Remembering Nancy Spannaus, Historian & Advocate for American System of Economics

February 5, 2026

On Saturday, January 31st, 2026, I attended the funeral of a longtime friend and colleague, Nancy Bradeen Spannaus. (See obituary below). The service was filled with hundreds of people who were touched by the life of Nancy. She lived her mortal existence the way all of us should: to do good for the human race. She affected many people from different sectors of society. She left an indelible mark on humanity during her life on earth. In her retirement years, she wrote and published three books, which educated Americans among others, on the better principles that the United States of America was founded on and stood for. She discussed in detail the history of Alexander Hamilton’s American System of Political Economy. She wrote a groundbreaking history of the fight in the United States against slavery, which the vast majority of Americans and non-Americans alike, are completely ignorant of. She also discussed how British subjects, American colonists, became citizens of this Republic after defeating British imperialism.

I knew Nancy for almost fifty-seven years. I first met Nancy and her husband Ed, following my freshman year in college in 1969. She and I had various forms of political collaboration over the succeeding decades. Nancy had a significant impact on my life even though I never discussed it with her until the occasion of her eighty-second birthday in December 2025. Nancy influenced who I am today. She contributed more than anyone else in helping me to become a writer. For that, I will be thankful for the remainder of my life.

Nancy and her husband Ed, Annual Patriots Gala of the Maryland Society, Sons of the American Revolution (Dec 18, 2024)

Over the long period of time that I knew Nancy, I realized she was a person of strong intellect. Her writings on Hamilton and the American System of Political Economy were invaluable to me. Her work in this extended field of American history provided me with an in-depth education and motivated me to read and re-read many of the original works of Alexander Hamilton and his students, among others; Henry Carey, Fredrich List, Peshine Smith, Abraham Lincoln, and Franklin D Roosevelt. However, even though I knew her as a strong political figure, historian, and author, it was not until many years later that I realized the quality of her inner strength. This was amplified in the way she conducted her life in the remaining months after she was diagnosed with a rare and deadly form of cancer.

To help educate my circle of colleagues around the world, I would buy Nancy’s books and gift them to political allies, relatives and friends across the United States, Africa, and China. This practice continues today, in an effort to educate people on the true principles upon which the United States of America was founded. Among some African circles, this stimulated a discussion on how Alexander Hamilton and the American System of Political Economy could affect economic progress in African nations today. I will continue my efforts of distributing Nancy’s books to expand people’s knowledge of the profound history of the United States. Nancy once told me that I was her best customer.

Alexander Hamilton was an economic genius. He created a National Bank by converting outstanding debts from the Revolutionary War into credit. He allowed holders of U.S. debt to use their relatively worthless paper claims, to purchase shares (stock) in this new bank. This created new capital for lending (issuing credit) for investments in farming, manufacturing, and internal improvements (infrastructure). For decades I have advocated for a Hamiltonian approach to address Africa’s huge infrastructure deficits. Years ago, I collaborated with a group of Africans to establish an African Infrastructure Development Bank, modeled on Hamilton’s First Bank of the United States (1791). This approach remains valid for Africa today, especially when there is no competent policy to provide the trillions of dollars of credit required to build vital categories of infrastructure necessary to industrialize the nations of Africa.

Like Nancy, I too am guided by a mission in my life: to make the world better. To improve the quality of the thinking of as many people that I can reach with my limited resources. It has been my particular mission for over thirty-five years to eliminate poverty and hunger in Africa. Introducing Africans to Hamilton’s scientific economic principles has been an important feature of that mission. With Nancy as a model, I hope in my brief mortal existence I can have the same uplifting impact on society that Nancy has exhibited throughout her life.

After all, our mortal existence should mean more than just simply seeking pleasure and satisfying our biological needs. We should all govern our mortal existence by what kind of indelible contributions we have made to the future of civilization after our mortal existence expires. Let the way Nancy Bradeen Spannaus conducted her life be an inspiration and exemplar for all of us to emulate. I consider myself to be very fortunate to have met Nancy during my lifetime.

