Considering Henry Clay’s economic vision of America, the final goal of the American System was the creation of a domestic market. Its proponents stated that the federal government had the authority to actively participate in the economy by various means. Clay saw the American economy as dependent on the war conflicts in Europe and the foreign market. More specifically, he addressed the economic prosperity of the United States caused by high demand in American produce and shipping from European countries trapped in the French Revolution and Napoleonic Wars. However, by the end of these conflicts, the foreign market significantly decreased, which led to the creation of the domestic market the United States should rely on. In terms of the American market and economy sector, such a strategy implied protective tariffs, internal improvements, national banks, and public lands that were the critical elements of the American System. This was a developmental approach towards internal improvements, such as supporting the American industry with tariffs, the emergence of the national bank, and support of the agricultural sector. The strategy involved federal and local investments in the road traffic system, as well as canals and railroads.
Based on Clay’s economic vision of America, analyze how the American System would build the American market and economy?
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Academic.Tips. (2022) 'Based on Clay's economic vision of America, analyze how the American System would build the American market and economy'. 10 February.
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Academic.Tips. (2022, February 10). Based on Clay's economic vision of America, analyze how the American System would build the American market and economy? https://academic.tips/question/based-on-clays-economic-vision-of-america-analyze-how-the-american-system-would-build-the-american-market-and-economy-2/
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Academic.Tips. 2022. "Based on Clay's economic vision of America, analyze how the American System would build the American market and economy?" February 10, 2022. https://academic.tips/question/based-on-clays-economic-vision-of-america-analyze-how-the-american-system-would-build-the-american-market-and-economy-2/.
1. Academic.Tips. "Based on Clay's economic vision of America, analyze how the American System would build the American market and economy?" February 10, 2022. https://academic.tips/question/based-on-clays-economic-vision-of-america-analyze-how-the-american-system-would-build-the-american-market-and-economy-2/.
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Academic.Tips. "Based on Clay's economic vision of America, analyze how the American System would build the American market and economy?" February 10, 2022. https://academic.tips/question/based-on-clays-economic-vision-of-america-analyze-how-the-american-system-would-build-the-american-market-and-economy-2/.
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"Based on Clay's economic vision of America, analyze how the American System would build the American market and economy?" Academic.Tips, 10 Feb. 2022, academic.tips/question/based-on-clays-economic-vision-of-america-analyze-how-the-american-system-would-build-the-american-market-and-economy-2/.