Final answer:
Alexander Hamilton's economic plan aimed to stabilize the U.S. economy through various measures, including public credit reform, establishing a national bank, and promoting domestic manufacturing. The plan was controversial, facing opposition due to equity concerns and the extent of federal power. Despite this, Hamilton's plan advanced American capitalism and helped establish a strong financial foundation for the country.
Step-by-step explanation:
The question would I have supported Alexander Hamilton's economic plan involves a complex assessment of the period's economic and political context. Hamilton's approach to public credit, which helped rescue the United States from near-bankruptcy, was founded on the principle that nationwide economic benefits could be achieved by focusing on the interests of the elite. It involved converting debt to bonds, stimulating economic reliance on manufacturing and commerce, and calling for a central bank, which he believed would provide a solid financial foundation for the nascent country.
However, there was significant opposition to Hamilton's plan from figures such as James Madison and Thomas Jefferson, who were concerned about equity issues and the size of government power. Additionally, the plan's proponents and critics often aligned with states' existing financial positions, with indebted states supporting the plan and less indebted states opposing it.
Hamilton's economic plan also included aggressive measures such as the creation of a national bank and tariffs on imported goods to support domestic manufacturing. With Washington's support, these bold initiatives set the stage for American capitalism and a creditworthy nation.