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American System (Economic Philosophy)

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Describe the economic system known as the American System. Who were the opponents of the American System? What were their arguments against it

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The solution provides information, assistance and advise in tackling the task (see above) on the topic of the 'American System' of economics and trade, Resources are listed for further exploration of the topic.

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The American System

America's economic system is appropriately referred to as the 'American System' and had its roots to the philosophies of one of the founding fathers - Alexander Hamilton. It is a perspective, a philosophy, of viewing trade and economics and has been in place since America's early days through to the present. Hamilton established 3 basic tenets as follows (American Jobs Alliance, 2017):
1. "Promote domestic industry through high import duties, or tariffs, on selected imports and/or subsidies for domestic producers;"
2. "Invest in a public infrastructure (roads, ports, dams, irrigation and water projects, public schools and scientific research) to facilitate commerce and fuel private enterprise; and,"
3. "Create a national bank to oversee national monetary policy and regulate credit to spur economic development and deter speculation."

And while over the years, this 3 tenets had emendations, different adaptations to suit the times and needs of the country, Americans ...

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  • MA, Open University, Milton Keynes, UK
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