Review

General Books

The Market Revolution of the early 19th Century is a dominating feature of recent historiography concerning the early republic. Beginning with the work of Charles Sellers, Marvin Meyers and Bray Hammond in the 1950s, historians have identified the late 18th and early 19th centuries as a key period of economic transition. Since the publication of Sellers' The Market Revolution, many studies have appeared in an attempt to either refute, support or simply understand the breadth of these remarkable changes. In his study, Rip Van Winkle's Neighbors: The Transformation of Rural Society in the Hudson River Valley, 1720-1850, Thomas S. Wermuth attempts to understand the impact of the market on an area both connected to a growing national market, but also deeply rooted in the communal past. He begins in the early 18th Century, and traces the economic and social life of valley inhabitants and how they were influenced by economic changes. Although the impact of market practices upon rural life has been the subject of other studies, Wermuth provides a view into an overlooked region of New York. He correctly points out that other paradigms do not necessarily apply to the Hudson Valley region due to its unique location and heritage. Also, the timing of economic changes varied widely by region. Lastly, Wermuth convincingly explains that previous studies have focused on those who looked to speculate in a growing external market and neglected the activities of largely regional producers who were more reluctant to jump into the commercial market. The book is split into two parts: the first describes an 18th Century society where community concerns prevailed, but did allow for some market participation; the second half examines first the impact of the American Revolution and then the Market Revolution upon economic practices within the region. The chapters include studies of social attitudes and politics in addition to economic change.	1
The Hudson Valley of the 1720s was an area dominated by agriculture, household production, and a local trade system. Local government regulated exchanges, set price limits and controlled the distribution of common lands. Transportation limitations did not allow for extensive external trade. Shopkeepers dealt with commercially-oriented New York City merchants while carefully working within recognized community traditions. The American Revolution created a flood of different paper currencies, new trading opportunities and an increase in household production although, according to Wermuth, these do not suggest a concerted move to a market, but instead an aberration due to wartime needs. The rise of better turnpikes and especially canals in the early 19th Century were the catalysts that pushed the market forward in the Hudson Valley. Farmers now had to compete with lower priced goods and were increasingly required to use currency during transactions, especially with local shopkeepers. By 1850, the Hudson River Valley became an area of transition. Private companies made decisions regarding economic regulation, but local kin and community networks still affected economic activity.	2
Perhaps one of the more interesting facets of the book is Wermuth's use of source material. The use of account books from shopkeepers provides an innovative method of tracing the economic habits of local citizens. For instance, the account books of the early 18th Century contain few currency transactions as farmers traded home produce or even labor for a few desired luxury imports. By the 1840s, the same account books show a dramatic growth in the use of cash. Rather than simply examining farmer's books, Wermuth uses the shopkeeper's records in a way that reflects both consumption and selling patterns. In addition, trustee records provide the information needed to measure the type and character of community guidelines which governed economic behavior. Rip Van Winkle's Neighbors provides a welcome addition to the study of a rising market economy. This text would be a great addition to any graduate seminar as it offers an inventive use of source material while also contributing to a more detailed picture of the effects of market changes.	3
Eastern Michigan University Jay Hester

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