After the United States gained independence, the way leaders handled the economy changed a lot. They wanted to create a stable and successful nation. Here are some important changes that happened:
Moving Away from Mercantilism: Before independence, the colonies had to follow British trade rules. After becoming independent, America started to focus on free trade, which meant American merchants could trade with other countries without British limits.
Starting a National Bank: In 1791, the First Bank of the United States was created. This helped the economy by providing a steady national currency and making it easier for the government to get loans.
Tariffs and Taxes: To earn money for the new government, tariffs were put on imported goods. This helped protect new American businesses and also helped pay off debts from the war.
Land Policies: The Northwest Ordinance of 1787 laid out rules for expanding westward and selling land. This encouraged people to settle in new areas and helped the economy grow.
Overall, these changes not only aimed to make the economy stronger but also showed a move towards self-rule and the wish for economic freedom. This was an important part of the legacy of the American Revolution.
After the United States gained independence, the way leaders handled the economy changed a lot. They wanted to create a stable and successful nation. Here are some important changes that happened:
Moving Away from Mercantilism: Before independence, the colonies had to follow British trade rules. After becoming independent, America started to focus on free trade, which meant American merchants could trade with other countries without British limits.
Starting a National Bank: In 1791, the First Bank of the United States was created. This helped the economy by providing a steady national currency and making it easier for the government to get loans.
Tariffs and Taxes: To earn money for the new government, tariffs were put on imported goods. This helped protect new American businesses and also helped pay off debts from the war.
Land Policies: The Northwest Ordinance of 1787 laid out rules for expanding westward and selling land. This encouraged people to settle in new areas and helped the economy grow.
Overall, these changes not only aimed to make the economy stronger but also showed a move towards self-rule and the wish for economic freedom. This was an important part of the legacy of the American Revolution.