Introduction
Alexander Hamilton is considered as a great man in the history of the United States. This is because his economic polices have influenced the development of the federal government in America for two centuries. Though initially the economic polies that he proposed were not favored by many people, they largely helped in the reconstruction of the economy of the United States. Hamilton was a federalist and his ideas were highly rejected by the republicans. But after the 1812 war, the republicans implemented the economic policies that Hamilton had earlier advocated for (Eugene Wait, 1999). There are various reasons that made the republicans to adopt these economic policies. This paper will therefore discuss why the republicans adopted the neo-Hamilton economic policies.
Discussion
Hamilton economic policies aimed at improving the economy of the United Sates and while at the same time promote the lives of Americans. Some of his economic polies included:
- Payment of foreign, domestic and states debts
- Taxation
- Creation of a bank of the United States.
After the war of 1812 there were various reasons that made the republicans to adopt Hamilton’s policies. Some of these reasons include:
The downfall of the Federalist Party
The Federalist Party was against the war with Britain; this created a very sharp disunity between the republicans and the Federalists. As a result the majority of the public saw the federalist as traitors. This lack of support for the party resulted in the downfall of the party. With the downfall of the Federalist Party, the country was now a one party rule (Eugene Wait, 1999). When Jefferson, a republican took office, he was forced to adopt most of the federalist economic policies. Jefferson realized that a loose interpretation of the constitution, as was proposed by the federalist, was at times necessary for the smooth running of a federal government. This realization came when Napoleon offered to sell the Louisiana Territory to the United States. This pushed Jefferson and his party to adopt Hamilton’s economic policies including the support of a bank of the United Sates and the payment of national debts (Eugene Wait, 1999).
The Era of good Feeling
This era was a direct result of the downfall of the Federalist Party. During this period there were a lot of good feelings around the country, such as the need for unity, economic growth, compromise and internal improvement. This era was right after the war and the attainment of independence and this somewhat destroyed the partisan strife between the Federalist and the republicans (Eugene Wait, 1999). Thus the Americans were ready to unity and develop their country. This era of good feelings saw the adoption of Hamilton’s economic policies, as the republicans saw the need to unite and develop their country.
Economic Growth
After the 1812 war, the republicans realized that without international peace free trade was impossible (Eugene wait, 1999). This encouraged them to adopt Hamilton’s economic policies, which promoted taxation and the protection of infant industries in the United States. The tariffs that were introduced helped to raise money for the government.
Conclusion
Hamilton’s Economic policies may have some how led to the downfall of his Federalist Party but the adoption of his economic policies by the republicans helped to strengthen the federal government. This is by ensuring that the federal government worked creatively, effectively and positively to help tap the economic energies of the United States. Hamilton’s economic policies further encouraged capitalism in America.
References
Eugene, Wait. (1999). America and the war of 1812: The Era of the war of 1812. New York: Nova Publishers.