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Encyclopedia > American School (economics)

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Economic systems
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Anglo-Saxon economy or Anglo-Saxon capitalism (so called because it is largely practiced in English speaking countries such as Australia, the United Kingdom and the United States) is a capitalist macroeconomic model in which levels of regulation and taxes are low, and the quality of state services and social... The rise of technology has allowed our environment to be characterized as a global one. ... In anthropology, the hunter-gatherer way of life is that led by certain societies of the Neolithic Era based on the exploitation of wild plants and animals. ... Information economy is a loosely defined term to characterize an economy with increased role of informational activities and information industry. ... Countries currently considered NICs. ... A palace economy is a system of economic organisation in which wealth flows out from a central source (the palace), eventually reaching the common people, who have no other source of income. ... A plantation economy is an economy which is based on agricultural mass production, usually of a few staple products grown on large farms called plantations. ... A token economy is a system of behavior modification based on the principles of operant conditioning. ... A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools. ... A transition economy is an economy which is changing from a planned economy to a free market. ...

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The American School, also known as "National System", represents three different yet related things in politics, policy and philosophy. Used in political rhetoric from 1824 to the present,[1] existing as actual American policy for many decades within that period waxing and waning in actual degrees and details of implementation,[2] and finally, according to Michael Lind, existing as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas.[3] Image File history File links Portal. ...


It is the macroeconomic philosophy that dominated United States national policies from the time of the American Civil War until the mid-twentieth century[2][4][5][6][7][8] (after mercantilism and prior to Keynesian economics, it can be seen as a modified type of classical economics). It consisted of these three core policies: Circulation in macroeconomics Macroeconomics is a branch of Economics that deals with the performance, structure, and behavior of the economy as a whole. ... Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties 110,000 killed in action, 360,000 total dead, 275,200 wounded 93,000 killed in action, 258,000 total... Mercantile redirects here. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ... Classical economics is widely regarded as the first modern school of economic thought. ...

  1. protecting industry through selective high tariffs (especially 1861–1932) and some include through subsidies (especially 1932–70)
  2. government investments in infrastructure creating targeted internal improvements (especially in transportation)
  3. a national bank with policies that promote the growth of productive enterprises.[9][10][11][12]

It is a capitalist economic school based on the Hamiltonian economic program.[13] The American School of capitalism was intended to allow the United States to become economically independent and nationally self-sufficient. For other uses, see Bank (disambiguation). ... In economics, a capitalist is someone who owns capital, presumably within the economic system of capitalism. ... The Hamiltonian economic program is one of many names given by historians to the set of measures that were proposed by Secretary of the Treasury Alexander Hamilton and implemented by Congress during George Washingtons first administration. ... Capitalism generally refers to an economic system in which the means of production are all or mostly privately[1][2] owned and operated for profit, and in which investments, distribution, income, production and pricing of goods and services are determined through the operation of a free market. ...


The American School's key elements were promoted by John Q. Adams and his National Republican Party, Henry Clay and the Whig Party, and Abraham Lincoln through the early Republican Party which embraced, implemented, and maintained this economic system.[14] The American School has evolved into the mixed economy of today's America. Order: 6th President Term of Office: March 4, 1825–March 3, 1829 Preceded by: James Monroe Succeeded by: Andrew Jackson Date of birth: July 11, 1767 Place of birth: Braintree, Massachusetts Date of death: February 23, 1848 Place of death: Washington, D.C. First Lady: Louisa Catherine (Johnson) Adams... Henry Clay, Sr. ... For other uses, see Abraham Lincoln (disambiguation). ... The Republican Party is one of two major contemporary political parties in the United States of America, along with the Democratic Party. ... A mixed economy is an economy that has a mix of economic systems. ...


During its American System period the United States grew into the largest economy in the world with the highest standard of living, surpassing the British Empire by the 1880s.[15]

Contents

History

Roots

A portrait of Alexander Hamilton by John Trumbull, 1792. Hamilton's ideas and three Reports to Congress formed the philosophical basis of the American School.
A portrait of Alexander Hamilton by John Trumbull, 1792. Hamilton's ideas and three Reports to Congress formed the philosophical basis of the American School.

