What were Andrew Jackson's policies on banking and tariffs How did they evolve Do you think those policies helped or hurt the American economy and Why?

Answer 1

Banking:

Jackson was strongly opposed to a national bank, thus leading to the Bank War. Against the will of the people, Jackson refused to renew the charter for the Second Bank of the United States. Economically, this caused the end of Clay's American System and led to an economic policy known as "laissez faire." Basically, the key idea in laissez faire is that the government has little decision making power in commercial interests. This is our current system and many believe that it was one of the main causes in our recent economic recession. Shortly after this Bank War and economic change there was a recession. Coincidence? I think not. Thus, I believe that it hurt American economy.

Tariffs:

Jackson strongly supported tariffs and believed that they would protect the US' industry and make foreign imports more expensive (thus promoting people to buy locally). However, many people were upset with this, including the south. His policy hurt the southern economy and led to the Nullification Crisis. Good or bad is your decision, but those are the bare facts.

Answer 2

Andrew Jackson had a strong opposition towards a centralized banking system and supported the dismantling of the Second Bank of the United States. He believed that it concentrated too much power and favored the wealthy over the common people. Regarding tariffs, Jackson initially believed in a more protectionist approach to support American industry but later shifted to a more free trade stance.

These policies caused mixed outcomes for the American economy. Dismantling the Second Bank of the United States led to increased instability in the banking system, which contributed to the economic Panic of 1837. On the other hand, Jackson's opposition to high tariffs helped reduce the cost of imported goods for consumers, but it also hurt American manufacturers who faced foreign competition. Overall, the impact of these policies on the American economy is debatable, as their consequences varied depending on the industry and region.