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In United States history, the Hamiltonian economic program was the set of measures that were proposed by American Founding Father and first Secretary of the Treasury Alexander Hamilton in four notable reports and implemented by Congress during George Washington's first term. They outlined a coherent program of national mercantilism government-assisted economic development.[1]
- First Report on the Public Credit – pertaining to the assumption of federal and state debts and finance of the United States government (1790). Hamilton included his plan to tax distilled spirits among other domestic goods to boost revenue. He thought that a tax on spirits would be the least objectionable way to make money, as it could be philosophically equated to a pigouvian or sin tax. However, his new tax set off the Whiskey Rebellion[2] which highlighted separation in social classes as rural Pennsylvanian farmers fought against the government. Eventually, the tax was repealed, but the incident greatly emphasized the government's willingness and ability to suppress violent resistance to its laws.[3]
- Second Report on Public Credit – pertaining to the establishment of a national bank (1790)
- Report on Manufactures – pertaining to the policies to be followed to encourage manufacturing and industry in the United States (1791)[4][5][6][7]
- Report on a Plan for the Further Support of Public Credit – pertaining to how to deal with the system of public credit after Hamilton's resignation, including complete extinguishment of the public debt (1795)
See also
- American School, the Hamiltonian American School of economics practiced by the United States from 1790s–1970s rooted in the three Reports, based on tariffs which built the American industrial infrastructure
- American System, economic plan based on the ideas of Henry Clay
- Federalist Party, Hamilton's political party, which supported his program and pushed most of it through Congress[8]
References
- ^ "Alexander Hamilton – Financial Reform, US Economy, Treasury". www.britannica.com. 2024-07-08. Retrieved 2024-08-29.
- ^ McConnel, Michael W. "What Would Hamilton Do?". Harvard Journal of Law and Public Policy. 35 (1): 259–282.
- ^ Bellino, Grace (January 1, 2018). "Whiskey in Early America". International Social Science Review. 94 (1): 1–24. Archived from the original on July 12, 2020. Retrieved March 12, 2020.
- ^ "Founders Online: Final Version of the Second Report on the Further Provision Ne ..." founders.archives.gov. Retrieved 2024-08-29.
- ^ "Founders Online: Alexander Hamilton's Final Version of the Report on the Subjec ..." founders.archives.gov. Retrieved 2024-08-29.
- ^ "Report on Manufactures – submitted to Congress December 5, 1791 < A Biography of Alexander Hamilton (1755–1804) < Biographies < American History From Revolution To Reconstruction and beyond". www.let.rug.nl. Retrieved 2024-08-29.
- ^ Report on Public Credit, January 1790; Report on a National Bank, December 1790. 1790.
- ^ "Federalist Party: Leaders, Beliefs & Definition". history.com. 2023-06-21. Retrieved 2024-08-29.
Concerning Support of Public Credit in Colonial America
- Hamilton, Alexander (January 9, 1790). "Report Relative to a Provision for the Support of Public Credit, 9 January 1790". Founders Online. U.S. National Archives and Records Administration.
- Hamilton, Alexander (December 13, 1790). "Final Version: First Report on the Further Provision Necessary for Establishing Public Credit, 13 December 1790". Founders Online. U.S. National Archives and Records Administration.
- Jefferson, Thomas (December 13, 1790). "Introductory Note: Second Report on the Further Provision Necessary for Establishing Public Credit (Report on a National Bank), [13 December 1790]". Founders Online. U.S. National Archives and Records Administration.
- Hamilton, Alexander (December 13, 1790). "Final Version of the Second Report on the Further Provision Necessary for Establishing Public Credit (Report on a National Bank), 13 December 1790". Founders Online. U.S. National Archives and Records Administration.
- Hamilton, Alexander (December 5, 1791). "Introductory Note: Report on Manufactures". Founders Online. U.S. National Archives and Records Administration.
- Hamilton, Alexander (December 5, 1791). "Alexander Hamilton's Final Version of the Report on the Subject of Manufactures, 5 December 1791". Founders Online. U.S. National Archives and Records Administration.
External links
- Official Reports on Publick Credit, a National Bank, Manufactures, and a Mint. Congressional Documents. William McKean. 1821 – via FRASER: St. Louis Federal Reserve.
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