Hamilton's program was more state capitalism than true mercantilism
It's actually known as neo-mercantilism...basically old mercantilism with more refined-sounding arguments, or mercantilism that emerged in the wake of the Wealth of Nations as an attempted counterargument. Hamilton is actually considered one of the founding fathers of the neo-mercantilist school, along with Frederick List (who he directly inspired). His 3 "Great" Reports are considered to be some of the first formal attempts to rebut Smith, particularly the Report on Manufactures.
Capitalism NEVER developed as Free Markets and there has never been a capitalist system which was not heavily influenced by the state.
Oh really? Tell that to Hong Kong in the Cowperthwaite era of the mid 20th century.
Don't pretend that the core of his opposition to the national debt assumption program was not the land speculators whose schemes depended upon the debt remaining cheap.
Actually, the most vocal opposition came from the states that had already paid off most of their debt obligations and objected to assuming debt from the states that had been financially irresponsible over the previous decade. In other words, bailouts. Funny how 200 years later we still have the same problem.
Hamilton’s program was never focused upon specie outflow prevention or specie inflow promotion as was the intent of mercantilism.
His reports were never intended to “refute” Smith but to provide a rationale for funding the government and developing the economy. Among the first true economic studies they showed his genius for gathering of facts and data never before attempted in this nation. It was REAL economics not academic theorizing and all economists realize this and hail them for the groundbreaking works they were.
Hong Kong was not a nation and developed nothing new. It was a colony.
States which had paid or abrogated their debts were specifically addressed in the debt assumption program. Some, like Virginia, were even given MORE credit than deserved in order to get their votes. Most of the opposition came from land speculators hammered by the increase in debt prices.
There is no similiarity to today. And the opposition was in no way “responsible”. Hamilton’s opposition was the LEFT wing of American politics happy to have state issued money, legislatures which impaired contracts and debt abrogation.