Economic Direction

Definition

The economic direction refers to the overall approach or plan adopted by a country to manage its economy and promote growth. In the context of the early United States, it specifically refers to the differing ideas of Alexander Hamilton and Thomas Jefferson on how the country's economy should be developed and regulated.

Related terms

National Bank: A financial institution proposed by Alexander Hamilton that would provide stability for the American economy through loans, currency regulation, and credit expansion.

Strict Constructionism: Thomas Jefferson's interpretation of the Constitution advocating for limited federal government powers in order to protect individual rights and prevent excessive control over state economies.

Agrarian Society: An economic system based primarily on agriculture, where farming is central to production and wealth accumulation.