While serving as the first Treasury Secretary from 1789 to 1795, Alexander Hamilton engineered a financial revolution. Hamilton established the Treasury debt market, the dollar, and a central bank, while strategically prompting private entrepreneurs to establish securities markets and stock exchanges and encouraging state governments to charter a number of commercial banks and other business corporations. Yet despite a recent surge of interest in Hamilton, U.S. financial modernization has not been fully recognized as one of his greatest achievements.
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Hamilton's writings always impress for their clarity of argument and, especially, for their prescient vision of the future of the American economy. Thanks to Richard Sylla and David J. Cowen for reminding us of that. Ben Bernanke, former chairman of the Board of Governors of the Federal Reserve System