One of the factors is its land expansion …show more content…
In the mid-eighteen centuries, due to the multiple acts made by the British, the thirteen colonies did not have a good economy. For instance, the tea companies were collapsed because of the Tea Act which passed by parliament and claimed that only British East India Company could sell their tea in the colonies; the Townshend Acts raised the taxes on glass, paper, lead, and tea. Since 1787, the year that the United States Constitution was signed, the economy began to improve. The economy was chaotic in the early 1780s because of the American Revolution. On September 11, 1789, Alexander Hamilton was appointed by the President George Washington as the first United States Secretary of the Treasury. In his term, he solved the problems of the government’s public credit due to the huge debts during the American Revolution War perfectly. Besides, in order to unify the currency and increase the flow of money, he suggested to build a bank of the country, which is the first bank of United States. He also believed that a central bank could keep states away from competing with each other. His creative financial plan made the America overcome the economic obstacles and let the United States a powerful