The American System
By Kylee Coccaro
- The regimenting of high tariffs to protect fledgling American industries.
- Federally supporting 'internal improvements' in transportation
- The creation of a strong banking system that would make loans available to businessmen.
A feeling of pride, loyalty, and protectiveness towards your country.
Loyalty to the interests of your own region or section of the country, rather than to the nation as a whole.
Disadvantages of Socialism
Disadvantages of socialism include slow economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards.
- 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 U.S. to stabilize the currency and rein in risky state and local banks.
- Development of a system of internal improvements (such as roads and canals) which would knit the nation together, and be financed by the tariff and land sales revenues.
He was the leader of the Whig party and five times an unsuccessful presidential candidate. He was secretary of state under John Quincy Adams, Speaker of the House of Representatives, and the most influential member of the Senate during its golden age. He was also a "war hawk" during the War of 1812.
His major achievement is the fact that he created an economic program called the American System.