discuss the merits of this analysis Thornton discusses the emergence of new financial systems and the expansion of markets, suggesting that these developments had revolutionary impacts on American economic structures and social relations. Thornton highlights the establishment of the Massachusetts Hospital Life Insurance Company (MHLIC) in 1823 as a pivotal moment in Massachusetts's transition to capitalism, using it as a key example to illustrate the region's evolutionary path towards a capitalist economy.[1] The creation of the MHLIC provides a micro-level understanding of the greater establishment of credit systems, and the expansion of long-distance trade significantly altered how business was conducted, favoring larger-scale operations and integrating the U.S. economy into a broader capitalist system. From this viewpoint, the era's economic changes were revolutionary, fundamentally reshaping the nation's economic landscape. Lemoreaux suggests a more evolutionary view of capitalism in America rather than a revolutionary one. It emphasizes the gradual and intertwined development of economic behaviors among different social groups, such as merchants, manufacturers, and farmers, challenging the sharp distinctions often drawn by scholars.[2] By highlighting the commonalities between these groups and questioning the rigid classifications based on traditional economic theory, the essay points to a complex and nuanced transformation. The reference to recent developments in econ