The Market Economy in Jacksonian America. Did it benefit or hurt america - Research Paper Example

His support for the economic development played the role in a positive growth. After the constitution was passed the economy became more controllable and this produced a positive effect. During this period, America depended on Rail roads for transport which led to the gradual growth of the economy. Alexander Hamilton who was the secretary of the treasury at the time strongly advocated for a strong central government which would control the industrial economy. Hamilton and his followers suggested that the government would have a control point of the economy and this would introduce a new American economy.

They pointed out that a national bank would be appropriate to control the currency flow and provide loans for the growth of small industries. However during this time debates were already on the table as to how the American economy should be. Clearly different school of thoughts existed between the noble Americans. President Thomas Jefferson and his supporters idealized a government which was based on agriculture as the main core. Jefferson strongly opposed the policies and ideas put forward by Hamilton, he was also against the idea of having a central government.

Under the government of President James Madison in the year 1811, the first bank’s charter expired. There was a civil was in 1812 and the bank was not re-chartered until 1816 when the second Bank was formed. Andrew Jackson became president in 1828 and during his administration he introduced the Jackson an economy. He and his supporters led to the defeat and abolishment of the Second Bank of United States. He strongly advocated for the common white man not to be taxed heavily for the growth of an economy.

During his time, the Southern economy was much developed and this led to proposals of expanding the Northern part being cancelled. This is because the southern believed that the Northern part would become more powerful. The country reeled back to the dependency on