In “The Hamiltonian Miracle,” John Steele Gordon argues that Alexander Hamilton was an economic genius as his impressive policies for funding the newly formed federal government and establishing a central bank laid the foundation for America’s national economy. Gordon, a specialist in business and financial history and a contributing editor to American Heritage, has authored several books as well as published many articles that are featured in well-known magazines and newspapers. Gordon claims that Hamilton’s foresight, brilliant policies, and knowledge of public finance significantly helped shape the American economy. In fact, Hamilton’s expertise and intelligence helped save America from financial ruin. Therefore, Gordon glorifies Hamilton’s
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Roberts unsuccessfully argues that Hamilton destabilized financial markets and that his policies were politically unpopular. Roberts states that, “the first decade under the new constitution was not a period of strong economic growth.” (489) He argues that the success of Hamilton’s financial program was largely dependent upon the assistance from European investments. Roberts’ argument lacks conviction as he argues that Hamilton’s central bank stimulated irresponsible speculation. In reality, the central bank was a check on wrongful investments. However, “Carey Roberts is one of the few writers about Hamilton today who is critical of his economic policies.” (497) Even though, Hamilton’s policies were a work in progress, his policies significantly helped create a strong foundation for the American …show more content…
According to Gordon, Hamilton is one of the most important figures in American history as he established the foundation for the economic power that America would become. In fact, “Historians and political scientists commonly credit Alexander Hamilton’s economic plans for revitalizing the American economy and providing the impetus for extended economic progress.” (489) Hamilton’s ideas quickly became central aspects of the modern capitalist economy that would continue to develop and flourish over time. In fact, Hamilton’s financial program was very successful as it led to the development of the New York Stock Exchange which is now the largest financial exchange in the world. Overall, Hamilton’s financial plan for the new government proved to be successful as his ideas were continually carried out even after his death. Therefore, in “The Hamiltonian Miracle,” Gordon successfully proves that Alexander Hamilton was an economic genius as his brilliant policies significantly helped create the foundation for America’s national
Roberts unsuccessfully argues that Hamilton destabilized financial markets and that his policies were politically unpopular. Roberts states that, “the first decade under the new constitution was not a period of strong economic growth.” (489) He argues that the success of Hamilton’s financial program was largely dependent upon the assistance from European investments. Roberts’ argument lacks conviction as he argues that Hamilton’s central bank stimulated irresponsible speculation. In reality, the central bank was a check on wrongful investments. However, “Carey Roberts is one of the few writers about Hamilton today who is critical of his economic policies.” (497) Even though, Hamilton’s policies were a work in progress, his policies significantly helped create a strong foundation for the American …show more content…
According to Gordon, Hamilton is one of the most important figures in American history as he established the foundation for the economic power that America would become. In fact, “Historians and political scientists commonly credit Alexander Hamilton’s economic plans for revitalizing the American economy and providing the impetus for extended economic progress.” (489) Hamilton’s ideas quickly became central aspects of the modern capitalist economy that would continue to develop and flourish over time. In fact, Hamilton’s financial program was very successful as it led to the development of the New York Stock Exchange which is now the largest financial exchange in the world. Overall, Hamilton’s financial plan for the new government proved to be successful as his ideas were continually carried out even after his death. Therefore, in “The Hamiltonian Miracle,” Gordon successfully proves that Alexander Hamilton was an economic genius as his brilliant policies significantly helped create the foundation for America’s national