The American School of economics represented the legacy of Alexander Hamilton, who in his Report on Manufactures, argued that the U.S. could not become fully independent until it was self-sufficient in all necessary economic products. Hamilton rooted this economic system, in part, in the successive regimes of Colbert's France and Elizabeth I's England, while rejecting the harsher aspects of mercantilism, such as seeking colonies for markets. As later defined by Senator Henry Clay who became known as the Father of the American System because of his impassioned support thereof, the American System was to unify the nation north to south, east to west, and city to farmer.[16] A leading proponent and economist of the 19th Century, Henry Carey, called this a Harmony of Interests in his book by the same name, a harmony between labor and management, and as well a harmony between agriculture, manufacturing, and merchants. Download high resolution version (868x1224, 303 KB) A portrait of Alexander Hamilton by John Trumbull, 1792. ... Download high resolution version (868x1224, 303 KB) A portrait of Alexander Hamilton by John Trumbull, 1792. ... Roman-Egyptian funeral portrait of a young boy A portrait is a painting (portrait painting), photograph (portrait photography), or other artistic representation of a person, in which the face and its expression is predominant. ... Alexander Hamilton (January 11, 1755 or 1757–July 12, 1804) was an Army officer, lawyer, Founding Father, American politician, leading statesman, financier and political theorist. ... This article is about the American painter. ... 1792 was a leap year starting on Sunday (see link for calendar). ... Alexander Hamilton (January 11, 1755 or 1757–July 12, 1804) was an Army officer, lawyer, Founding Father, American politician, leading statesman, financier and political theorist. ... A portrait of Alexander Hamilton by John Trumbull, 1792. ... Jean-Baptiste Colbert Jean-Baptiste Colbert (August 29, 1619 – September 6, 1683) served as the French minister of finance from 1665 to 1683 under the rule of King Louis XIV. He achieved a reputation for his work of improving the state of French manufacturing and bringing the economy back from... Elizabeth I (7 September 1533 – 24 March 1603 ) was Queen of England and Queen of Ireland from 17 November 1558 until her death. ... For other uses, see England (disambiguation). ... Mercantile redirects here. ... Henry Clay, Sr. ... Henry Charles Carey (December 15, 1793 - October 13, 1879), American economist, was born in Philadelphia. ... Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ... Merchants function as professional traders, dealing in commodities that they do not produce themselves. ...


The name, "American System," was coined by Clay to distinguish it, as a school of thought, from the competing theory of economics at the time, the "British System" represented by Adam Smith in his work Wealth of Nations.[17] For other persons named Adam Smith, see Adam Smith (disambiguation). ... An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ...


The American School included three cardinal policy points:

  1. Support industry: The advocacy of protectionism, and opposition to free trade - particularly for the protection of "infant industries" and those facing import competition from abroad. Examples: Tariff of 1816 and Morrill Tariff
  2. Create physical infrastructure: Government finance of Internal improvements to speed commerce and develop industry. This involved the regulation of privately held infrastructure, to ensure that it meets the nation's needs. Examples: Cumberland Road and Union Pacific Railroad
  3. Create financial infrastructure: A government sponsored National Bank to issue currency and encourage commerce. This involved the use of sovereign powers for the regulation of credit to encourage the development of the economy, and to deter speculation. Examples: First Bank of the United States, Second Bank of the United States, and National Banking Act[13]

Henry C. Carey, a leading American economist and adviser to Abraham Lincoln, in his book Harmony of Interests displays two additional points of this American School economic philosophy that distinguishes it from the systems of Adam Smith or Karl Marx: Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... The infant industry argument is an economic reason for protectionism. ... The Tariff of 1816 was put in place after the War of 1812, Britain had developed a large stockpile of goods, such as iron and textile. ... The Morrill Tariff of 1861 was a protective tariff bill passed by the U.S. Congress in early 1861. ... The notion of internal improvements or public works is a concept in economics and politics. ... The Cumberland Road, also called the Great National Pike and the National Road, was the first United States federal highway. ... The Union Pacific Railroad (AAR reporting marks UP) (NYSE: UNP), headquartered in Omaha, Nebraska, is the largest railroad network in the United States. ... The term national bank has several meanings: especially in developing countries, a bank owned by the state an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally) In the past, the term national bank has been used synonymously with central bank, but it is... This article does not cite any references or sources. ... Credit as a financial term, used in such terms as credit card, refers to the granting of a loan and the creation of debt. ... Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ... The First Bank of the United States was a bank chartered by Congress on February 25, 1791. ... The Second Bank of the United States was a bank chartered in 1816, five years after the expiration of the First Bank of the United States. ... The National Bank Act (ch. ... Henry Charles Carey (December 15, 1793 - October 13, 1879), American economist, was born in Philadelphia. ... For other uses, see Abraham Lincoln (disambiguation). ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ...

