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.Know More
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.Learn more about Economics
Thomas Jefferson and Alexander Hamilton differed in that Hamilton believed in the idea of a strong government with huge oversight with voters limited to those of appropriate educational backgrounds, while Jefferson believed in the idea of a small government with minimal oversight and with common men as voters. The two politicians were responsible for the creation of the Federalist (Alexander Hamilton) and the Anti-Federalist (Thomas Jefferson) parties.Full Answer >
Economic liberalization refers to those government policies which promote economic growth by opening up trade to international markets, extending the use of markets and lessening the restrictions and regulations placed on business. China, Brazil and India, three of the fastest growing transitioning economies, achieved their economic growth after their governments liberalized their approach to business. This has led some economists to believe that economic reform is of greater importance than political reform in developing economies.Full Answer >
The iron triangle is the relationship between Congress, federal agencies and lobbying groups, according to Auburn University’s Paul Johnson, Ph.D. Special interest groups donate money to Congressional leaders to legislate for particular programs, the federal agencies use lobbyists and connections to influence legislation, and Congressional leaders receive agency support for the continuation or implementation of certain bureaucratic policies. This network of Congressional officials, lobbyists and bureaucrats forms the Iron Triangle.Full Answer >
Federalist Paper No. 10, written pseudonymously by James Madison in support of the new United States Constitution, is about how to guard the new government of the union against factions, or groups of citizens with special interests. It is one of 85 letters written by some of the Founding Fathers to encourage the states to ratify the Constitution.Full Answer >