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American System (economic plan)
Protectionist economic policies of the early 19th-century United States
American System (economic plan)
The American System was an economic plan that played an important role in American policy during the first half of the 19th century, rooted in the "American School" ideas and of the Hamiltonian economic program of Alexander Hamilton. A plan to strengthen and unify the nation, the American System was advanced by the Whig Party and a number of leading politicians including Henry Clay and John Quincy Adams. Clay was the first to refer to it as the "American System". Motivated by a growing American economy bolstered with major exports such as cotton, tobacco, native sod, and tar, the politicians sought to create a structure for expanding trade. This System included such policies as: Support for a high tariff to protect American industries and generate revenue for the federal government Maintenance of high public land prices to generate federal revenue Preservation of the Bank of the United States to stabilize the currency and rein in risky state and local banks Development of a system of internal...
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