Hamilton also held strong opinions about America's economy. In keeping with his political philosophy, Hamilton believed that an elite few, rather than the general population, had the ability to lead America's economy. Rather than continuing as a nation of small farmers, he favored an industrial economy. He wanted the elite- the small number of wealthy, well-educated citizens- to lead America's businesses, factories, and companies. Hamilton believed these business leaders had the responsibility of making economic decisions that were not only best for their companies, but also for their employees and for the country's economy as a whole. Hamilton also favored the establishment of a government-sponsored national bank-later called Bank of the United States-that would help these businesses by loaning them money. A national bank would also tie the interests of these economic leaders to the interests of the federal government, since the federal government was aiding their businesses through the bank.