This essay will examine Alexander Hamilton's role in establishing the US Treasury and laying the foundation for the American Economic System. The real importance of Hamiltonian ideas and initiatives can only be realized by comparing his efforts to that of modern-day economists. …
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This paper illustrates that “The most practical nation builder of the Founding Fathers, Hamilton (1755-1804) fought tirelessly for ratification of the Constitution, played a pivotal role in creating a centralized and powerful nation-state, and argued persuasively for a strong presidency and an independent judiciary. It was Hamilton, at the beginning of the nation's history, who provided a prophetic vision of the United States as a global power stabilized by capitalism and with a military second to none.” While Hamilton contributed to all aspects of government formulation, he is best remembered for his role in designing the young nations economic system. During and after his lifetime Hamilton was overshadowed by his more popular adversary Thomas Jefferson. While Jefferson's dominant image persists today, “the irony is that Hamilton's concept of the federal government, not Jeffersons, is what has evolved and endures”. This is particularly valid with respect to the country's economic system and the organization of its constituent agencies such as the U.S. Treasury. Hamilton could rightly be considered a visionary, who saw the importance of economic growth and technological innovation. His state papers on the subject of the economy are considered by modern scholars to be a monumental effort “toward establishing a rational basis for planning and legislation; his Report on Manufacturers and his advocacy of federal public works are remarkably modern descriptions of the relationship between government and technology”. As the first Secretary of the Treasury and the unofficial aide to George Washington, Hamilton was instrumental in designing the American bureaucracy, which prevails even to this day. In this unofficial capacity as the confidante and aide of the first President, Hamilton also wrote many of the Presidential addresses, most notable of which is the Farewell Address delivered by Washington at the end of his second term.
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(“Hamilton's Role as the Secretary of Treasury Research Paper”, n.d.)
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“Hamilton'S Role As the Secretary of Treasury Research Paper”, n.d. https://studentshare.org/history/1569660-examine-alexander-hamiltons-role-in-establishing-the-us-treasury-and-laying-the-foundation-for-the-american-economic-system.
The risk free interest rate is the interest rate on a security which has no risk such as Treasury Bills. The real risk free interest rate is not constant and changes in relation to economic conditions such as “on the rate of return corporations and other borrowers expect to earn on productive assets and on people’s time preferences for current versus future consumption” (Brigham and Ehrhardt 2005, p28).
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