USA HISTORY

Detailed explanation-1: -Hamilton’s economic plan for the nation included establishing a national bank like that in England to maintain public credit; consolidating the states’ debts under the federal government; and enacting protective tariffs and government subsidies to encourage American manufactures.

Detailed explanation-2: -Hamilton believed that industrialization would encourage skilled workers to immigrate to America. Alexander Hamilton admired the global economic power of the British, and wanted to strengthen America’s fledgling economy so it could compete effectively with more industrialized nations.

Detailed explanation-3: -Hamilton’s plan called for the government to repay both federal and state debts. He wanted the government to buy up all the bonds issued by both the national and state government before 1789. He then planned to issue new bonds to pay off the old debts.

Detailed explanation-4: -Best type of government: Hamilton was a strong supporter of a powerful central or federal government. His belief was that a governmental power should be concentrated in the hands of those few men who had the talent and intelligence to govern properly for the good of all the people.