Alexander Hamilton's economic plan was a set of policies proposed by the first Secretary of the Treasury, Alexander Hamilton, in the late 18th century. It aimed to strengthen and diversify the American economy through measures such as creating a national bank, imposing tariffs on imported goods to protect domestic industries, and assuming state debts incurred during the Revolutionary War.
Related terms
National Bank: A financial institution created by Hamilton that would oversee government funds, issue currency, and provide stability to the nation's financial system.
Tariffs: Taxes imposed on imported goods to make them more expensive than domestically produced goods and encourage people to buy American products.
Assumption of State Debts: The federal government taking responsibility for paying off debts incurred by individual states during the Revolutionary War in order to help stabilize the nation's finances.
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