AMERICAN SYSTEM Meaning and
Definition
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The American system refers to a comprehensive set of economic policies and strategies implemented during the 19th century in the United States. It is essentially an approach that integrates various elements such as protectionist trade policies, infrastructure development, and a centralized banking system to support the growth of domestic industries and strengthen the overall economy.
One key component of the American system is protectionism, whereby the government imposes tariffs and other trade barriers to shield domestic industries from foreign competition. The aim is to nurture and develop domestic industries, fostering economic self-sufficiency and reducing reliance on foreign goods.
Additionally, the American system emphasizes the importance of infrastructure development, particularly transportation systems such as roads, canals, and railroads. These improvements facilitate the movement of goods and people, enabling economic expansion and increased trade within the country.
Another crucial aspect is the establishment of a centralized banking system, including the creation of a national currency, to provide stability and access to credit. This feature allows for more efficient monetary transactions, encourages investment, and supports the growth of businesses.
The American system can be seen as an early form of economic nationalism, striving to create a more self-reliant and prosperous nation. Although certain elements evolved and changed over time, the principles and policies behind the American system had a lasting impact on the development of the American economy and influenced subsequent economic strategies pursued by the United States.
Common Misspellings for AMERICAN SYSTEM
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Etymology of AMERICAN SYSTEM
The term "American system" is derived from the belief system and practices that were developed in the United States in the 19th century. It initially referred to the economic policies and protectionist measures advocated by Henry Clay and other leading American politicians during this period.
The phrase was coined in the context of the debates surrounding the Second Bank of the United States and the American System of Manufactures. The American System encompassed several key principles, including high tariffs on imported goods to protect domestic industries, federal funding of infrastructure projects such as roads and canals, and a national banking system to facilitate economic growth.
While the exact origin of the term "American system" is unclear, it gained prominence during the 1824 presidential election campaign and became associated with the policies supported by Clay and his supporters.
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