Government and the Economy: An Encyclopedia
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In December Hamilton released his Report on Manufactures, in which he advocated federal subsidies for manufactures wherever possible, directly through bounties and indirectly through taxes. Although the Federalists achieved many of their plans for a strong federal government, they were unable to involve it directly in the process of encouraging manufactures.
Instead, states assumed the leadership role in encouraging growth in the manufacturing and transportation sectors, mainly through the creation of corporations. A change in federal economic policymaking came with the ascendance of the Republicans, led by Thomas Jefferson of Virginia, to the presidency in Jefferson and his followers are often misrepresented as promoting a nation of farmers only, but their vision of America's future included a commercial and manufacturing community as well.
In order to provide this threefold opportunity, especially as it related to land usage, Republicans favored westward expansion and the development of domestic industries rather than an emphasis upon the Atlantic trade. Jeffersonians also liberalized the sale of federal lands, which had already been established on rather easy terms by the Land Act of In they reduced the minimum tract for purchase by individuals to acres, kept the price at about two dollars an acre, and offered a discount for cash purchases.
The Republican tendency to focus on domestic production rather than international trade pushed the federal government into new avenues of economic promotion. For example, Albert Gallatin — , Jefferson's secretary of the Treasury, recommended that the federal government oversee the improvement of rivers that would create an inland water navigation from Massachusetts to North Carolina , building roads to cross the Appalachian Mountains and constructing canals that would link the seaboard with inland cities such as Detroit, St.
Louis, and New Orleans. Gallatin's plan never came to fruition, and the federal government played a limited role in transportation policy. Nonetheless, the expansionist land policy continued as the federal government sent a host of surveyors to explore the western territories of the United States and continued to sell public lands on easy terms. The political tussle between Federalists and Republicans came to a close in , but not before their debate over the proper role of the government in the economy became well engrained within the nation's political culture.
The federal government remained active in economic affairs, but its role was always controversial and contested. The financial difficulties during the War of — , for instance, led Congress to charter the Second Bank of the United States in The Second Bank succeeded in stabilizing the nation's financial system, but longstanding reservations about the concentration of power and wealth resulted in Andrew Jackson 's famous campaign to "slay" the "monster Bank" in the s.
When New York State officials opened the mile-long Erie Canal in , they demonstrated the important role of government involvement in transportation projects. But throughout the antebellum period it was state governments, not federal officials, who aggressively pursued these types of projects. Ben-Atar, Doron S.
New York: St. Martin's Press, However, following the stagflation of the s , policymakers began to be attracted to policy rules. A discretionary policy is supported because it allows policymakers to respond quickly to events. However, discretionary policy can be subject to dynamic inconsistency : a government may say it intends to raise interest rates indefinitely to bring inflation under control, but then relax its stance later.
This makes policy non-credible and ultimately ineffective. A rule-based policy can be more credible, because it is more transparent and easier to anticipate.
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Examples of rule-based policies are fixed exchange rates , interest rate rules , the stability and growth pact and the Golden Rule. Some policy rules can be imposed by external bodies, for instance the Exchange Rate Mechanism for currency. A compromise between strict discretionary and strict rule-based policy is to grant discretionary power to an independent body. Another type of non-discretionary policy is a set of policies which are imposed by an international body. This can occur for example as a result of intervention by the International Monetary Fund.
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The first economic problem was how to gain the resources it needed to be able to perform the functions of an early government: the military , roads and other projects like building the Pyramids. Early governments generally relied on tax in kind and forced labor for their economic resources. However, with the development of money came the first policy choice. A government could raise money through taxing its citizens. However, it could now also debase the coinage and so increase the money supply.
Early civilizations also made decisions about whether to permit and how to tax trade. Some early civilizations, such as Ptolemaic Egypt adopted a closed currency policy whereby foreign merchants had to exchange their coin for local money. This effectively levied a very high tariff on foreign trade. By the early modern age, more policy choices had been developed. There was considerable debate about mercantilism and other restrictive trade practices like the Navigation Acts , as trade policy became associated with both national wealth and with foreign and colonial policy.
Throughout the 19th Century, monetary standards became an important issue. Gold and silver were in supply in different proportions. Which metal was adopted influenced the wealth of different groups in society. With the accumulation of private capital in the Renaissance, states developed methods of financing deficits without debasing their coin. The development of capital markets meant that a government could borrow money to finance war or expansion while causing less economic hardship.
Government economic policy
This was the beginning of modern fiscal policy. The same markets made it easy for private entities to raise bonds or sell stock to fund private initiatives.
The business cycle became a predominant issue in the 19th century, as it became clear that industrial output, employment, and profit behaved in a cyclical manner. One of the first proposed policy solutions to the problem came with the work of Keynes , who proposed that fiscal policy could be used actively to ward off depressions, recessions and slumps.
The Austrian School of economics argues that central banks create the business cycle. From Wikipedia, the free encyclopedia. Not to be confused with Political economy. For the academic journal, see Economic Policy journal.
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Primary topics. Led by a chairman and consisting of vice chairmen and members, the Commission is elected for a term of five years and can stand for reelection. China is considered the country with fastest-growing in international system, both economically and politically. In a short time the extraordinary economic results define the PRC as the most dynamic and largest economy in the world after the United States, with the possession of the majority of U. In addition, the Chinese government uses the Soft Power 1 see Nye , as "means of pressure" for developing countries.
These factors contribute to the discussions about real PRC capacity to offer different developmental model from Wahsington Consensus and about the admissibility of the term Beijing Consensus. Other authors of international relations theory consider the Chinese foreign policy declined in the "Five Principles of Peaceful Coexistence" respect for territorial integrity and sovereignty, non-aggression, non-interference in internal affairs, equality and mutual benefit in trade and peaceful coexistence developed and codified since in a trade agreement between China and India.
Since then, in the ideas of the CCP these principles were intended to govern the relations between the other States and China. According to this view the priority of China seems to consist in maintaining the political stability necessary for the pursuit of their own economic development and the rejection of any hegemonic pretension. This te rm is opposed to Hard Power that is the power exercised by military coercion. NYE J. The means to success in world politics , Tampa, Foreign Affairs Pr. Comitati di villaggio, organizzazioni governative, enti pubblici, Torino, Giappichelli Editore www.
User name Password Remember me Forgot your password? Forgot your username? Create account. Politics The Constitution is the fundamental law of the PRC and defines it as "a socialist state of the people's democratic dictatorship led by the working class and based on the alliance workers-peasants.
State Council. President of RPC.