History-Ms.Sue

posted by .

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.

  • History-Ms.Sue -

    Laissez-faire economics states that the market place, not the government, should set all standards, prices, and policies of business.

    If a bank wants to make very risky investments, the proponents of laissez-faire economies state, then let them. If it goes wrong, then let the bank take the natural consequences.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. History-Ms.Sue

    Can you please explain to me what this means. All I got out of it was that Jackson favored a federal government with limited powers. But how does that connect to what strict constructionism is?
  2. History

    This is my last question for tonight I promise. History and me don't go together because they use words that I don't understand. What does this mean in simpler terms and i don't understand what it means by Free Soil Jacksonians and …
  3. Chemistry

    Exothermic reactions are favored because they release heat to the environment. Would an exothermic reaction be more favored or less favored if it were carried out within a superheated chamber?
  4. EA

    Where would you most likely find a token economy as a form of classroom management?
  5. Economics

    President George Bush maintained a “hands-off” policy during the 1990-1991 recession. How did he expect the economy to recover?
  6. Laissez-faire

    Please simplify this for me. Cant understand this at all. Laissez-faire is synonymous with what was referred to as strict capitalist free market economy during the early and mid-19th century as an ideal to achieve. It is generally …
  7. chemistry

    Where possible, classify these systems as reactant-favored or product-favored at 298 K. If the direction cannot be determined from the information given, classify the reaction as "Insufficient information". a)2A(g) + 3B(g) -->4C(g) …
  8. Economics

    Which statement best describes the role of government in a mixed economy?
  9. English

    Dear Ms.Sue, thank you for your help. One more question, please. If I want a person not to touch me, do I say 1) "Take your hands off me" 2) "Hands off" 3) "Take off your hands" (to me, it sounds wrong)?
  10. Social Studies

    One of the issues facing the early nation was how to interpret the Constitution. Alexander Hamilton said that the Constitution gave Congress the power "to make all laws necessary and proper." Which statement best describes Hamilton's …

More Similar Questions