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Scottish philosopher Adam Smith wrote his book An Inquiry into the Nature and Causes of the Wealth of Nations: to try to explain the changes and improvements in people's lives by 1770. Using a production possibilities curve, economic growth resulting from additional resources is shown as:
Historically, the average income in the United States is: about 4 times greater than the world average. Some economies started to grow faster than ever before starting in the: early 1900s. Scottish philosopher Adam Smith wrote his book An Inquiry into the Nature and Causes of the Wealth of Nations:
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Dec 6, 2016 · Jefferson’s Embargo and the War of 1812 both demonstrated that the United States could not remain dependent on foreign imports, and Yankee ingenuity soon led to economic progress. Nevertheless, economic growth in the United States before 1820 was built on agriculture and commerce.
Hamilton believed the United States should pursue economic growth through diversified shipping, manufacturing, and banking. He sought and achieved Congressional authority to create the First Bank of the United States in 1791; the charter lasted until 1811.
The key legal and governmental support for economic development in the early 19th century ultimately came at the state, rather than the national, level. When the national bank closed, state governments responded by creating over 200 state-chartered banks within five years.
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Jul 8, 2024 · Alexander Hamilton. When President Washington in 1789 appointed Hamilton the first secretary of the treasury, Congress asked him to draw up a plan for the “adequate support of the public credit.”