Nancy Bradeen Spannaus, author and historian 1943-2026

February 4, 2026

Nancy Bradeen Spannaus of Lovettsville, VA,  author and public historian, died on January 16, 2026 at Inova Loudoun Hospital. Nancy had been fighting cancer over a span of eleven years, and was battling a rare and particularly virulent form of the disease for the past two years. 

Nancy had been studying U.S. history, with an emphasis on the country’s economic development in general, and Alexander Hamilton in particular, since the 1970s, and in 1977 she co-authored a book of writings on the Political Economy of the American Revolution.  In 2017, upon retirement from a career in journalism, she established the blog https://americansystemnow.com, which contains more than 600 articles on the history and principles of the American System of Economics. 

In 2019, she published the book Hamilton Versus Wall Street: The Core Principles of the American System of Economics. In 2023 she published Defeating Slavery: Hamilton’s American System Showed the Way. 

In early 2025, with an eye to the upcoming 250th anniversary of the American Revolution, she published a collection of essays from the blog in a volume entitled From Subject to Citizen: What Americans Need to Know about Their Revolution. 

In recent years, she was a member of the Daughters of the American Revolution (Ketoctin Chapter), the Alexander Hamilton Awareness Society, the Lincoln Group of D.C., the Loudoun 250 Committee, and the American Friends of Lafayette. 

Nancy spoke on Alexander Hamilton and related topics at many local events, including history groups and the public libraries. She was also a volunteer for the Western Loudoun Food Pantry (acting as its manager in recent years), and the Lovettsville Historical Society. She taught in Lifelong Learning programs, often as an Adjunct Professor, at Shepherd University, Long Island University, Johns Hopkins University, and Frederick Community College.

Nancy was born in Portland, Maine, of parents Donald and Mary Lou Towle Bradeen, in 1943, and spent her younger years in Washington, Pennsylvania and Cincinnati, Ohio. She was a graduate of Bryn Mawr College (B.A., 1965), and Columbia University School of Social Work (M.S., 1967).  As a journalist, she was for many years the editor-in-chief of several national publications affiliated with the Lyndon LaRouche organizations, and she also ran for statewide office in Virginia in the 1990s.

She is survived by her husband of 57 years, Edward; her second son Andrew, a journalist based in Milan, Italy; and grandson Christopher Ziboni Spannaus of Italy. She was predeceased by her first son Michael (1970-1990). She is also survived by four younger brothers and sisters: Robert Bradeen and wife Ellen, of Haughton, Louisiana; Judy Bradeen, of Lebanon, New Hampshire; David Bradeen and husband NJ, of Camden, Maine and Indian Wells, California; and Susan Bradeen Haimes and husband David, of Seneca Falls, New York.

In her own words:

In 2018, Nancy wrote a biographical essay for the DAR, which she adapted just this last November for a website on influential women. Here are a few excerpts, beginning where she was discussing her mother’s side of the family as “decidedly a matriarchy.”

My father represented a clear countervailing, and broadening influence. As a Classics professor and twice a fellow at the Princeton Institute for Advanced Studies, he was a rigorous scholar and very demanding of me, his oldest child. He had an in-depth historical view (“Everything after the 5th Century B.C. was current events,” he said.) He never gave any indication that my gender should interfere with the highest level of intellectual achievement—and pushed me to go to a top woman’s college, Bryn Mawr, in order to get the best education possible. Bryn Mawr had a strong Classics tradition, including school songs in Classical Greek and a de facto patron goddess, Athena, the Greek goddess of wisdom (and war). I majored in philosophy . . . .

My own concentration of study on the American Revolution, which began in the mid-1970s, did not focus on the role of women, but on the ideas which the leading Founders, such as Benjamin Franklin and Alexander Hamilton, developed in order to create the new nation. And while these heroes of mine were by no means concentrated on advancing the role of women per se, their political ideas were equally applicable to liberating the minds of men and women.

For as long as I can remember, I always felt an obligation to act to improve society. By the time I finished my formal education, this concept had broadened considerably beyond just working in a local community, to encompassing the world as a whole. When I had my children in the early 1970s, my determination to play that larger role in the world, specifically through politics, became even stronger. I owed it to my children, as well as those of others, to create a world where they could thrive. My husband shared this view . . . .  

