Question

• Historian Bray Hammond, in his study of American banking, described the Jacksonian program as "one of enterpriser against capitalist, of banker against regulation." How does the account by Baldwin correspond with Hammond's theory? How might it be possible that the Jacksonian program both created and ended the situation described here?

Answer 1

Bray Hammond in his study of the American banking, described the Jacksonian program as "one of enterpriser against capitalist, of banker against regulation, which falls against the theory put forward by Baldwin, wherein Hamond's theory states that the political spectrum of the country has been running in favor of the entrepreneurial set up, where it is actually the entrepreneurs who in reality govern the whole nation. As per his theory, the big entrepreneurs meddle around with the decision making of the Government and they mold it swiftly in their favor by making the Government take decisions which suit the larger interest of the business class.

His theory attracted lot of attention not only because of the appealing nature of the discussion that he put forward and the theory being very near to the nature of the political dispensation and the nature of their work. Many of the common people were very swiftly attracted this owing to the fact that the Government was seen as distributing more of the financial assistance to the entrepreneurial class rather than the common people.