  1. Government support for the development of science and public education through a public 'common' school system and investments in creative research through grants and subsidies.
  2. Rejection of class struggle, in favor of the "Harmony of Interests" between: owners and workers, farmer and manufacturers, the wealthy class and the working class.[18] In a passage from his book, The Harmony of Interests, Carey wrote concerning the difference between the American System and British System of economics:

"Two systems are before the world;… One looks to increasing the necessity of commerce; the other to increasing the power to maintain it. One looks to underworking the Hindoo, and sinking the rest of the world to his level; the other to raising the standard of man throughout the world to our level. One looks to pauperism, ignorance, depopulation, and barbarism; the other to increasing wealth, comfort, intelligence, combination of action, and civilization. One looks towards universal war; the other towards universal peace. One is the English system; the other we may be proud to call the American system, for it is the only one ever devised the tendency of which was that of elevating while equalizing the condition of man throughout the world."[18] Part of a scientific laboratory at the University of Cologne. ... Class struggle is the active expression of class conflict looked at from any kind of socialist perspective. ...

The Government issue of fiat paper money has also been associated with the American School from the 1830s onwards. The policy has roots going back to the days of the American Colonies, when such a type of currency called Colonial Scrip was the medium of exchange. As early as 1837, John C. Calhoun espoused a debt-free currency issued and controlled by the Government.[19] Such a policy would reduce the profits of the banks, and in response to this, the banking institutions threw their support behind the British school, espousing the gold standard throughout the 1800s. In the Civil War, a shortage of specie led to the issue of such a currency, called United States Notes, or "Greenbacks". Towards the end of the Civil War in March 1865, Henry C. Carey, Lincoln's economic advisor, published a series of letters to the Speaker of the House entitled "The Way to Outdo England Without Fighting Her." Carey called for the continuance of the Greenback policy even after the War, while also raising the reserve requirements of the banks to 50%[20]. Carey wrote: Colonial Scrip was paper money issued by the colonies in the revolution/pre-revolution era. ... John Caldwell Calhoun (March 18, 1782 – March 31, 1850) was a leading United States Southern politician and political philosopher from South Carolina during the first half of the 19th century, best known as a spokesman for slavery, nullification and the rights of electoral minorities, such as slave-holders. ... United States Notes (also known as Legal Tender Notes because of their payment obligation stating This Note is a Legal Tender) are banknotes characterized by a red seal and serial number. ... Henry Charles Carey (December 15, 1793 - October 13, 1879), American economist, was born in Philadelphia. ...

The most serious move in the retrograde direction is that one we find in the determination to prohibit the further issue of [United States Notes]...To what have we been indebted for [the increased economic activity]? To protection and the " greenbacks"! What is it that we are now laboring to destroy? Protection and the Greenback! Let us continue on in the direction in which we now are moving, and we shall see...not a re-establishment of the Union, but a complete and final disruption of it.

Carey's plans did not come to fruition as Lincoln was assassinated the next month and new President Andrew Johnson supported the gold standard. For other persons of the same name, see Andrew Johnson (disambiguation). ...


Advocacy

Senator Henry Clay leader of the Whig Party and advocate for the American System.
Senator Henry Clay leader of the Whig Party and advocate for the American System.

The "American System" was the name given by Henry Clay in a speech before Congress advocating an economic program [1] based on the economic philosophy derived from Alexander Hamilton's economic theories (see Report on Manufactures, Report on Public Credit I and II). Clay's policies called for a high tariff to support internal improvements such as road-building, and a national bank to encourage productive enterprise and to form a national currency as Hamilton had advocated as Secretary of the Treasury. From [1], in the public domain This image is in the public domain because its copyright has expired in the United States and those countries with a copyright term of life of the author plus 100 years. ... From [1], in the public domain This image is in the public domain because its copyright has expired in the United States and those countries with a copyright term of life of the author plus 100 years. ... Henry Clay, Sr. ... The Monkey System or Every One For Himself Henry Clay says Walk in and see the new improved original grand American System! The cages are labeled: Home, Consumption, Internal, Improv. This 1831 cartoon ridiculing Clays American System depicts monkeys, labeled as being different parts of a nations economy... Henry Clay, Sr. ... A portrait of Alexander Hamilton by John Trumbull, 1792. ... This article or section does not cite its references or sources. ... This article does not cite any references or sources. ... The notion of internal improvements or public works is a concept in economics and politics. ...


