Alexander Hamilton and the building of the American economy

Here is an excellent column from Business Week detailing how Alexander Hamilton built the American economy.  It’s a very well-written piece, and worth reading in full.  I’ll only excerpt a bit that relates to my series of posts on the Federalist Papers.

Hamilton didn’t create America’s market economy so much as foster the cultural and legal setting in which it flourished. A capitalist economy requires certain preconditions to take root. It must establish a rule of law through enforceable contracts, respect private property, create a trustworthy judiciary to arbitrate legal disputes, and offer patent protections to promote invention. The abysmal failure of the Articles of Confederation to provide this stable business climate was one of Hamilton’s main incentives for espousing a new Constitution.

That is something to keep in mind when reading Hamilton’s contributions to the Federalist Papers, as it certainly serves as the prime motivation for his support for the Constitution.

H/t: Shawn at Rerum Novarum.

Published in: on December 10, 2009 at 1:10 pm  Comments (3)  
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Cowpens

A very accurate video on the battle of Cowpens, January 17, 1781.  Brigadier General Daniel Morgan, the American commander, was an American original.  An ill-educated frontiersman, Morgan was also a natural leader of men, made easier by his height, well over six foot, and his robust sense of humor, along with his willingness to use his fists to enforce discipline if necessary.  He served in the French and Indian War, being sentenced to 499 lashes for punching a British officer.  He later made a joke of it saying that in carrying out the sentence the count was one short, but it was a tribute to his toughness that he survived such an experience.  It is a pity that the late John Wayne, circa 1955, did not appear in a movie bio of this remarkable man. (more…)

Published in: on December 10, 2009 at 6:51 am  Comments (3)  
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