The Hamiltonian Paradigm and the International Securities Market: Reversing American Industry's Relative Decline in the Twenty-First Century

01 Jan 1989

This article discusses the eighteenth century understanding of the subtle equilibrium between polity, economy, and government; the deleterious effect of the laissez-faire heterodoxy that entrenched itself during the nineteenth century; and, the adverse reaction that occurred in the twentieth century. In turn, this article shifts its inquiry toward the internationalization of world financial markets as a guide for how United States industry can reclaim its patrimony: by encouraging a re-adoption of the eighteenth century model of the proper balance between government and commerce. Finally, using the example provided by the move toward an international financial market, this article concludes that if this reclamation occurs, it may allow industry in the United States to participate beneficially in the burgeoning international market of the twenty-first century.