The "American System" was defeated by Andrew Jackson when he "killed the banks" which killed America's National bank in favor of private bankers who debased currency and caused America's depression from the 1840s until the American Civil War in 1860.

The "American System"
Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. The joy and moral stimulation of work no longer must be forgotten in the mad chase of evanescent profits. These dark days will be worth all they cost us if they teach us that our true destiny is not to be ministered unto but to minister to ourselves and to our fellow men.

https://americansystemnow.com/take-a-new-look-at-the-new-deal