Describe the economic system known as the American System. Who were the opponents of the American System? What were their arguments against it© BrainMass Inc. brainmass.com June 2, 2020, 7:38 pm ad1c9bdddf
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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