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What is the definition of Hamilton's economic plan?

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Quick Answer

Alexander Hamilton's economic plan included fiscal policies favoring wealthy groups lending the government monetary and political support. By doing this the upper class would be able to grow, thus allowing lower classes to prosper as well.

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Full Answer

Alexander Hamilton favored a little bit of debt, thinking that it was a good thing to have. The federal government took over the national debt in 1790 by taking responsibility of all state debts. To pay off the debts inquired, Hamilton imposed an eight percent tariff on imports, as well as an excise tax on a handful of domestic items.

One of the most important pieces of Hamilton's economic plan was the creation of a national bank, which Jefferson kept open once he became president. This helped establish a financial system in America that set the tone for years to come.

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