Tuesday
March 31, 2015

Homework Help: History-Ms.Sue

Posted by Ryan on Wednesday, November 11, 2009 at 1:13pm.

Can you please explain to me what it means by the Jacksonians favored a hands off approach to the economy?

Laissez-faire Economics
Complementing a strict construction of the Constitution, the Jacksonians generally favored a hands-off approach to the economy. The leader was William Leggett of the Locofocos in New York City. In particular, the Jacksonians opposed banks, especially the national bank, known as the Second Bank of the United States. Jackson himself got into the infamous "Bank War" with Nicholas Biddle, but was able to run the Bank of the US dry by withdrawing federal funds and putting them into "pet banks." These pet banks then would speculate on Western land (wildcat banks), and eventually the overspeculation led to the Panic of 1837.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

History-Ms.Sue - Can you please explain to me what this means. All I got out of ...
Chemistry - Exothermic reactions are favored because they release heat to the ...
Laissez-faire - Please simplify this for me. Cant understand this at all. ...
History - This is my last question for tonight I promise. History and me don't ...
chemistry - Where possible, classify these systems as reactant-favored or ...
Economics PLEASE HELP!! - Another term for capitalist system is ..? My answer: ...
statistics - A survey among US adults of their favorite toppings on a cheese ...
statistics - A survey among US adults of their favorite toppings on a cheese ...
US History - What is the laissez-faire economics? (related to Herbert Hoover)
economics - In what kind of an economy does the government make all the ...

Members