prior assumptions about the biblical description of creation.

With its deep roots and global scope, the capitalist system provides the framework for our lives. It is a framework of constant change, sometimes measured and predictable, sometimes drastic and out of control. Yet what is now ubiquitous was not always so. Capitalism took shape centuries ago, starting with a handful of isolated changes in farming, trade, and manufacturing, clustered in early-modern England. Astute observers began to notice these changes and consider their effects. Those in power began to harness these new practices to the state, enhancing both.

The Founding Fathers series, edited by Arthur M. Schlesinger, Jr., examines the presidencies of George Washington, John Adams, Thomas Jefferson, and James Madison.