Alexander Hamilton And The 1790s Economy: A Reappraisal?

Improved Essays
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 …show more content…
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

Related Documents

  • Improved Essays

    It is often the case in revolutions that many partnerships who take a lead role in shaping a new society do not continue to work together after their goal is achieved, that is exactly what happened to James Madison and Alexander Hamilton, who had risen to prominent positions within the new nation of America as delegates for their respective state. Both would be each other 's support for fighting for a new and ratified U.S. constitution. Although their partnership falls apart, they are truly America’s most needed partnership. Madison and Hamilton together led the U.S. to create and ratify the U.S. Constitution, which gave people more rights, made everyone more equal, and set the path for a self-governing America. James Madison and Alexander…

    • 1172 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Michael Vipond Mr. Haindfield APUSH 1 November 2017 Unit 6 Reaction Paper In the 1780s and 1790s, Thomas Jefferson and Alexander Hamilton had vastly different ideas on how the economic future would be for the United States. Both of them envisioned a prominent nation, but with both different ideas on how to get there. Despite Jefferson’s view of a future of agricultural economy, which was based on farming, no national bank, and strong state governments; Hamiltons view of an industrial economy, which was based on manufacturing, a national bank, and a strong national government, prospered. The extent in which each of their visions affected the United States were reflected by strikes done in the labor work force, the repeal of the national bank by Andrew Jackson, and the growing number of textiles in the U.S. between 1810 and 1840.…

    • 1015 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    It gave them a chance to start a new form of government without a king. The only problem was Hamilton and Jefferson did not have the same idea of the type of government they wanted to accomplish for their new nation. Hamilton wanted to accomplish a strong central government. He wanted a government that would be able to control the people’s behavior. He understood that “sometimes good people do bad things and bad people do good things”, this gave Hamilton an advantage because Jefferson did not recognize this.…

    • 829 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Alexander Hamilton and Thomas Jefferson had fundamentally different opinions on how the United States should be constructed and governed. Hamilton believed the elite should hold great power and that the federal government should be exceptionally strong. However, Jefferson believed that the common man should rule the country and that the state governments should hold most of the powers. Both men had a strong impact on America today, yet one more than the other.…

    • 764 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Jefferson’s idea of an ideal society was revolved around the common man. (MP 165) He praised the “yeoman farmer” and trusted in their discretion about what America could become. “He felt that urbanization, industrial factories, and financial speculation would serve to rob the common man of his independence and economic freedom.” (MP165) Jefferson feared the opposite of what Hamilton did, he feared the national government gaining power.…

    • 890 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    His temper and very opinionated personality were other reasons for his remembrance. As the patron of Wall Street, Hamilton’s legacy includes many achievements in building America’s financial system that is still used today. His legacy has most recently been recognized in the Broadway musical, Hamilton, that describes his entire life in the political spotlight. Hamilton’s accomplishments have helped America is many ways for many years and will continue to for many years to…

    • 1393 Words
    • 6 Pages
    Superior Essays
  • Improved Essays

    Hamilton’s idea of a national bank took off. His idea is what eventually led to the Great…

    • 736 Words
    • 3 Pages
    Improved Essays
  • Great Essays

    (112)American History Questions: 1a. The Articles of Confederation were concerned with the issue of state representation, land claims for states, and the role of a federal government. During the revolution, the states were still sovereign, which created massive conflict between states with greater financial and economic power and those with lesser power. More so, the debates over the role of a greater union between the states was important perceived threat to larger states, such as New York, that did not want a federal government regulating state sovereignty. In this manner, the Articles of Confederation reigned in state territorial claims and it solidified some aspects of a “confederation” that set the stages for a federal government after the Revolutionary War (Berkin et al. 153).…

    • 1188 Words
    • 5 Pages
    Great Essays
  • Improved Essays

    Alexander Hamilton used his exceptional writing skills, persuasive skills and political strategy to form a successful three-part plan for our economy. He went from being a poor orphan, to being Washington’s right hand man during war, to being appointed the first sectary of treasury. Obsessed with writing his way into history, Hamilton became one of the most influential and distinguished found fathers. He took the United States from financial ruin to prosperity and left his legacy as father of the United States Banking…

    • 976 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Without Hamilton’s dedication to improving America’s economy and strengthening the foundations of the country, the U.S. might not be the same as it is…

    • 709 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    While both men served prominent roles in the emergence of a two party system, Alexander Hamilton held a greater impact in molding our nation’s history. George Washington felt that choosing an ambitious man of intelligence was a very important decision when selecting Alexander Hamilton as his Secretary of Treasury. Hamilton believed that the future of America’s economy lay in the hands of those with capital because they were reliable with the government. Envisioning an industrial powered nation, Hamilton favored a strong central government and believed that the only way to economically flourish was through a government-assisted society. To enforce his ideology, Hamilton outlined a plan to Congress that consisted of three pathbreaking reports on public credit, a national bank, and manufactures (America A Concise History 194).…

    • 994 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Washington’s first order of business was taking care of the large amount of debt that had amassed once the Revolutionary war was finally over. Alexander Hamilton the secretary of the treasury, proposed a financial plan that insisted on raising taxes and establishing a national bank that would “collect all tax revenue...…

    • 702 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Hamilton wanted to have personal development and that is why the program that help him is the economic diversity and the national self-sufficiency. In the Alexander Hamilton, The Man Who Made America Prosperous by Richard Brookhiser mentions that “different industry… individual find element.” This words help Hamilton realize that if he should of stay in one place than he would not be successful. But all the talents Hamilton had helped him in a way to be important in the society, for example being part of the General Washington staff and be part of the administration while Washington was the President. Where Hamilton wanted to make a smooth path to his future children so they can have an easy way to live and not suffer a lot for the injustice that is happening around the world.…

    • 959 Words
    • 4 Pages
    Improved Essays
  • Decent Essays

    1.How did different opinions lead to the first political parties? (The First Political Parties were led by Alexander Hamilton, And this group was favored a strong Federal Government.) 2.Who were the Two leaders of the First Political Parties? (The Two Leaders between the First Political Parties Were Alexander Hamilton and Thomas Jefferson.) 3.Why was Washington considered Partisan?…

    • 103 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    Is conflict necessary for change? Based on Alexander Hamilton and Thomas Jefferson I draw the conclusion that yes, conflict is necessary for change. I believe that change is only completed if there is a conflict, no matter how big or how small it is. My three reasons for this, are based on Alexander Hamilton and Thomas Jefferson arguments on their views of human nature, the best form of government, and Ideal Economy. In documents provided for us, document 1, 2 Hamilton and Jefferson disagreed in the way they viewed human nature.…

    • 548 Words
    • 3 Pages
    Improved Essays

Related Topics