Economic System known as the American System
1. Describe the economic system known as the American System.
2. Describe the changes that took place in American politics during the first decades of the 1800s, and explain reasons for these changes.
“American System was a program for economic development (McNamara, R. 2012).” With the way that America was changing you had a younger generation that was eager for change as well. American politicians had gained a better trust from the people. Henry Clay and John Calhoun two Democratic-Republicans had embraced Jefferson’s vision for a small federal government. “Together, they advanced a vision that the federal government should encourage economic enterprise by internal improvements, develop a secure economic institution, and provide for the security of America’s economic interests (www.betheluniversityonline.net, 2012).” Internal improvements would be the building of roads and canals. Congress refused to help the First National Bank before the war it caused many banks to be created. These various banks created their own currency and credit, which caused lots of problems. Part of the American System was the creation of the Second Bank of the United States. “Calhoun and Clay also supervised the passage of the Tariff of 1816, which taxed all incoming goods at the stiff rate of 25 percent (www.betheluniversityonline.net, 2012).” This would limit the amount of foreign goods coming to the United states and encourage growth and development within America.
Reference:
Schultz, K., Hist2, Volume 1, History of the United States I, Bethel University Online https://www.betheluniversityonline.net/cps/SectionFramework.aspx?SectionID=254 McNamara, Robert, September 27, 2012, American System (Economic Ideas Advanced by Henry Clay), About.com Guide, http://history1800s.about.com/od/1800sglossary/g/americansysdef.htm In 1819 the United States had actually experienced its first major economic depression. This brought about change during the next two
2. Describe the changes that took place in American politics during the first decades of the 1800s, and explain reasons for these changes.
“American System was a program for economic development (McNamara, R. 2012).” With the way that America was changing you had a younger generation that was eager for change as well. American politicians had gained a better trust from the people. Henry Clay and John Calhoun two Democratic-Republicans had embraced Jefferson’s vision for a small federal government. “Together, they advanced a vision that the federal government should encourage economic enterprise by internal improvements, develop a secure economic institution, and provide for the security of America’s economic interests (www.betheluniversityonline.net, 2012).” Internal improvements would be the building of roads and canals. Congress refused to help the First National Bank before the war it caused many banks to be created. These various banks created their own currency and credit, which caused lots of problems. Part of the American System was the creation of the Second Bank of the United States. “Calhoun and Clay also supervised the passage of the Tariff of 1816, which taxed all incoming goods at the stiff rate of 25 percent (www.betheluniversityonline.net, 2012).” This would limit the amount of foreign goods coming to the United states and encourage growth and development within America.
Reference:
Schultz, K., Hist2, Volume 1, History of the United States I, Bethel University Online https://www.betheluniversityonline.net/cps/SectionFramework.aspx?SectionID=254 McNamara, Robert, September 27, 2012, American System (Economic Ideas Advanced by Henry Clay), About.com Guide, http://history1800s.about.com/od/1800sglossary/g/americansysdef.htm In 1819 the United States had actually experienced its first major economic depression. This brought about change during the next two