Ambitious Innovation and Abundant Diversity: Alexander Hamilton, William J. Clinton, and the Role of Government in the Economy and Society

Although former President William J. Clinton acknowledged in his autobiography “a profound debt to Thomas Jefferson: if he hadn’t decided to buy the vast Louisiana Territory from France,” he would not have become president, his domestic and economic policies owe their debts to another founder: Alexander Hamilton.  This paper explores Hamilton’s and Clinton’s writings and speeches and compares the policies they promoted throughout their tenures in the executive branch.  Taking issue with two common misconceptions of Hamilton (that he was in favor of laissez-faire capitalism and “big” government), and one flawed perception of Clinton (that he held no fixed principles, except for triangulation), the study finds that these men not only shared a similar philosophy of government, but that they sought to enact policies that would align individual ambition with the public good; create opportunities for entrepreneurial innovation; reward work and achievement; and promote diversity in both the economy and the society.  Thus, while Clinton may not have been cognizant of the American political tradition from which he was borrowing, understanding the Hamiltonian assumptions in Clinton’s domestic and economic policies will help scholars to place his presidency within the context of American history.