Last Updated 10 Jan 2022

Economic System known as the American System

Words 662 (2 pages)
  1. Describe the economic system known as the American System.
  2. Describe the changes that took place in American politics during the first decades of the asses, and explain reasons for these changes. "American System was a program for economic development (Manager, R. 2012). " With the way that America was changing you had a younger generation that was eager for change as well. American politicians had gained a better trust from the people.
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Henry Clay and John Calhoun two Democratic-Republicans had embraced Jefferson vision for a small federal government. "Together, they advanced a vision hat the federal government should encourage economic enterprise by internal improvements, develop a secure economic institution, and provide for the security of America's economic interests (www. betheluniversityonline. Net, 2012). " Internal improvements would be the building of roads and canals. Congress refused to help the First National Bank before the war it caused many banks to be created.

These various banks created their own currency and credit, which caused lots of problems. Part of the American System was the creation of the Second Bank of the United States. "Calhoun and Clay also supervised the passage of the Tariff of 1816, which axed all incoming goods at the stiff rate of 25 percent (www. betheluniversityonline. Net, 2012). " This would limit the amount of foreign goods coming to the United states and encourage growth and development within America.


  1. Schultz, K. Whist, Volume 1, History of the United States l, Bethel University Online HTTPS://www. betheluniversityonline. Net/caps/Commemorations. Asps? Sectioned=254 Manager, Robert, September 27, 2012, American System (Economic Ideas Advanced by Henry Clay), About. Com Guide, http://historicity's. About. Com/odd/glossary's/g/ Americanism. HTML In 1819 the United States had actually experienced its first major economic depression. This brought about change during the next two decades.

A new kind of Economic System known as the American System By street that the government should be more responsive to their needs; the expansion of the franchise, or vote, allowed greater numbers of American men to participate in politics; the contentious presidential election of 1824 led the entire nation to become increasingly political, which drove the rise of mass parties and the second two-party system (www. betheluniversityonline. Net, 2012). " There was a push for the government allowing more freedom to the people in the political process.

Prior to the revolution the voting was limited to the elite white people who were valued property owners. By 1824 voting rights had been extended to allow every free white man with restrictions only in a select few states. There was still a good bit of racism in the north and it still kept the African Americans from being able to vote. "The world of politics was becoming more democratic, and more people were allowed to participate, but it still maintained significant limits to participation (www. betheluniversityonline. Net, 2012). " Change would be seen from the elections of 1824.

The change would be that you would only have politicians considered to be Democratic-Republicans since the Federalists Party had dissolved around 1810. With the election of 1824 and no clear majority candidate the House of Representatives would select the next president. Henry Clay had lost his bid for president and threw his support behind John Quince Adams. The House appointed John Quince Adams as the president of the United States. "Alleged deal between John Quince Adams and Henry Clay to manipulate the voting in the House of Representatives to install Adams as president and Clay as his secretary was seen as a corrupt bargain (www. Telecommunications. Net, 2012). " The corrupt bargain caused a stronger interest in politics and had a huge affect on voter tuner in later years. The election of 1828 would bring about an even greater change in American politics. The style in which a person would campaign changed dramatically. The introduction of leaflets and public speeches would lead to more successful campaigns. "The election of 1828 signaled the beginning of the kind of political culture that persists in America today (www. betheluniversityonline. Net, 2012). "

Economic System known as the American System essay

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What is the American economic system?

The economic system of the United States is principally one of private ownership. This system, often referred to as a "free enterprise system," can be contrasted with a socialist economic system, which depends heavily on government planning and public ownership of the means of production.

What exactly is the US economy?

The United States of America is a union of 50 states in North America . It is one of the world's largest economies and is considered a mixed economy. That means it operates as a free market economy in consumer goods and business services. But, even in those areas, the government imposes regulations to protect the good of all.

What are the primary economic systems?

The primary types of economic systems are the market economy, planned economy, mixed economy and traditional economy. There are also secondary economic systems that play a role in some situations. However, while an economic system may claim to be part of a new thought pattern, most closely follow one of the primary systems mentioned.

What are the different economic system?

The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same.

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