Alexander Hamilton's economic plan refers to the financial program implemented by Alexander Hamilton, the first Secretary of the Treasury under President George Washington. It aimed to strengthen the young nation's economy through measures such as creating a national bank, imposing tariffs on imported goods, and assuming state debts.
Related terms
National Bank: A financial institution created by Hamilton as part of his economic plan. It served as a central repository for government funds and provided loans to stimulate economic growth.
Tariffs: Taxes imposed on imported goods, which were advocated by Hamilton as a way to protect American industries from foreign competition and generate revenue for the government.
Assumption of State Debts: In order to establish trust between states and the federal government, Hamilton proposed that the federal government assume responsibility for paying off all state debts incurred during the Revolutionary War. This helped stabilize the nation's finances and established national creditworthiness.
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