I have retired, but will actually never really retire. It is still my obligation to use what knowledge I have acquired to educate, and if possible, inspire, my fellow human beings to improve this world—indeed, to bring it out of crisis. My activities, including starting a blog and joining DAR, have been embarked on with this intent. That is my role as a privileged human being . . . .  

For Nancy, the history of the American Revolution was a living project.  She was passionate about the good the American Revolution had brought to the world, and she was determined to help people understand it so that the visions and ideas of Alexander Hamilton and the American founders could shape our future.  Nancy breathed life into the figures of the past in a way that forges a direction for now, and for the times to come.  To this end, she continued to write and think about more speaking events — right up through the very last weeks of her time on Earth.  

Read below my previous posts on Alexander Hamilton:

Hamilton versus Wall Street: Relevance to Ethiopia & Africa

Nations Must Study Alexander Hamilton’s Principles of Political Economy

Alexander Hamilton’s Credit System Is Necessary for Africa’s Development

Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in economic development policies for Africa for over 35 years. He is a teacher, writer, public speaker, consultant on Africa, and an analyst of global strategic relations. Mr. Freeman strongly believes that economic development is an essential human right. He is the creator of the blog: lawrencefreemanafricaandtheworld.com, also publishes on: lawrencefreeman.substack.com, “Freeman’s Africa and the World, and on X @lkfreemansafrica

Assassination of President Abraham Lincoln: A Tragedy for the Human Race

President Abraham Lincoln delivering his Second Inaugural address on March 4, 1865, one month before his death.

April 17, 2022

President Abraham Lincoln, who was assassinated on April 15, 1865, was arguably the greatest U.S. President, but I would also suggest, perhaps the finest American. His tragic death changed the the, world not just the United States. My colleague, Nancy Spannaus, provides a fitting requiem for the fallen President. A Requiem for Abraham Lincoln

His temperament, his intellect, and his commitment to the U.S. Constitution, saved our precious Republic, which was less than eighty years old, and heading towards a Civil War, when he took office in 1861. President Lincoln’s unwavering resolve to defeat the opposing army of the Confederacy, demonstrated his superior military skills and strategic understanding that only the surrender by a defeated South, would the Union be preserved. His tragic death affected the world, not just the United States. If his reconstruction program had been fully implemented in his second term, the U.S. would be dramatically different today.

Much has been written and even taught that President Lincoln was not opposed to slavery, but only freed the slaves to win the Civil War. The remarks by the intellectual titan and fierce anti-slavery leader, Frederick Douglas, following the death of President Lincoln, quoted in Spannaus’ articles eloquently dispute this claim. Douglas was an ally of President Lincoln in the fight to eliminate slavery.

In his eulogy on June 1, 1865, at Cooper Union, NY, Douglas said:

 “But what was A. Lincoln to the colored people or they to him? As compared with the long line of his predecessors, many of whom ere merely the facile and service instruments of the slave power, Abraham Lincoln, while unsurpassed in his devotion, to the welfare of the white race, was also in a sense hitherto without example, emphatically the black man’s President: the first to show any respect for their rights as men.”

The vast majority of Americans are also unaware that President Lincoln adhered to the economic policies of Alexander Hamilton’s American System. Abraham Lincoln in his basic campaign stump speech, advocated for protectionism, a national bank, and internal improvements. As President, he initiated the building of the Transcontinental Railroad across the U.S., connecting the Atlantic and Pacific oceans, which became a model of transportation infrastructure for the rest of the world. To fund the U.S. economy during the war he created a new currency-greenbacks, bonds backed by the federal government. Lincoln’s economic advisor was Henry Carey, a student of Hamilton’s economic method.

Abraham Lincoln’s frequently delivered speech on Discoveries and Inventions, reflects his philosophical understanding of human economy, revealed in its opening sentences:  

“All creation is a mine, and every man, a miner.

The whole earth, and all within it, upon it, and round about it, including himself, in his physical, moral, and intellectual nature, and his susceptibilities, are the infinitely various “leads” from which, man, from the first, was to dig out his destiny.

