Question

Discuss Jackson’s position on the Bank War. Do you think his policy was good or bad for the economy?

Answer 1

Hi, in this type of purre theoritial qtns, give a word limit you require for the answer so an expert can frame best of the explanation accordingly.

Andrew Jackson was in favour of demolishing  Second Bank of the United States(BUS) when its charter was due to be expired in 1836. He argued that the bank was not serving the purpose and was a polemical declaration of the social philosophy of the Jacksonian movement pitting "the planters, the farmers, the mechanic and the laborer" against the "monied interest" and arguing against the Bank’s constitutionality ( Hofstadter 1948, p. 57.)

I think that Jacksons policy was good for economy as it helped in decentralization of fund, opening up of new banks, more banking reach to the people, higher interest rates by private banks and less strict monery policies for the creditors. All leading to revival of the economy at much higher rate.