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History assignment - Essay Example

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The Bank was not only acting in a manner that was non-democratic and hegemonic, but its actions also went against the aspirations of the masses and the dictates of a democratic society.
Many of the…
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History assignment

Download file to see previous pages... too centralized and the bank acted in an utterly autocratic manner, allocating funds to the concerns it deemed to be suitable, without evincing any subjugation to the democratically elected government. Besides, a financial institution should not interfere into the politics and financial stability of any democratic nation. However, the president of the Second Bank, Nicholas Biddle not only tried his best to scuttle that national financial scenario in 1833, but also tried to foment a national credit crunch, going against the interests of both the elite sections of the society and the common people. Hence, it was but imperative for President Andrew Jackson to bring down the bank, being a democratically elected representative of the ...Download file to see next pagesRead More
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