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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
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
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
Alexander Hamilton
Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Fathers of the United States, Founding Father who served as the first U.S. secretary of the treasury from 1789 to 1795 dur ...
in four notable reports and implemented by Congress
A congress is a formal meeting of the representatives of different countries, constituent states, organizations, trade unions, political parties, or other groups. The term originated in Late Middle English to denote an encounter (meeting of ...
during George Washington
George Washington (, 1799) was a Founding Fathers of the United States, Founding Father and the first president of the United States, serving from 1789 to 1797. As commander of the Continental Army, Washington led Patriot (American Revoluti ...
's first term. They outlined a coherent program of national mercantilism
Mercantilism is a economic nationalism, nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. It seeks to maximize the accumulation of resources within the country and use those resources ...
government-assisted economic development
In economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and object ...
.
* 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
A sin tax (also known as a sumptuary tax, or vice tax) is an excise tax specifically levied on certain goods deemed harmful to society and individuals, such as Alcohol tax, alcohol, tobacco tax, tobacco, drugs, candy, soft drinks, fast foods, c ...
. However, his new tax set off the Whiskey Rebellion which highlighted separation in social classes as rural Pennsylvania
Pennsylvania, officially the Commonwealth of Pennsylvania, is a U.S. state, state spanning the Mid-Atlantic (United States), Mid-Atlantic, Northeastern United States, Northeastern, Appalachian, and Great Lakes region, Great Lakes regions o ...
n 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.
* 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)
* 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
The Federalist Party was a conservativeMultiple sources:
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* and nationalist American political party and the first political party in the United States. It dominated the national government under Alexander Hamilton from 17 ...
, Hamilton's political party, which supported his program and pushed most of it through Congress
References
Concerning Support of Public Credit in Colonial America
* * * * * *External links
* Alexander Hamilton American political philosophy Economic nationalism Federalist Party {{UnitedStates-stub