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.Continue Reading
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
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 >
The events that led to the duel between Alexander Hamilton and Aaron Burr include Hamilton’s support for Thomas Jefferson as president in 1800 and Hamilton’s public criticism of Burr during the 1804 New York gubernatorial race. Hamilton and Burr had opposing political views and belonged to different 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 >