Introduction
Alexander Hamilton was one of the founding fathers of the American nation, a political scientist, and an economist. He served as the very first ‘U.S secretary of the treasury’ and was also a principal of the nationalist movement; who pursued the making of a new constitution being one of the initial constitutional attorneys. How further wrote the constitutional interpretation for the federalist movement that formed a core aspect in the Washington government centered on the Federalist political wing (Tindall & Shi, 2006).
Main Body
Being the secretary of the Treasury wing of the then administration; in adherence to the ruling of the committee of representatives in the year 1970, he proposed the future of the United States especially about manufacturers concentrating on the issues they could put into consideration; to make the U.S independent of all other nations about their military and development related provisions and essential supplies (Tindall & Shi, 2006).
According to him, the sphere of agriculture is not just but the most producing but also the only producing sphere of the economy. Based on this he argued that the available system was not friendly and promoting the productivity of manufacturers. However this argument has not yet been verified to certainty; as there have not been any precise facts and calculations performed on its claims, as the arguments leveled to support it are rather unconvincing and contradictory (Tindall & Shi, 2006).
According to Hamilton; the success of this sphere of production and the general failure of manufacturers is a result of the shortage of expertise, the highly demanded nature of capital and the high cost of labor. In support of the contention that labor was insufficient, he argued that despite every part of the nation is highly populated; the labor force of these areas is getting drained as the members leave to prosperous expanding towns and urban areas. About that there is a lack of hands; Hamilton argued that with the usage of machines in performing economic activities and the inflow of foreign labor force; the major effects of the inability of manufacturers to succeed is influenced b these factors (Tindall & Shi, 2003).
With regard to the dearness of manual labor; the effect is brought about by the unavailability of manual labor (hands); and the greatness of the proceeds to be attained from the production. However he attributes these phenomena to the usage of machine labor which was on the rise during the time of projection (Tindall & Shi, 2003).
In the area of the want for capital; he argued that the introduction of capital creation of firms like banks that have the effect of extending the active capital of a nation, hurts the manufacturers. However, under this aspect, he argued that in the case that the establishment of these firms will be done prudently; in areas of advantage, and where they can be supported then they could promote the energies available in all economic operations (Tindall & Shi, 2003).
From these three grounds he argued that there would be the use of public funds as capital; where these resources serve as a source of misappropriation of an equal amount of capital in some other area. He further argued that industries would work on and utilize foreign resources and raw materials for production; at the expense of the resources available within the nation which negatively affects the free competition situation. According to him, based on this unfavorable competition the conditions of monopoly will be done away with; proceeds from manufacturing are reduced to the minimum amounts, and as a result reduction of the profit realized from the capital employed (Tindall & Shi, 2006).
Conclusion
In conclusion; the success of the nation which greatly determines not only the wealth but also the security and independence of the nation and on a more specific basis the manufacturers; will be nurtured if these three areas of concern were to be addressed. He further argued that this success and welfare being the fuel for the provision and self-actualization in the society, a balance between trade, manufacturing, and agriculture is a major determinant of the nation’s future success (DiLorenzo, 2008).
Reference
DiLorenzo, T. (2008). Hamilton’s curse: How Jefferson’s Arch enemy betrayed the American Revolution–and what it means for Americans today, 1st edition. New York: Crown Forum Press.
Tindall, G. & Shi, D. (2006). America: A narrative history, Seventh edition/ Volume 1. New York: W.W. Norton & Company press.
Tindall, G. & Shi, D. (2003). America: A narrative history, Sixth edition/ Volume 1. New York: W.W. Norton & Co Inc.