Question

HAMILTON VS JEFFERSON. WHAT IF JEFFERSON HAD PREVAILED?

The hit Broadway show Hamilton tells the true story of Alexander Hamilton’s role in establishing the US monetary system and his conflicts with Thomas Jefferson. Hamilton envisioned a strong federal government and an economy based on industry. He proposed a central bank and an economy based on banking and industry. Jefferson proposed a small federal government and a decentralized agrarian based economy. Check out this summary from history.com.

Of course, Hamilton’s ideas prevailed. What if things had gone Jefferson’s way? What if we had remained a decentralized agrarian based economy? What if there were no central bank? How would our economy be different with no central bank?

Answer 1

America would have lagged behind in almost all sectors.Industry would have not flourished.Growth in computers ,Robotics,industrial machinery ,science and rech would have been quite less.Infact America would not have become worlds supreme power..Finance and banking would not have developed.They would have faced constant failures as happened before central bank was established.Loans would have been difficult to obtain given that there would have been too many interest rates and different regulations to confuse all.