During the colonial era in America, no formal political parties existed in the way they are understood today
. However, political factions began to emerge around the ratification of the 1787 Constitution
. These factions eventually evolved into the First Party System, which historians generally agree was in place between 1792 and 1824
. The two major parties in this system were the Federalist Party and the Democratic-Republican Party
- Federalist Party Founded by Alexander Hamilton between 1789 and 1790, the Federalist Party supported a strong, centralized federal government that would promote manufacturing and industry
. The party largely represented the interests of bankers and businessmen in New England and the Mid-Atlantic states
. Key policies of the Federalists included the federal assumption of state debts, tariffs, and the creation of a national bank
. The Federalists favored maintaining close diplomatic and economic ties with Great Britain
- Democratic-Republican Party Thomas Jefferson and James Madison formed the Democratic-Republican Party, which opposed the Federalists
. The Democratic-Republicans largely represented planters and farmers, especially in the South
. They favored limiting the power of the federal government, opposed a standing army and navy, and were wary of the influence of British aristocracy
. They were more sympathetic to France and the French Revolution
The First Party System dissolved during the Era of Good Feelings (1816–1824), as the Federalist Party faded and the Democratic-Republicans lost cohesion
. Later, the Democratic-Republican Party split, with one faction becoming the Democratic Party and another joining the Whig Party
