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Alexander Hamilton's five-step plan aimed to stabilize and strengthen the fledgling American economy in the late 18th century. It included: 1) the federal assumption of state debts to establish national credit; 2) the creation of a national bank to facilitate financial transactions; 3) the establishment of an excise tax on goods, particularly whiskey; 4) the implementation of protective tariffs to encourage domestic manufacturing; and 5) promoting a sound currency through the establishment of a federal mint. This comprehensive approach laid the groundwork for the United States' financial system.

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