Much More Than the Half Has Never Been Told:Narrating the Rise of Capitalism from New Granada's Shores Ernesto BassiiD In one of the first reports he sent to Spain on October 14, 1782, shortly after assuming his new position as viceroy of New Granada, Antonio Caballero y Góngora expressed his optimism about the economic potential of the viceroyalty for whose prosperity he was now accountable.1 In his opinion, it was time to take advantage of "the enormous wealth with which the immense liberality of the Almighty (had) endowed that precious portion of the Americas." While arguing for the viceroyalty's tremendous potential and dreaming of its future prosperity, Caballero y Góngora also presented a picture of present misery, which he attributed largely to the abandonment and under-exploitation of the viceroyalty's rich gold and silver mines.2 Exploiting the viceroyalty's mineral and agricultural potential immediately became the central priority of the newly appointed viceroy. His proposal for the future development of New Granada, thus, simultaneously stressed mining and agricultural production as engines of economic growth and development for Spain's American territories. Intensive exploitation of the viceroyalty's natural resources would, Caballero y Góngora hoped, insert the young viceroyalty into the growing late eighteenth-century Atlantic economy. Caballero y Góngora's diagnosis of and vision for New Granada is a typical example of a late eighteenth-century literature associated with the modernizing efforts known in the historiography of colonial Spanish America as the Bourbon reforms. The report is also an important source to further our understanding of the "fundamental rethinking of the rise of capitalism" that, historian John Tutino rightly claims, is currently underway.3 To the classical notion, derived from Max Weber, of capitalism—an economic system usually associated with globally integrated markets, great capital investment and reinvestment, efficient use of production factors, free wage and specialized labor, and innovation and creativity, all geared towards maximizing profit—as a "European, mostly British, primarily Protestant invention," a series of recent studies have added alternative genealogies that convincingly make the case for "a more inclusive story" of the rise of capitalism.4 Collectively, the work of Kenneth Pomeranz, John Tutino, Eric Williams, Manuel Moreno Fraginals, Dale Tomich, Daniel Rood, Edward Baptist, Walter Johnson, and Sven Beckert, among [End Page 529] others, has made a compelling case for China, Spanish North America, the Caribbean, and the U.S. South to join western Europe as cradles of capitalism.5 This article puts New Granada at the center of this rethinking process. In doing so, I am not claiming that capitalism was born or invented in New Granada, but that a better understanding of its origins needs to acknowledge that New Granada (and other similar places) were part of the competition and conversation (i.e. the information exchanges, debates, common set of readings and policy proposals) that, during the late eighteenth century, resulted in the emergence of a capitalist world economy. In short, this article argues that Caballero y Góngora and other prominent members of New Granada's political and economic elite actively sought to incorporate their viceroyalty into the increasingly integrated and wealth-generating commercial circuits of the late eighteenth-century Atlantic world. That they failed to do so, does not imply that they did not invest time and other more tangible resources like ink, paper, and money into their efforts. Moreover, that they failed to become key players in the capitalist world economy of the Atlantic does not imply that they did not stand a chance of becoming successful Atlantic capitalists. The view from New Granada makes it possible to tell the story of the rise of capitalism as "a history of what was deemed possible but remained unrealized."6 Incorporating New Granada allows us to understand the global conversation and competition out of which some places—like Cuba and the U.S. South—emerged as leading suppliers of some of the commodities that made early capitalism and the modern world. Unlike Cuba and the U.S. South, New Granada (and many other places) did not emerge a victor in the global capitalist competition. From New Granada's Caribbean shores, thus...
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