"Clay first used the term “American System” in 1824, although he had been working for its specifics for many years previously. Portions of the American System were enacted by Congress. The Second Bank of the United States was rechartered in 1816 for 20 years. High tariffs were maintained from the days of Hamilton until 1832. However, the national system of internal improvements was never adequately funded; the failure to do so was due in part to sectional jealousies and constitutional scruples about such expenditures."[21]


Clay's plan became the leading tenet of the National Republican Party of John Quincy Adams and the Whig Party of himself and Daniel Webster.-1... The Whig Party was a political party of the United States during the era of Jacksonian democracy. ...


The 'American System' was supported by New England and the Mid-Atlantic, which had a large manufacturing base. It protected their new factories from foreign competition.


The South opposed the 'American System' because its plantation owners were heavily reliant on production of cotton for export, and the American System produced lower demand for their cotton and created higher costs for manufactured goods. After 1828 the United States kept tariffs low until the election of Abraham Lincoln in 1861. Fundamentally, a plantation is usually a large farm or estate, especially in a tropical or semitropical country, on which cotton, tobacco, coffee, sugar cane, or trees and the like is cultivated, usually by resident laborers. ... Year 1828 (MDCCCXXVIII) was a leap year starting on Tuesday (link will display the full calendar) of the Gregorian Calendar (or a leap year starting on Thursday of the 12-day slower Julian calendar). ...


The term became synomonous with other phrases such as "National System" and "Protective System" as it was used over the course of time.


Implementation

According to a biography of Vice-President Calhoun, he said in 1837: "The station, from its leisure, gave me a good opportunity to study the genius of the prominent measure of the day, called then the American system, by which I profited." The biography continues: "Mr. Clay's American system, to which Mr. Calhoun referred, was in full success. The bank, the protective policy, the internal improvement system, and the "general welfare" rule for constitutional construction, composed this celebrated policy. […] An extra session of congress was called in the summer of 1841 [for] the restoration of his American system […] When the tariff question came up again in 1842, the compromise of 1833 was rudely overthrown, and the protective system placed in the ascendent. […] The hostility of President Tyler to the American system made its restoration during his administration only partial."[2]


Due to the dominance of the then Democratic Party of Van Buren, Polk, and Buchanan the American School was not embraced as the economic philosophy of the United States until the election of Abraham Lincoln in 1860, who with a series of laws during the American Civil War was able to fully implement what Hamilton, Clay, List, and Carey theorized, wrote about, and advocated. For information about the current United States Democratic Party and its beliefs, as well as a concise history summary of the party, see Democratic Party (United States). ... Martin Van Buren (December 5, 1782 – July 24, 1862), nicknamed Old Kinderhook, was the eighth President of the United States from 1837 to 1841. ... This article is about the U.S. President. ... James Buchanan (April 23, 1791 – June 1, 1868) was the 15th president of the United States (1857–1861). ... Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties 110,000 killed in action, 360,000 total dead, 275,200 wounded 93,000 killed in action, 258,000 total... Alexander Hamilton (January 11, 1755 or 1757–July 12, 1804) was an Army officer, lawyer, Founding Father, American politician, leading statesman, financier and political theorist. ... Henry Clay, Sr. ... Friedrich List (August 6, 1789 - November 30, 1846) was a leading 19th Century German economist who believed in the National System. // He was born at Reutlingen, Württemberg. ... Henry Charles Carey (December 15, 1793 - October 13, 1879), American economist, was born in Philadelphia. ...

President Lincoln an "Old Henry Clay tariff Whig" by his own definition, enacted much of the American School's core policies into law during his tenure as President 1861-1865.
President Lincoln an "Old Henry Clay tariff Whig" by his own definition, enacted much of the American School's core policies into law during his tenure as President 1861-1865.

The United States continued these policies throughout the later half of the 19th century. President William McKinley (1897–1901) stated at the time: Image File history File links Download high resolution version (2850x3742, 1215 KB) Description Abraham Lincoln, 16th President of the United States of America. ... Image File history File links Download high resolution version (2850x3742, 1215 KB) Description Abraham Lincoln, 16th President of the United States of America. ... For other uses, see Abraham Lincoln (disambiguation). ...

