AMERICAN SCHOOL OF ECONOMICS

Jul 10th, 2016
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Q1.Contributions of American school of economics to modern economicsThe American School, also known as the "National System", represents three different yetrelated constructs in politics, policy and philosophy. It was the American policy from the1860s to the 1970s, waxing and waning in actual degrees and details of implementation.Historian, Michael Lind, describes it as a coherent applied economic philosophy with logicaland conceptual relationships with other economic ideas.It is the macroeconomic philosophy that dominated United States national policies from thetime of the American Civil War until the mid-twentieth century. It is closely related to theeconomic ideas of Mercantilism and it can be seen as contrast to classical economics.It consisted of three core policies i.e.protecting industry through selective high tariffs and through subsidiesgovernment investments in infrastructure creating targeted internal improvementsespecially in transportationA national bank with policies that promote the growth of productive enterprises ratherthan speculation.It is a capitalist economic school based on the Hamiltonian economic program. The AmericanSchool of capitalism was intended to allow the United States to become economicallyindependent and nationally self-sufficient.Its key elements were promoted by1. John Q. Adams and his National Republican Party,2. Henry Clay and the Whig Party, and3. Abraham Lincoln through the early Republican Party whic

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