Thanksgiving: A Tale of Turkey, Traditions, and Free Markets
As we gather around the table this Thanksgiving, let's take a moment to reflect on the original feast
Crafted in collaboration with OpenAI’s ChatGPT
As we gather around the table this Thanksgiving, let's take a moment to reflect on the original feast, which featured far fewer sweet potato casseroles and possibly a bit more roasted eel. The first Thanksgiving in 1621 looked less like our contemporary family gatherings and more like a humble harvest festival – and, given that it was hosted by the Pilgrims, it came with a lot of “lessons learned.”
The Pilgrims’ Free-Market Experiment
Before we dive into the turkey, remember that the Pilgrims weren’t just fleeing religious persecution when they crossed the Atlantic in 1620. They also hoped for economic opportunity, a new land to call their own. However, the first communal system they established – where everyone worked and shared crops equally – quickly led to shortages. The Pilgrims found that a “one-size-fits-all” approach wasn’t enough to sustain a thriving economy.
By 1623, they shifted to a private property model, giving each family its own plot of land, allowing them to keep the fruits (or pumpkins) of their own labor. This was an early experiment in free-market principles, emphasizing personal responsibility and incentives. Productivity flourished, leading to a bountiful harvest and the beginnings of prosperity. [1]
From Survival to Feasting: The First Thanksgiving
In fall 1621, after a successful harvest, the Pilgrims invited their Wampanoag neighbors for a three-day feast to celebrate survival and community. While the menu was different from today’s Thanksgiving staples, it symbolized collaboration, gratitude, and the Pilgrims’ first economic success. [2]
Traditions Through the Ages: From Lincoln to Leftovers
Thanksgiving, as we know it, took time to catch on. Fast forward to 1863, when President Abraham Lincoln declared Thanksgiving a national holiday, uniting the country with a reminder to give thanks. [3] In my own family, we carried on this tradition by reading parts of the Declaration of Thanksgiving and other articles that reflected on the spirit of the holiday. Some Thanksgiving traditions we might be especially grateful for (stuffing), while others, like political discussions, could probably take a backseat this year.
When I began working with Glenn Woody nearly 14 years ago, he shared his tradition of sending Thanksgiving cards rather than Christmas cards. We’ve continued that at GW Financial, Inc. because, while not everything in history has been right, a heart of gratitude is never wrong. Thanksgiving is, for me, the one holiday we continue to get “right.”
Thanksgiving, Elections, and Free Markets
Since Thanksgiving often coincides with election season, gratitude and civic duty have long been intertwined. While some conversations this year may reflect on election outcomes, we’d do well to take a page from history: sometimes, giving thanks for family and food is the best policy.
Free Market Feasts and the Generosity of Choice
The Pilgrims’ free-market approach not only improved productivity but also laid the groundwork for an American spirit that values hard work and individual choice. Our Thanksgiving tables brim with options, reflecting the abundance made possible by the freedom to create and contribute.
So, as you load up your plate, remember that this abundance is a result of hard work and the freedom to pursue one’s path. Thanksgiving reminds us that prosperity thrives where free choice and hard work flourish.
Further Reading
For those interested in the rich history behind Thanksgiving and the economic principles that helped the Pilgrims thrive, here are some excellent resources:
"Of Plymouth Plantation" by William Bradford – Bradford’s firsthand account of the Pilgrims’ journey and the early years of Plymouth Colony, documenting the shift from communal work to a private property-based economy.
"Mayflower: A Story of Courage, Community, and War" by Nathaniel Philbrick – An engaging narrative covering the Pilgrims' journey and their interactions with Native Americans, set against the larger context of America’s beginnings.
"The First Thanksgiving: What the Real Story Tells Us About Loving God and Learning from History" by Robert Tracy McKenzie – McKenzie examines Thanksgiving's context and offers valuable insights on work, faith, and community.
For further exploration of America’s founding principles and spirit, check out works by David McCullough, including “1776” and "John Adams", which delve into the ideals and resilience that shaped the nation.
A Final Toast to Free Markets and Pumpkin Pie
As we look back on the past election and prepare to break out the stretchy pants, let’s be grateful not only for food, family, and freedom but also for the centuries-old lesson from the Pilgrims: prosperity thrives where hard work and free choice flourish. So, here’s to a Thanksgiving filled with all the right kinds of leftovers, fewer political arguments, and a good slice of pie. Happy Thanksgiving from all of us at GW Financial, where we’re thankful for the opportunity to help you pursue your prosperity – no turkey required!
[1] https://www.hoover.org/research/how-private-property-saved-pilgrims
[2] https://www.history.com/topics/thanksgiving/history-of-thanksgiving
[3] https://www.history.com/topics/thanksgiving/history-of-thanksgiving
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by GW Financial, Inc. to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 GW Financial, Inc.