Hamilton, Alexander

Alexander Hamilton

Born January 11, 1755 or 1757 (Nevis, British West Indies)
Died July 12, 1804 (Weehawken, New Jersey)

Secretary of the U.S. treasury, political leader

As the nation's first secretary of the treasury under President George Washington (1732–1799; served 1789–97; see entry in volume 2), Alexander Hamilton mapped out an ambitious plan to place the United States on firm economic footing. Hamilton was a key member of President Washington's Cabinet (a president's closest advisors), and the president commonly adopted Hamilton's ideas instead of the recommendations of other officials. As a result, Hamilton would help shape the new nation more than any other individual, and his influences continued for decades later.

Hamilton sought to reshape the American economy, which was primarily agricultural in the eighteenth century. He wanted the United States to have a market economy with robust international trade and growing industry. A market economy is commerce operating relatively free of government intervention, where demand and availability of goods and materials determines prices, distribution, and production levels. Hamilton believed that the new economy he proposed would create greater opportunities for citizens to improve their standing in society. Rather than inheriting land or wealth, theycould apply their skills and hard work to earn higher status and financial security.

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