Final answer:
As president, Thomas Jefferson left most Federalist economic programs intact but implemented selective changes aligned with his vision of limited federal government and an agrarian republic. His governance reflected both fiscal austerity and a reduction in military spending while maintaining notable elements of the Federalist economic framework.
Step-by-step explanation:
Thomas Jefferson, as president, left practically all of the major Federalist economic programs intact, including the national Bank of the United States. Despite disagreements with the Federalist vision of a strong central government, Jefferson sought a smaller government, which he thought better supported the freedoms of the people. As part of his opposition to Federalist policies, Jefferson promoted agriculture and yeoman farming, encouraged rural development, and sought to reduce the role of the federal government in economic affairs. However, he did not quickly dismantle the framework of economic development put in place by his predecessors.
Jefferson's tenure as president was characterized by fiscal austerity, including cuts to internal taxes such as those on whiskey and rum, and a significant reduction in military expenditures. Yet, he also did not hesitate to engage in conflict when he deemed it necessary, as seen in the Barbary Wars. His policy shifts reflected his belief in limited federal government, state rights, and the vision of an agrarian republic. Despite his philosophical differences with the Federalists, Jefferson's practical governance led to a more selective change rather than a wholesale overturning of Federalist economic initiatives. This demonstrates that his changes, while significant, were often more gradual and focused on his larger vision for the country.