Q:

What is the definition of Hamilton's economic plan?

A:

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.

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.

Sources:

  1. studyapush.com

Is this answer helpful?

Similar Questions

  • Q:

    What was Alexander Hamilton's economic plan?

    A:

    Alexander Hamilton's economic plan involved setting up a national bank, taxing individuals and the federal government assuming the entire national debt, including the debt of each individual state. He also wanted the country to turn more toward manufacturing and industry than farming, which was the current way of life during that time. The plan was not without controversy, and the national bank was, at one point, deemed unconstitutional.

    Full Answer >
    Filed Under:
  • Q:

    What is the definition of economic rights?

    A:

    Economic rights are part of a range of legal principles based on the philosophy of human cultural and social obligations in which economic equality and freedom are preserved. Economic and social rights are granted to Americans fulfilled by the government in an effort to ensure that citizens have the ability to maintain their needs.

    Full Answer >
    Filed Under:
  • Q:

    What is the definition of economic diversity?

    A:

    Economic diversity refers to the products and services that a country produces to be consumed by its economy. Stronger economies have a variety of goods to offer.

    Full Answer >
    Filed Under:
  • Q:

    What is economic freedom?

    A:

    Economic freedom refers to a condition in which a person living in a community, state or country has the right to purse economic opportunities. This condition is associated with capitalistic countries where individual opportunities to find work and make money are typically promoted by limited government restrictions.

    Full Answer >
    Filed Under:

Explore