In the beginning, the mine was unopened, and the miner stood naked, and knowledgeless, upon it.

Fishes, birds, beasts, and creeping things are not miners, but feeders and lodgers, merely. Beavers build houses; but they build them in nowise differently, or better now, than they did, five thousand years ago. Ants, and honey-bees, provide food for winter; but just in the same way they did, when Solomon referred the sluggard to them as patterns of prudence.

Man is not the only animal who labors; but he is the only one who improves his workmanship. This improvement, he effects by Discoveries, and Inventions.” (Emphasis added)

Read his entire speech: Abraham Lincoln on Discoveries and Inventions

Let the U.S. again return to the policies of Abraham Lincoln by providing true leadership in the world.

As viewers of my website know, this is my second post in recent days discussing former outstanding U.S. Presidents and their policies. Why has American culture not produced such leaders in the last six decades following the death of John Kennedy? This will be the subject of a future article.

Read my earlier post: Commemorating the Death of Franklin Roosevelt: Last Great American Statesman With A Grand Vision for Africa

Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in economic development policies for Africa for over 30 years. He is the creator of the blog: lawrencefreemanafricaandtheworld.com. Mr. Freeman’s stated personal mission is; to eliminate poverty and hunger in Africa by applying the scientific economic principles of Alexander Hamilton.

World Needs New Economic Platform to Fight COVID-19

The World Needs A New Economic Platform to Fight COVID-19

Lawrence Freeman

April 5, 2020

Today April 5, the total cases of COVID-19-(coronavirus) in Africa are 8,536, deaths 360, and recoveries 710. On March 30, one week ago, the total cases were 4760, deaths 146, and recoveries 355. The diagram above shows the increased rate of the spread of COVID-19 across the African continent. In my March 30 article, New Economic Order Required to Combat COVID-19 in Africa, I concluded with a call for a New Just Economic Order, if humankind is going to effectively conquer the current pandemic.

We have come to a moment in the evolution of our civilization that we must acknowledge the failures of the present political-financial system. The Western-advanced sector nations, lacking an in depth and over-supplied health infrastructure have found themselves utterly unprepared to deal with the latest and most deadly zoonotic virus, COVID-19. The G-7 nations with a population of 750 million, and 39% ($34 trillion) of the world’s GDP are grabbling to muster the resources and capacity to defeat the coronavirus, while 90% of the world’s 7.5 billion people live with a frail health infrastructure, or none at all.

We have witnessed an increasing number of new zoonotic viruses (SARS, MERS, Swine Flu, HIV/AIDS) over recent decades. Humanity will only successfully defend itself by launching a global upgrading of healthcare including new scientific research into how human immune systems can become less susceptible to viruses that originate in animals.

Inadequate healthcare and impoverished living conditions in the developing sector cannot continue. It is a crime that has been perpetuated for decades, and the very survival of humanity screams out for a revolution in our thinking and practices. Ethiopian Prime Minister, Abiy Ahmed, stated eloquently the link between Africa and the advanced sector in this current crisis: “Advanced economies are unveiling unprecedented economic stimulus packages. African countries, by contrast, lack the wherewithal to make similarly meaningful interventions. Yet if the virus is not defeated in Africa, it will only bounce back to the rest of the world.”  (emphasis added)  PM Abiy “If Covid-19 is not beaten in Africa it will return to haunt us all” .The virus can only be overcome in Africa, and the rest of the developing sector, if we launch a new economic system, one that values human life above servicing debt and avariciousness.

Perilous Conditions in Africa

Dr. John Nkengasong, head of the Africa Centers for Disease Control and Prevention (CDC), said that COVID-19 “is an existential threat to our continent.” The Africa CDC and the World Health Organization (WHO) do not know the actual number of Africans infected with the virus, due to a lack of ability to test the population. Nor do they have an accurate count of the number of ventilators available in each African nation. Over a month since the appearance of the coronavirus on the continent, experts estimate that Africa is at the early phase of its proliferation.