"[They say] if you had not had the Protective Tariff things would be a little cheaper. Well, whether a thing is cheap or dear depends upon what we can earn by our daily labor. Free trade cheapens the product by cheapening the producer. Protection cheapens the product by elevating the producer. Under free trade the trader is the master and the producer the slave. Protection is but the law of nature, the law of self-preservation, of self-development, of securing the highest and best destiny of the race of man.


"[It is said] that protection is immoral…. Why, if protection builds up and elevates 63,000,000 [the U.S. population] of people, the influence of those 63,000,000 of people elevates the rest of the world. We cannot take a step in the pathway of progress without benefitting mankind everywhere. Well, they say, ‘Buy where you can buy the cheapest'…. Of course, that applies to labor as to everything else. Let me give you a maxim that is a thousand times better than that, and it is the protection maxim: ‘Buy where you can pay the easiest.' And that spot of earth is where labor wins its highest rewards."[22]

The American System was important in the election politics for and against Grover Cleveland.[8] Stephen Grover Cleveland (March 18, 1837 – June 24, 1908), the twenty-second and twenty-fourth President of the United States, was the only President to serve non-consecutive terms (1885–1889 and 1893–1897). ...


Evolution

As the United States entered the 20th century, the "American School" was the policy of the United States under such names as: "American Policy", "Economic nationalism", "National System",[23] "Protective System", "Protection Policy",[24] and "Protectionism", which alludes only to the 'tariff policy' of this system of economics.[25][26][27][28][16] Economic nationalism is a term used to describe policies which are guided by the idea of protecting domestic consumption, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labour, goods and capital. ...


This continued until 1913 when the administration of Woodrow Wilson initiated his New Freedom policy that replaced the National Bank System with the Federal Reserve System, and lowered tariffs to revenue only levels with the Underwood Tariff. Year 1913 (MCMXIII) was a common year starting on Wednesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Tuesday of the 13-day-slower Julian calendar). ... Thomas Woodrow Wilson (December 28, 1856–February 3, 1924), was the twenty-eighth President of the United States. ... New Freedom is a borough in York County, Pennsylvania. ...


The election of Warren G. Harding and the Republican Party in 1920 represented a partial return to the American School through restoration of high tariffs, although a shift away from productive investments into speculation by the Federal Reserve System continued. This speculation lead to the Stock Market Crash on Black Friday in October of 1929. President Herbert Hoover responded to this crash and the subsequent bank failures and unemployment by signing the Smoot-Hawley Tariff, which some economists considered to have deepened the Great Depression, while others disagree.[29] Warren Gamaliel Harding (November 2, 1865 – August 2, 1923) was an American politician and the twenty-ninth President of the United States, from 1921 to 1923, when he became the fifth president to die in office. ... 1920 (MCMXX) was a leap year starting on Thursday. ... The Fed redirects here. ... Year 1929 (MCMXXIX) was a common year starting on Tuesday (link will display the full calendar) of the Gregorian calendar. ... Herbert Clark Hoover (August 10, 1874 – October 20, 1964), the thirty-first President of the United States (1929–1933), was a world-famous mining engineer and humanitarian administrator. ... The Smoot-Hawley Tariff Act raised US tariffs on over 20,000 dutiable items to record levels, and, in the opinion of many economists, protracted the Great Depression. ... For other uses, see The Great Depression (disambiguation). ...


The New Deal continued infrastructure improvements through the numerous public works projects of the Works Progress Administration (WPA) as well as the creation of the Tennessee Valley Authority (TVA); brought massive reform to the banking system of the Federal Reserve while investing in various ways in industry to stimulate production and control speculation; but abandoned protective tariffs while embracing moderate tariff protection (revenue based 20–30% the normal tariff under this) through reciprocity, choosing to subsidized industry as a replacement. At the close of World War II, the United States now dominant in manufacturing with little competition, the era of Free Trade had begun. [30] The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ... In international relations and treaties, the principle of reciprocity states that favours, benefits, or penalties that are granted by one state to the citizens or legal entities of another, should be returned in kind. ...


