Match the ideas to the correct political party- Compare and contrast the Federalists (Alexander Hamilton) and the Democratic Republicans’ (Thomas Jefferson) viewpoints on the following issues: economy, federalism, national bank, and interpreting the Constitution.(6 points)
1. Economy:
- The Federalists supported a strong central government and believed in a mercantilist economic system, which emphasized government intervention and regulation in the economy. They believed in a diverse economy and supported the growth of industry and manufacturing.
- The Democratic Republicans favored a decentralized economy with a focus on agriculture. They believed in limited government intervention in the economy and supported the idea of a self-sufficient agrarian society.
2. Federalism:
- The Federalists believed in a strong central government and supported a system of federalism where power was divided between the national and state governments. They believed that a strong national government was necessary to maintain order and unity.
- The Democratic Republicans favored a more limited central government and believed in a system of dual federalism, where power was reserved for the states. They were concerned about the potential for the federal government to become too powerful and encroach on states' rights.
3. National Bank:
- The Federalists supported the establishment of a national bank, as proposed by Alexander Hamilton. They believed that a national bank would help stabilize the economy, promote trade, and provide a stable currency.
- The Democratic Republicans opposed the creation of a national bank. They believed that it would give too much power to the central government and argued that it was not explicitly authorized by the Constitution.
4. Interpreting the Constitution:
- The Federalists believed in a loose interpretation of the Constitution, which allowed for implied powers and the expansion of federal power. They argued that the Constitution should be adaptable and flexible to meet the needs of a growing nation.
- The Democratic Republicans favored a strict interpretation of the Constitution. They believed that the federal government should only have powers explicitly granted to it in the Constitution and that any additional powers should be left to the states or the people. They feared that a loose interpretation could lead to an unlimited expansion of federal power.