The United Nations World Food Program warned that “the coronavirus pandemic threatens to cause food shortages for hundreds of millions of people especially in Africa,” according to Naharnet. “For many poor countries, the economic consequences will be more devastating than the disease itself.” Pandemic Threatens Food In Import Reliant States

An article published by Quartz, Africa Has About One Doctor for Every 5000 People cites a report by the (WHO), that Africa in 2013 “had a deficit of estimated 1.8 million healthcare worker that is projected to rise 4.3 million by 2035.”  One reason, according to the article is that: “Currently, there are only 170 medical schools serving the 47 countries of sub-Saharan Africa. Of those countries, 6 have no medical schools, and 20 have only one medical school.”

Statistics for the number of doctors per 1,000 population for African nations are horrifying. Physicians Per 1,000 People. When Compared to the figures for advanced sector nations that are now “hot spots” for COVID-19 to those of Africa, where the incidence of the virus is weeks behind Europe and the United States, Africa’s potential death rate is frightening.

Examine these estimates: U.S. has 2.3 doctors for 1,000 people, Spain 3.2, Italy 4.2, and South Korea 1.8. The average for sub-Saharan Africa (SSA) has an absurdly low 0.21 doctors for 1,000 people. Twenty SSA nations have .08 doctors or less to treat 1,000 of their citizens, with several at levels of 0.03 and 0.02 doctors. Two orders of magnitude less physicians than the nations that today are experiencing the highest mortality rates.

Governor Cuomo of New York, and Mayor de Blasio of New York City beg every day for more healthcare professionals, ventilators and PPEs (Personal Protective Equipment) to deal with the overload of coronavirus cases, Imagine what the potential death rate of Africa’s almost 1.5 billion population could be when one factors in extreme levels of poverty, weakened immune systems, and malnourishment, all prevalent on the African continent.

(Courtesy of SlideShare)

UNCTAD’s $2.5 Trillion Strategy

The March 30, 2020, statement by the United Nations Conference on Trade and Development–UNCTAD,  UN Calls for $2.5 Trillion Coronavirus Crisis Package for Developing Countries  is excerpted below.

“The consequences of a combined health pandemic and a global recession will be catastrophic for many developing countries and halt their progress towards the Sustainable Development Goals.”

UNCTAD’S strategy includes:

  • $1 trillion of debts owed by developing countries should be cancelled this year
  • $500 billion needed to fund a Marshall Plan for health recovery and dispersed as grants

Credit for a New Economic Order

Debt cancellation, and a Marshall Plan to build up health infrastructure for the developing sector nations are crucial for the survival of emerging nations. However, to break from the old political-financial system that has failed us, and to create a new economic platform, we must create credit for physical economic growth.

What is missing from UNCTAD’s proposal, and what is absent from all United Nations strategies, is the understanding of the importance of establishing a mechanism for the creation of credit. Following in the footsteps of President George Washington and his brilliant Secretary of the Treasury, Alexander Hamilton, we should establish a National Credit Bank. Nations Must Study Alexander Hamilton’s Principles of Political Economy. Wisely, the US Constitution provides for the federal government, not the states, to issue public credit to promote the general welfare.

Credit for production and infrastructure, unlike mere money, is the sine qua non for any healthy economy. This is not the same as printing trillions of dollars of money to bail out an over extended monetary system with a bubble of over one quadrillion of dollars in debt and derivatives.

Debts of developing sector nations must be cancelled to clear the decks for the issuance of new credit directed to fostering industrialized economies with healthy agricultural and manufacturing sectors. Extended credit with low interest rates must be issued for long term investments in vital construction of infrastructure. This is a life and death matter for the very survival of African nations.

Every government is obliged to create a national bank for the sole purpose of generating physical economic growth critical for the security and future health of that nation. Instead of relying on the present global financial institutions that dictate loan agreements at unnecessarily high interest rates coupled with arduous conditionalities we should create a new global economic system. One founded on the principles that promote the true shared common good for all nations and all peoples. Under this new system sovereignty is inviolate, and trade and credit agreements are premised on improving the material conditions of life for the people of those nations. All political and economic relationships between nations should be to benefit the general welfare of its citizenry.

