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Henry Clay's American System had three key parts that encouraged buildup of American industries:
- High protective tariffs on foreign trade made the prices of American goods competitive with imported European goods.
- National banks were used to store tariff revenue.
- Internal improvements through tariff revenue was used to pay for public projects like roads and canals.
The American System was very similar to Hamilton's Financial Plan. Both called for high protective tariffs on foreign trade, national banks, and emphasized the need for a strong central government.💰