Thomas Jefferson and Alexander Hamilton on Economy
The history of the United States of America extends way back before independence. However, history becomes richer after the United States obtained liberation from the British. George Washington became the first president of the United States, and history changed since then. In the cabinet of George Washington, two men held conflicting interests that have existed to date. Thomas Jefferson and Alexandre Hamilton served in President Washington’s first cabinet despite holding radically different views towards the government. The differences between Thomas Jefferson and Alexandre Hamilton were so distinct that the only opinion they agreed on was to ask President Washington to vie for an additional term in office. America still resides on opposing political forces; the federalists and republicans, that are based on Jefferson and Hamilton’s ideologies. Alexandre Hamilton was for the opinion that the United States would emerge as an economic and military power that would outgrow Great Britain and other powers in Europe. Thomas Jefferson, on the other side, was for the opinion of revolutionizing America to rebuild a spirit of republicans.
Alexander Hamilton was the leader of the federalists’ philosophy that advocated for a strong central government. Hamilton believed that the federal government had the power to control the economic and political systems on behalf of the states. Besides, Hamilton was aware of the confusion that would be caused by letting the states to pursue their interests. According to Hamilton from “Report on Manufacturers”, leaving the states to make significant economic decisions such as those regarding manufacturing posed a risk to the risk of the entire nation. In the report presented by Hamilton in 1790 concerning the state of manufacturers, Hamilton takes his usual position that the federal government should regulate manufacturers. Hamilton believed that America needed to improve the manufacturing sector to prosper against international competition. Also, Hamilton argued that American needed a stable economy to support military and other development activities. On the other side, Thomas Jefferson held a different opinion that advocated for more people-centered decision making.
Thomas Jefferson led the democratic-republican philosophy that believed in giving power to the people. The argument presented by Jefferson was that the people could make a decision based on their needs. Besides, the democratic-republicans were afraid that an all-powerful and tyrannical government would take advantage of the power given by the people (Jefferson, 2018). The fear by the democratic-republicans was further worsened by the belief that the views of the people would not matter in sensitive issues. The report on manufacturing by Jefferson brought out the claim that America needed to borrow the power structure from the European nations. Jefferson believed that production should be left at the regulation of the states and that the federal government should be committed to dealing with international economic activities.
Alexander Hamilton supported a central government that made all the economic decision on behalf of the people. For example, the central government would advocate for the division of labor and the introduction of machinery in agriculture. Hamilton warns of the dangers of concentrating on private production and that imbalances might happen (Bingham, 2016). At some point in the report on manufacturing, Hamilton believes that private production was leading to waste since surplus products were not getting the required market. According to Hamilton, the federal government needed more powers in a bid to diversify production and ensure that domestic surplus accessed the necessary market. Besides, Hamilton was for the opinion that a stronger federal government would be in a prime position to prevent interstate conflicts. Therefore, manufacturing would be boosted where states are only concerned with production. The regulation duties were viewed by the federalists as the responsibility of the federal government. Unlike Hamilton, Jefferson did not support manufactures in the US and thought that the production of raw materials was better for the economy.
Thomas Jefferson believed that America’s economy would prosper by relying on artistry in Europe. According to Jefferson, America had sufficient labor to work in the fields and that the citizens should be allowed to work in the areas at their convenience. According to Jefferson on “Notes on the State of Virginia”, America was at a stage where manufacturing should be done “out of necessity and not a choice.” The states need to be given the authority to manufacture what they needed without the interference of the federal government. The opinions by Jefferson were unfortunate and created rifts in the unity of America.
Both Jefferson and Hamilton had reasons for supporting their philosophies. The viewpoints presented cannot be said with finality as to whether they have positively or negatively changed America. However, Hamilton’s standpoint made more sense. The claims by Hamilton were visionary and placed America in a position to become a strong industrial power. Also, Hamilton appeared to be considerate of the difficulties that the federal government was going through due to lack of supplies and power. Besides, Hamilton’s views created a counter-balance to Jefferson’s viewpoints, which could weaken the government.
In sum, Thomas Jefferson and Alexander Hamilton held radically different viewpoints towards the government. Alexander Hamilton was the leader of the federalists’ philosophy that advocated for a stable central government. On the other side, Thomas Jefferson led the democratic-republican philosophy that believed in giving power to the people. However, the viewpoints presented cannot be said with finality as to whether they have positively or negatively changed America. Generally, America still witnesses the impacts of the viewpoints held by Jefferson and Hamilton to date.
References
Bingham, R. D. (2016). Industrial Policy American-style: From Hamilton to HDTV: From Hamilton to HDTV. Routledge.
Jefferson, T. (2018). Thomas Jefferson: Notes on the State of Virginia: A Compilation of Data About the State’s Natural Resources, Economy and the Nature of the Good Society. e- artnow.