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| Among the most important improvements created under the American system were the ] and the ]. Perhaps the most important 19th Century proponent of American System economics was Abraham Lincoln's advisor, ], author of ''The Harmony of Interests''. | Among the most important improvements created under the American system were the ] and the ]. Perhaps the most important 19th Century proponent of American System economics was Abraham Lincoln's advisor, ], author of ''The Harmony of Interests''. | ||
| The '''American System''' has been increasing ignored by historians and economics professors, but it is arguably the only approach that has been historically successful in bringing about the rapid economic progress of nations, as demonstrated by its success under the ] and its subsequent revival under ]. The two approaches which dominate the academic world today, ] and ], have yet to produce substantial results, and nations which practice them seem to rely on the exploitation of other nations to survive. | |||
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| The most outspoken proponent of American System Economics today is the American politician and economist ]. | |||
Revision as of 12:51, 19 May 2004
The American System, pioneered by Henry Clay, created a high tariff to support internal improvements such as road-building. This mercantilist system represented the legacy of Alexander Hamilton, who in his Report on Manufactures argued that the U.S. could not become fully independent until it were self-sufficient in all necessary economic products; the opposing view, represented by Thomas Jefferson and later by the Confederacy, maintained that the U.S. were better off as an agrarian nation with a plantation economy -- which, the proponents of the American System argued, would represent a feudal society, as desired by the British.
The high tariff was supported by New England, which had a heavy manufacturing base, because it protected the factories from foreign competition and allowed higher prices. The South, on the other hand, produced cotton for export and feared retaliatory tariffs on its products from other countries.
Among the most important improvements created under the American system were the Erie Canal and the Cumberland Road. Perhaps the most important 19th Century proponent of American System economics was Abraham Lincoln's advisor, Henry C. Carey, author of The Harmony of Interests.
The American System has been increasing ignored by historians and economics professors, but it is arguably the only approach that has been historically successful in bringing about the rapid economic progress of nations, as demonstrated by its success under the Lincoln Administration and its subsequent revival under Franklin Delano Roosevelt. The two approaches which dominate the academic world today, Laissez-Faire and Marxism, have yet to produce substantial results, and nations which practice them seem to rely on the exploitation of other nations to survive.
The most outspoken proponent of American System Economics today is the American politician and economist Lyndon LaRouche.