Human beings are sacred, financial systems are not. We can and should craft new monetary systems to advance progress, not monetary profits. President Franklin Roosevelt created the Bretton Woods System, with the intention of uplifting the planet from the misery of World War II. He had magnificent ideas for promoting economic growth around the world, including greening the deserts of Africa.  Sadly, after his death, Bretton Woods was perverted, and became the opposite of what he intended.

While we must fight this deadly virus with all the resources that governments can assemble, we need to also think to the future; the creation of a more advanced economic platform. It is up to us create a new architype of relationships among sovereign nation states to transform the world out of the ashes of its present decayed state. Let us call this new paradigm by its proper name–A New Just World Economic Order

Lawrence Freeman is a Political-Economic Analyst for Africa, who has been involved in the economic development policy of Africa for 30 years. He is the creator of the blog: lawrencefreemanafricaandtheworld.com

 

Alexander Hamilton’s Credit System Is Necessary for Africa’s Development

October 4, 2019

Below is a half hour video presentation on the importance of Alexander Hamilton’s credit policy for the development of Africa. The forum was organized by Watch Democracy Grow, an organization promoting democracy and development in Africa, and was filmed Afrique Today.

As I discuss in the video and article below, African nations need long-term and low interest lines of credit to finance trillions of dollars necessary for infrastructure projects across the continent.  Government backed authorities or the government itself can issued public credit in the amounts required. To provide credit for the newly united colonies, Hamilton designed the National Bank of the United States in 1791 at the request of President George Washington. It was a corner stone of the successful American System of Political Economy. Similar institutions are appropriate for African nations to finance vitally needed infrastructure today.  Applying the Hamiltonian model, the Belt and Road Initiative, promoted by China, is helping Africa build and finance infrastructure that is essential for African nations to industrialize and expand their agriculture and manufacturing sectors.

 

Read my article from March of this year: Nations Must Study Alexander Hamilton’s Principles of Political Economy

 

 

Celebrate Africa’s New Free Trade Agreement: Terminate CFA franc

With the initiation of the Africa Continental Free Trade Agreement on May 30, 2019, now is the time for African nations to finally jettison the CFA frank, a relic of French Colonialism. No longer should 14 African nations have their sovereignty infringed upon by a former European colonial country. Economic sovereignty is inviolate. For a nation to develop its full economic potential it must control its currency, which is a from of national credit. One of the great accomplishments of the President’s George Washington’s Secretary of the Treasury, Alexander Hamilton, was his creation of a National Bank, which unified all the currencies and debt held by the thirteen colonies. A nation that does not have sovereign authority over its currency and credit will never be truly free, and its people will suffer from underdevelopment..

Map showing those countries using the CFA franc
It’s used by Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali. Niger, Senegal and Togo in West Africa, and Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon in Central Africa

Read: Africa’s CFA Franc Colonial Relic or Stabilizing Force

Nations Must Study Alexander Hamilton’s Principles of Political Economy

Hamilton Versus Wall Street: The Core Principles of the American System of Economics
Nancy Bradeen Spannaus iUniverse, Bloomington, Indiana, 2019, 222 pp. $13.99 soft cover, $5.99 e-book.

Hamilton Versus Wall Street: The Core Principles Of the American System of Economics      By Nancy Bradeen Spannaus

A Review by Lawrence Freeman-March 28 2019

For those followers of our beloved Alexander Hamilton and for those new to his writings, this book is for you. Nancy Spannaus, in her just-released book Hamilton Versus Wall Street, makes a unique contribution to the existing volumes written on Hamilton’s political and economic thoughts.  In her relatively short easy-to-read book, she weaves together Hamilton’s revolutionary ideas on political economy that served as the pillars for the creation of the United States, their legacy in the next two centuries of America, and their influence internationally. Throughout her treatise, Spannaus also provides constructive historical analysis of the battle inside the United States to adopt Hamilton’s concepts. This book is a valuable complement to Hamilton’s economic reports and will aid those unfamiliar with his seminal texts. *

Spannaus polemically begins by countering the popular myth that Hamilton was an agent for the banks (Wall Street) against the interests of the “little man,” agrarian society and the states, as espoused by Thomas Jefferson and others.  She later devotes entire chapters to Hamilton’s opposition to the British central banking system and Adam Smith, exposing another slander which alleged Hamilton was a supporter of the British aristocracy.