In 1973 when the "Kennedy" Round concluded under President Richard Nixon which cut U.S. tariffs to all time lows, the New Deal orientation towards reciprocity and subsidy ended, which moved the United States further in the Free Market direction and away from its American School economic system. [31] [32] For the song by James Blunt, see 1973 (song). ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy...


See also

  • History of economic thought
  • Historical school of economics

It has been suggested that History of economics be merged into this article or section. ... The Historical school of economics was a mainly German school of economic thought which held that a study of history was the key source of knowledge about human actions and economic matters, since economics would be culture-specific and not generalizable over space and time. ... Anders Chydenius Anders Chydenius (26 February 1729 – 1 February 1803) was the leading classical liberal of Nordic history. ... Daniel Raymond was the first important political economist to appear in the United States. ... David Ricardo (18th April, 1772–11th September, 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... Johann Heinrich von Thünen (24 June 1783 - 22 September 1850) ranks alongside Marx as the greatest economist of the nineteeth century (Fernand Braudel). ... John Stuart Mill (20 May 1806 – 8 May 1873), British philosopher, political economist civil servant, and Member of Parliament, was an influential liberal thinker of the 19th century. ... Thomas Robert Malthus, FRS (13th February, 1766 – 29th December, 1834), was an English demographer and political economist. ... Sir William Petty (May 27, 1623 – December 16, 1687) was an English economist, scientist and philosopher. ...

Notes

  1. ^ Henry Clay: National Socialist by Thomas J. DiLorenzo, Mises.org.
  2. ^ a b c John Caldwell Calhoun.
  3. ^ "Free Trade Fallacy" New America.
  4. ^ "Republican Party Platform of 1860" presidency.ucsb.edu
  5. ^ "Republican Party Platform of 1856" presidency.ucsb.edu.
  6. ^ Pacific Railway Act (1862) ourdocuments.gov.
  7. ^ "History of U.S. Banking" SCU.edu.
  8. ^ a b ANDREWS, E. Benjamin, Page 180 of Scribner's Magazine Volume 18 #1 (January–June 1896); "A History of the Last Quarter-Century".
  9. ^ Lind, Michael: "Lincoln and his successors in the Republican party of 1865–1932, by presiding over the industrialization of the United State, foreclosed the option that the United States would remain a rural society with an agrarian economy, as so many Jeffersonians had hoped." and "…Hamiltonian side… the Federalists; the National Republicans; the Whigs, the Republicans; the Progressives." — "Hamilton's Republic" Introduction pp. xiv–xv. Free Press, Simon & Schuster, USA: 1997. ISBN 0-684-83160-0.
  10. ^ Lind, Michael: "During the nineteenth century the dominant school of American political economy was the "American School" of developmental economic nationalism… The patron saint of the American School was Alexander Hamilton, whose Report on Manufactures (1791) had called for federal government activism in sponsoring infrastructure development and industrialization behind tariff walls that would keep out British manufactured goods… The American School, elaborated in the nineteenth century by economists like Henry Carey (who advised President Lincoln), inspired the "American System" of Henry Clay and the protectionist import-substitution policies of Lincoln and his successors in the Republican party well into the twentieth century." — "Hamilton's Republic" Part III "The American School of National Economy" pp. 229–30. Free Press, Simon & Schuster, USA: 1997. ISBN 0-684-83160-0.
