Financing Continuous Development: The 'American Plan' of State Capitalism

The Oxford Handbook of State Capitalism, 2022

Cornell Legal Studies Research Paper No. 20-31

24 Pages Posted: 8 Apr 2020 Last revised: 30 Mar 2023

See all articles by Robert C. Hockett

Robert C. Hockett

Cornell University - Law School

Saule T. Omarova

Cornell University - Law School

Date Written: April 2, 2020

Abstract

In this chapter for the forthcoming Oxford Handbook of State Capitalism (OUP, 2020), we outline what we call 'The American Plan' of state capitalism, developed by Treasury Secretary Alexander Hamilton in the early years of the American republic, and trace its defining elements through two centuries down to the present. In the modern era, these elements jointly define what we call a 'Development Finance State,' an American tradition of hybrid public-private financing of continuous economic progress. We argue that rediscovery and rebirth of this forgotten but powerful American tradition is the key to the country’s ability to meet the many challenges it faces today.

Keywords: 'American System,' capitalism, development, development finance, development finance state, digital dollar, finance, First Bank of the US, national investment authority, open market operations, state capitalism

Suggested Citation

Hockett, Robert C. and Omarova, Saule T., Financing Continuous Development: The 'American Plan' of State Capitalism (April 2, 2020). The Oxford Handbook of State Capitalism, 2022, Cornell Legal Studies Research Paper No. 20-31, Available at SSRN: https://ssrn.com/abstract=3566690

Robert C. Hockett (Contact Author)

Cornell University - Law School ( email )

Myron Taylor Hall
Cornell University
Ithaca, NY 14853-4901
United States

Saule T. Omarova

Cornell University - Law School ( email )

Myron Taylor Hall
Cornell University
Ithaca, NY 14853-4901
United States

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