Alexander Hamilton's Economic Theory and Philosophy | Free Essay Example

Alexander Hamilton’s Economic Theory and Philosophy

Words: 555
Topic: Philosophy
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Alexander Hamilton was the first economist in America who held a principal political figure, but he never managed to become a president in America. There was a great depression in the 1930s where he was allied with the monetary policies in reverence to the American economy that held accountability for the disaster. Hilton held some political as well as economic assistance to the institution and the advancement of his nation America through accentuating its stability as well as the independence. He, therefore, wrote many treatises in the field of political science. No one can deny the imprint which was left upon America by Hamilton such that even time fails to efface it. His theory and philosophy are still at work even today due to their continuous effects.

International relations in America have continued on the economic ideologies of Hamilton being part of the relations bases. Using his philosophical way of thinking, America has been in a position to hold strong international lawful and monetary institutions. One of the Hamilton philosophical ways of thinking and theory that affect us up to today is the federalist essays that he wrote, for instance, federalist paper No 1. Federalism is the advocacy of the centralized power division, which happens between constituent units1 Alexander was determined in all ways to influence people for the support of a politically powerful centralized regime, which led to several federal papers. Out of his influence, United States is said to have moved from dual federalism into cooperative federalism even though the kind of change since then was slow; it still held some steady path, and now it has been finally been achieved.

Hamilton argued that through the approach of a federal government, it could embark on the most comprehensive plans. He considered the approach of progressing through the general interests. He had observed that public money should be used in the acquisition of useful branches. There are, however, some negative effects that are felt up to today in America through the influence of federalism by Hamilton.

For instance, during the reign of Reagan, he was in an attempt of retaining powers that had been already in full use by the federal regime, which in turn led to an increase in bureaucratic procedure. The federal taxes at this point increased instead of reducing. The former U.S Bill Clinton also failed in promoting perfect national health. It is a fact that federalism has continually affected the U.S up to today. On the other hand, there are positive effects experienced up to today due to the constraining of the efforts of the regime, thus reducing the exploitation through coercive supremacy.

No one can negate the fact that Alexander Hamilton’s economic theory and philosophy is affecting us up to today. The above discussion has illustrated how, through his efforts to put into place a federal regime, the effects of federalism are still being experienced. His effort of revitalizing the U.S economy and the provision of the momentum for the extension of the economic progress is still being recognized where he is credited for his efforts2. Americans, on the other hand, still face the burden of the taxpaying just the way it was when he increased taxes for the people to pay off the American regime out of the inflation, an act that was repeated during the Reagan reign.

Bibliography

Ambrose, Douglas, Robert William, and Thomas Martin. The many faces of Alexander Hamilton: the life & legacy of America’s most elusive founding father. New York: NYU Press, 2006.

Miller, John Chester, and A Owen Aldridge. Alexander Hamilton and the growth of the new nation. New York: Transaction Publishers, 2003.

Footnotes

  1. John Chester Miller and Owen Aldridge A, Alexander Hamilton, and the growth of the new nation (New York: Transaction Publishers, 2003), 297.
  2. Douglas Ambrose, Robert William, and Thomas Martin, The many faces of Alexander Hamilton: the life & legacy of America’s most elusive founding father, ( New York: NYU Press, 2006), 211.