  11. ^ Richardson, Heather Cox: "By 1865, the Republicans had developed a series of high tariffs and taxes that reflected the economic theories of Carey and Wayland and were designed to strengthen and benefit all parts of the American economy, raising the standard of living for everyone. As a Republican concluded… "Congress must shape its legislation as to incidentally aid all branches of industry, render the people prosperous, and enable them to pay taxes… for ordinary expenses of Government." — "The Greatest Nation of the Earth" Chapter 4, "Directing the Legislation of the Country to the Improvement of the Country: Tariff and Tax Legislation" pp. 136–37. President and Fellows of Harvard College, USA: 1997. ISBN 0-674-36213-6.
  12. ^ Boritt, Gabor S: "Lincoln thus had the pleasure of signing into law much of the program he had worked for through the better part of his political life. And this, as Leornard P. Curry, the historian of the legislation has aptly written, amounted to a "blueprint for modern America." and "The man Lincoln selected for the sensitive position of Secretary of the Treasury, Salmon P. Chase, was an ex-Democrat, but of the moderate cariety on economics, one whom Joseph Dorfman could even describe as 'a good Hamiltonian, and a western progressive of the Lincoln stamp in everything from a tariff to a national bank.'" — "Lincoln and the Economics of the American Dream" Chapter 14, "The Whig in the White House" pp. 196–97. Memphis State University Press, USA: 1994. ISBN 0878700439.
  13. ^ a b hmco.org
  14. ^ J.L.M. Curry, "Confederate States and Their Constitution", The Galaxy, New York, 1874 cornell.edu
  15. ^ Gill, William J. "By 1880 the United States of America had overtaken and surpassed England as industrial leader of the world." — "Trade Wars Against America: A History of United States Trade and Monetary Policy", Chapter 6, "America becomes Number 1" pp. 39–49. Praeger Publishers, USA: 1990. ISBN 0-275-93316-4.
  16. ^ a b George D. Prentice, "Life of Henry Clay", The North American Review, Boston Massachusetts, 1831
  17. ^ cornell.edu
  18. ^ a b Henry C. Carey, Harmony of Interests
  19. ^ http://yamaguchy.netfirms.com/7897401/benton/calhoun_370918.html
  20. ^ http://quod.lib.umich.edu/cgi/t/text/text-idx?c=moa;cc=moa;rgn=main;view=text;idno=AEU5158.0001.001
  21. ^ Ideas and Movements: American System" U-S-History.com
  22. ^ William McKinley speech, Oct. 4, 1892 in Boston, MA William McKinley Papers (Library of Congress)
  23. ^ econlib.org
  24. ^ cornell.edu
  25. ^ cornell.edu
  26. ^ cornell.edu
  27. ^ cornell.edu.
  28. ^ cornell.edu.
  29. ^ Gill, William J. Trade Wars Against America: A History of United States Trade and Monetary Policy (1990)
  30. ^ Lind, Michael: "Free Trade Fallacy" by Michael Lind, New America Foundation.] "Like Britain, the US protected and subsidised its industries while it was a developing country, switching to free trade only in 1945, when most of its industrial competitors had been wiped out by the second world war and the US enjoyed a virtual monopoly in many manufacturing sectors." New America Foundation, - "Free Trade Fallacy" Jan. 2003
  31. ^ Dr. Ravi Batra, "The Myth of Free Trade": "Unlike most of its trading partners, real wages in the United States have been tumbling since 1973, the first year of the country's switch to laissez-faire." (pp. 126–27) "Before 1973, the US economy was more or less closed and self-reliant, so that efficiency gains in industry generated only a modest price fall, and real earnings soared for all Americans." (pp. 66–67) "Moreover, it turns out that 1973 was the first year in its entire history when the United States became an open economy with free trade." (p. 39)
  32. ^ Lind, Michael:"The revival of Europe and Japan by the 1970s eliminated these monopoly profits, and the support for free trade of industrial-state voters in the American midwest and northeast declined. Today, support for free-trade globalism in the US comes chiefly from the commodity-exporting south and west and from US multinationals which have moved their factories to low-wage countries like Mexico and China." New America Foundation, "Free Trade Fallacy" Jan. 2003

