Thomas Jefferson and American Manufactures: History, Politics and Economics
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Henry Adams’s (1889–1890/1986) history of the embargo shows that the United States had Hobson’s choice: America had either to abandon its lucrative overseas commerce or to truckle to British naval power, something the Federalists were glad to do. Jefferson and Madison, along with Gallatin,  sought to square this circle: they chose peaceable coercion — thus the embargo. The strategy failed: once again a great case made bad law.
KeywordsPublic Debt Industrial Policy Monetary Theory American Trade British Empire
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