Alexander Hamilton is a remarkable controversial leader whose contribution to the United States economy is undisputable. He is known to have worked closely with Presidents Washington in shaping and remoulding the American economy after the revolution witnessed in the country.
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His presence in the financial dockets came up as an advantage to the American movement whose economy was going down because of the European’s business competition. He greatly transformed the American banking, manufacturing, and agricultural sector to compete better with the European businesses. This lead to establishment of Central bank and the bank of United States that was similar to the bank of England.
His appointment by the federal government as the financial secretary was a challenge to him because he had to direct federal economic policy as the treasury secretary. His great concern was how the government could overcome their previous debts by the government to ensure good beginning. That is when the securities in form of bonds were sold to people to rescue the debt problem the country (Dolbeare, & Cummings, 2009).
Some of the decisions by Hamilton were controversial especially on agriculture and central banking. People developed fear on the possibility of the failure of the central bank because of wealthy overseers and other urban people. On the other hand, Hamilton wanted United States to be self sufficient in agricultural sector.
This would discourage farmers from getting subsidies from the government but instead work hard to produce products that could easily compete at the international markets. This was likely to benefit the farmers once they sold their products locally. In addition, the American government was to benefit from the increased exports of the agricultural products to get revenue to buy the imported manufactured good (Dolbeare, & Cummings, 2009).
The program revealed the perfectionism in Hamilton and he was determined to make beneficial moves to the federal government as the finance secretary. Some decisions were good and applauded by different people but some people were disappointed by the elite attitude and concentrating on the British economic development models. This transformed America into a capitalist nation and the government became stronger.
From these reports, it was clear that the government could not do away with their contributions and involvement in “private sector” economic affairs. The government is a regulator through various policies. These policies specify the requirement by the private sector activities to ensure there is good working environment.
The private sector will be regulated through permits and license to alleviate illegal businesses and organizations working without following the requirement. This will avert unfair competition among the private sectors (Dolbeare, & Cummings, 2009).
On the other hand, the American government must be involved in the “private sector” economic affairs to expand market and enhancing the relationship between different governments. The government servants will look for markets for good produced locally whereas there can be some treaties or agreements between nations to waive taxes and tariffs involved in exportation, and importations of products.
According to Hamilton, it was evident that American government had to be involved in empowering the producers to concentrate on the viable production. This meant specialization on the best opportunities whereas the country could get other products for other regions. The government should be involved in the regulation of the private sector as well as offering assistance on business affairs.
Dolbeare, K.M., & Cummings, M. S. (2009). American Political Thought (6th ed.). Washington, D.C.: CQ Press.