Henry Charles Carey (December 15, 1793 - October 13, 1879), American economist, was born in Philadelphia. ...

References

Modern books

  • Batra, Ravi, Dr., The Myth of Free Trade: The pooring of America (1993)
  • Boritt, Gabor S. Lincoln and the Economics of the American Dream (1994)
  • Buchanan, Patrick J., The Great Betrayal (1998)
  • Curry, Leonard P. Blueprint for Modern America: Nonmilitary Legislation of the First Civil War Congress (1968)
  • Croly, Herbert, The Promise of American Life (2005 reprint)
  • Dobbs, Lou Exporting America: Why Corporate Greed is Shipping American Jobs Overseas (2004)
  • Joseph Dorfman. The Economic Mind in American Civilization, 1606–1865 (1947) vol 2
  • Joseph Dorfman. The Economic Mind in American Civilization, 1865–1918 (1949) vol 3
  • Foner, Eric. Free Soil, Free Labor, Free Men: The Ideology of the Republican Party before the Civil War (1970)
  • Faux, Jeff. The Global Class War (2006)
  • Gardner, Stephen H. Comparative Economic Systems (1988)
  • Gill, William J. Trade Wars Against America: A History of United States Trade and Monetary Policy (1990)
  • Carter Goodrich, Government Promotion of American Canals and Railroads, 1800–1890 (Greenwood Press, 1960)
    • Goodrich, Carter. "American Development Policy: the Case of Internal Improvements," Journal of Economic History, 16 (1956), 449–60. in JSTOR
    • Goodrich, Carter. "National Planning of Internal Improvements," ;;Political Science Quarterly, 63 (1948), 16–44. in JSTOR
  • Richard Hofstadter, "The Tariff Issue on the Eve of the Civil War," American Historical Review, 64 (October 1938): 50–55, shows Northern business had little interest in tariff in 1860, except for Pennsylvania which demanded high tariff on iron products
  • Jenks, Leland Hamilton. "Railroads as a Force in American Development," Journal of Economic History, 4 (1944), 1–20. in JSTOR
  • John Lauritz Larson. Internal Improvement: National Public Works and the Promise of Popular Government in the Early United States (2001)
  • Lively, Robert A. "The American System, a Review Article," Business History Review, XXIX (March, 1955), 81–96. Recommended starting point.
  • Lauchtenburg, William E. Franklin D. Roosevelt and the New Deal 1932–40 (1963)
  • Lind, Michael Hamilton's Republic: Readings in the American Democratic Nationalist Tradition (1997)
  • Lind, Michael What Lincoln Believed: The Values and Convictions of America's Greatest President (2004)
  • Paludan, Philip S. The Presidency of Abraham Lincoln (1994)
  • Richardson, Heather Cox. The Greatest Nation of the Earth: Republican Economic Policies during the Civil War (1997)
  • Remini, Robert V. Henry Clay: Statesman for the Union. New York: W. W. Norton Co., 1991
  • Roosevelt, Theodore. The New Nationalism (1961 reprint)
  • Richardson, Heather Cox. The Greatest Nation of the Earth: Republican Economic Policies during the Civil War (1997)
  • Edward Stanwood, American Tariff Controversies in the Nineteenth Century (1903; reprint 1974), 2 vols., favors protectionism

Ravi Batra is a U.S. economist and professor at Southern Methodist University in Dallas, Texas. ... Patrick Joseph Buchanan (born November 2, 1938) is an American politician, author, syndicated columnist, and broadcaster. ... Herbert David Croly (January 23, 1869 - May 17, 1930) was a liberal political author. ...

Older books

  1. W. Cunningham, The Rise and Decline of the Free Trade Movement (London, 1904)
  2. G. B. Curtiss, Protection and Prosperity; and W. H. Dawson, Protection in Germany (London, 1904)
  3. Alexander Hamilton, Report on the Subject of Manufactures, communicated to the House of Representatives, 5th December 1791
  4. F. Bowen, American Political Economy (New York, 1875)
  5. J. B. Byles, Sophisms of Free Trade (London, 1903); G. Byng, Protection (London, 1901)
  6. H. C. Carey, Principles of Social Science (3 vols., Philadelphia, 1858–59), Harmony of Interests Agricultural, Manufacturing and Commercial (Philadelphia, 1873)
  7. H. M. Hoyt, Protection v. Free Trade, the scientific validity and economic operation of defensive duties in the United States (New York, 1886)
  8. Friedrich List, Outlines of American Political Economy (1980 reprint)
  9. Friedrich List, National System of Political Economy (1994 reprint)
  10. A. M. Low, Protection in the United States (London, 1904); H. 0. Meredith, Protection in France (London, 1904)
  11. S. N. Patten, Economic Basis of Protection (Philadelphia, 1890)
  12. Ugo Rabbeno, American Commercial Policy (London, 1895)
  13. Ellis H. Roberts, Government Revenue, especially the American System, an argument for industrial freedom against the fallacies of free trade (Boston, 1884)
  14. R. E. Thompson, Protection to Home Industries (New York, 1886)
  15. E. E. Williams, The Case for Protection (London, 1899)
  16. J. P. Young, Protection and Progress: a Study of the Economic Bases of the A merican Protective System (Chicago, 1900)
  17. Clay, Henry. The Papers of Henry Clay, 1797–1852. Edited by James Hopkins

Friedrich List (August 6, 1789 - November 30, 1846) was a leading 19th Century German economist who believed in the National System. // He was born at Reutlingen, Württemberg. ... Friedrich List (August 6, 1789 - November 30, 1846) was a leading 19th Century German economist who believed in the National System. // He was born at Reutlingen, Württemberg. ...

External links


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