2. Agrarian Society
Jefferson’s most prominent economic views concerned the nations need for
farming and agriculture.
He believed that America could only prosper through small scale farming. That
way the people could grow what they needed and not be reliant on trade with
other countries.
He fought against the Federalists who pushed for large scale manufacture and
industry. Instead, he argued that the people should take advantage of Americas
vast resources through agriculture.
In the Notes on the State of Virginia, he claimed that America could build up a
surplus of goods through farming and then trade with other countries to gain
finer materials.
3. Uniform Currency
In the late 1800’s Jefferson pointed the nation towards a very
new form of economy. He recommended to Congress that they
adopt a uniform system of currency, to benefit the economy.
Congress accepted his proposal in 1785 because they believed
the system was sound, simple, and easy to calculate.
This move helped to unite the states and it provided a stable
base which American economics could prosper.
4. Jefferson in Office
After Jefferson was elected in 1800 he started to make large
changes in the governments economic policy.
He thought that the federal government should have limited
powers and a lot of power should be reserved for the states.
He did this by cutting almost all internal taxes and federal
expenditures. Under Jefferson, the government would only
make a profit from land sales and customs duties. This allowed
states implement their own taxes and rules.
5. Louisiana Purchase
Jefferson’s greatest economic feat was perhaps the
purchase of the Louisiana territory. He bought the land
from France for around $15 million.
This decision doubled the size of America. It led to greater
expansion and a great increase in raw materials and trade.
The land helped American economics greatly because
farmers and traders had huge amounts of resources that
would prove to be very valuable in trade with other
countries.
6. Jefferson’s Legacy
Although Jefferson is mainly remembered as a powerful
politician, he should also be credited with being a very
innovative and significant economist.
Today we still use a similar uniform system of currency, and
farming in the land of the Louisiana Territory is vital to our
agriculture and food production in America.
His economic actions have been essential to the growth of this
nation.