Principles of Political Economy

            Unlike like other publications on Hamilton that gloss over or give insufficient attention to Hamilton’s ground-breaking concepts of banking, credit, and manufactures, Spannaus makes a great effort to elaborate Hamilton’s contributions to: “The Core Principles of the American System of Economics.”  **

All nations would benefit greatly, if their leaders and citizens studied Hamilton writings. American culture would not be at the low level it is today, if my fellow citizens had been taught Hamilton’s economic theories, which in fact were crucial to the creation of our nation from thirteen indebted, agriculturally-based colonies. Advanced sector countries that are dominated by financial systems dictated by Wall Street and the City of London, and underdeveloped nations that rely on resource extraction and farming, because they lack a manufacturing sector, could learn a great deal from Hamilton.

However, Hamilton’s thinking about economic growth was not limited to the mere production of goods. He understood for society to continually increase the productive powers of the economy, the development of the human mind was essential. Spannaus quotes Hamilton: “To cherish and stimulate the activity of the human mind, by multiplying objects of enterprise, is not among the least considerable of the expedients, by which the wealth of the nations may be promoted.” (p. 28).

Friederich List, a student of Hamilton’s philosophy in the nineteenth century, wrote that “capital of mind, capital of nature, and capital of productive matter” are all essential components to achieve economic progress. (p. 29)

Hamilton’s First National Bank (courtesy ushistory.org)

The Constitution and Public Debt-Credit

Hamilton knew that for a nation to be truly sovereign, it must possess the means to produce the physical wealth necessary to maintain the existence of its citizens and their posterity. It is no coincidence that the Founding Fathers embedded this concept in the profound Preamble to the US Constitution. As Spannaus emphasizes, for Hamilton, the importance of establishing federal credit through the creation of the National Bank, stabilizing the currency, developing the manufacturing capability of the young United Sates, and increasing the wealth of the nation through internal improvements, was coherent with the intent of the Preamble “to form a more perfect Union.”

Hamilton used the “general welfare” clause of the Preamble to justify his revolutionary idea to create a public-private National Bank to consolidate the separate states and establish a unified currency to promote national economic growth. Generations later, in the footsteps of Hamilton, Franklin Roosevelt, who studied Hamilton’s writings, would also rely on the “general welfare” clause to garner support for his New Deal and other programs he initiated to revive the U.S. economy wracked by the Great Depression.  

Public Credit, anathema today to virtually all Democratic and Republican leaders, was another key concept Hamilton fought for, knowing that private sector funds and privately-owned banks would never adequately fund a nation’s economic growth, especially for large-scale internal improvements, i.e. infrastructure.

To emphasize the unique role of public credit, Spannaus lists four exceptional periods in U.S. history when the efficacious application of government-issued credit led to a pronounced expansion of the American economy. These are administrations of Presidents George Washington, John Quincy Adams, Abraham Lincoln, and Franklin Roosevelt. (p. 55-56)

In chapter 7, the author concisely summarizes Hamilton’s outlook: “…it is the deliberate increasing of the productive powers of labor through technology, improvements in infrastructure, and the use of government power to create credit that will produce value in the economy.” (p.128) This is more than good advice that all public officials. government leaders, and informed citizens should follow to secure a joyful future for their nation.

In Africa and other underdeveloped regions of the world where nations have suffered from hundreds of years of exploitation of their natural resources, Alexander Hamilton’s wise words should be fully grasped: “The intrinsic wealth of a nation is be measured, not by the abundance of the precious metals contained in it, but by the quantity of the productions of its labor and industry.” (emphasis added p. 1)

*Hamilton wrote four major economic reports for Congress and President George Washington between January 1790 and December 1791: Report on Public Credit; Report on a National Bank; Report on Manufactures; and Opinion as to the Constitutionality of the National Bank.

**This is the subtitle of Hamilton Versus Wall Street.