Summer Class 2019 POL 241-Chap 2 "The Aftermath of Hamilton's Report on Manufactures"


Elayne Guzman

“The Aftermath of Hamilton’s Report on Manufactures” by Adams Smith
Quote:
    "Alexander Hamilton’s famous Report on the Subject of Manufactures has cast a long shadow over U.S. trade policy toward industry. Issued in December 1791, the report not only provided theoretical justifications for the promotion of domestic manufacturing, but as a policy document made specific proposals for government action. These proposals included higher import duties on certain final goods, lower import duties on certain raw materials, pecuniary bounties (production subsidies) for selected industries, government assistance for the immigration of skilled workers, among other measures. To this day, the report is often heralded as the quintessential American statement against the laissez faire doctrine of free trade and for activist government policies in favor of manufacturing, including protectionist tariffs."
Meaning/Chosen:
    Hamilton’s report on manufacturing went further than any other report in projecting the future of the United States and its place in the world economy. Hamilton urged congress to promote manufacturing so that the United States could be “independent on foreign nations for military and other essentials supplies” in addition, manufacturing provide a path to equality in the global market. Hamilton’s special interest in promoting manufacturing has been held up as evidence that he disregarded the importance of agriculture; however, nothing could have been further from his intentions. His report is most concerned with the interdependence of the two economic systems than the ascendancy of one over the other.
    Hamilton believes that it will be difficult for Americans to become more prosperous purely by engaging in agriculture, especially if they have to purchase all their manufacturing goods abroad. Hence Hamilton thinks manufacturing and agriculture are both desirable. To Hamilton the absence of substantial manufacturing in the United States was a gasping hole of opportunity that desperately needed to be filled. Congress was not as enthusiastic. The report was never put up to a vote.   


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