University of Miami Adam Smith vs Alexander Hamilton Discussion
The debate between those advocating for a free market and those advocating for government intervention in the economy has been an ongoing debate for centuries. During the time period of the founding of the United States of America, key economic and political thinkers engaged in a debate over the proper role of government in the economy.
Submit a 1000 word (maximum) essay that addresses the following questions:
What does Adam Smith think about government intervention in the economy? What are two reasons that Smith offers, suggesting that tariffs are not desirable? Is there any scenario in which Smith might support government intervention in the economy?
What does Hamilton conclude about government interference in the economy? What does Hamilton propose will be the result if tariffs are imposed? How does Hamilton justify the use of tariffs?
Considering the views of both Hamilton and Smith, who makes a more convincing argument with regard to the desirability of government intervention in the economy? Why?
Helpful references :
Government and Business:
American Political Economy in Comparative Perspective
Chapter 1, “Origins of Government and Business” (pp. 3-26)
Chapter 2, “Creating Government-Business Relations” (pp. 27-45)
Lehne, R. (2013).
An Inquiry Into the Nature and Causes of the Wealth of Nations.
(Book IV, Chapter 2)
“Of Restraints Upon the Importation From Foreign Countries of Such Goods as can be Produced at Home” (pp. 1-3)
Smith, A. (1776).
The First Report on Public Credit.
Retrieved from:
http://www.wwnorton.com/college/history/archive/resources/documents/ch08_02.htm
Hamilton, A. (1789).
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