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Thursday 12^th February 2026 | Marie’s Column | The Scotsman

Donald Trump’s economic nationalism draws extensively on notions that Alexander Hamilton espoused at the dawn of the American republic.

As a native of Ayrshire, I am constantly reminded of the rich contribution the region has made not just to Scottish life and culture, but also to places far beyond these shores. However, it is only recently that I have come to wonder whether the place I call home can claim a direct link to the tumultuous course of global events today under the current US administration.

When it comes to the geopolitical machinations of Donald Trump, from tariff wars to the reimagining of the Monroe Doctrine for 21st century purposes, with all the questions which that poses in terms of global security and US territorial ambitions from Venezuela to Greenland, decoding the Trump worldview has become an all-consuming pastime for many.

For some, it amounts to an exercise in detecting what they like to describe as method in the madness, whilst others conclude that there is no pattern, strategy or historical precedent which can explain how or why Trump is steering the US in its current direction of travel.

And so, where does Scotland and my corner of Ayrshire fit into this?  Well, the Grange area of my hometown, Kilmarnock, and Kerelaw Castle in Stevenston, which is now a ruin, was once home to the lairds of its estate, the Hamilton family, one of whose line, Alexander Hamilton, would become a Founding Father of the United States.

Hamilton, the revered soldier statesman, man of letters and in much more recent times the subject of the Broadway musical which bears his name, is renowned for his role in shaping the young republic in the formative years of the United States and famously died as a result of a duel with his nemesis Aaron Burr in 1804, being laid to rest in at Trinity Church in Lower Manhattan, at the intersection of Wall Street and Broadway, “Where Money Never Sleeps”.

What is perhaps less well known is the esteem in which he is held by the current occupant of the White House. Whilst Trump has openly expressed his disdain for Hamilton the play, he has spoken in admiring tones of the man, declaring that Hamilton “understood that the government must protect the jobs of our citizens and the wealth of our nation.”

And so, for those many people looking for clues for what Trump might do next, they could do worse than to examine the career and writings of the Founding Father with Ayrshire roots.

Hamilton, noted for his impulsive, fiery personality, was an advocate of strong and decisive presidential rule. “Energy in the Executive,” he wrote, “is a leading character in the definition of good government,” railing against the perceived dangers of a “feeble executive”.  Trump, whatever one’s views on his policies at home and abroad, has clearly embraced the Hamiltonian notion of an all-powerful executive.

When it comes to economic policy, as the very first US Secretary of the Treasury under George Washington, Hamilton is sometimes afforded the title of father of American capitalism. And in his contributions to the Federalist Papers, he set out his theories on the importance, as he saw it, of the United States achieving full economic independence from the Old World.

His Report on the Subject of Manufactures, submitted to Congress in 1791, was a foundational document that outlined Hamilton’s economic nationalism and laid the basis for much of US economic and trading policy for generations after it was written.  It was also a paper which advocated tariffs and other protectionist measures.

The debate about whether policies designed at the dawn of the 19th century remain viable in the 21st is an open question, but the lesson is clear: Trump is familiar with the Hamilton worldview and has sought to repackage it today for his own purposes.

Trump’s economic nationalism draws extensively on the notions that Hamilton and others like him espoused at the dawn of the American republic.

Hamilton’s economic views were based around ensuring that manufacturing and domestic industrial capacity was sufficient to ensure the US was entirely independent of other nations when it came to the supply of military and other essential goods.  Trump, in his first term and now once more, has sought to apply that same principle.

Hamilton warned against any need for America to be dependent on European nations for vital materials. If today you were to substitute the word China for Europe, you start to get a feel for how closely Trump’s policies draw on the Hamilton precedent.

The echoes are everywhere. Hamilton was a powerful advocate of building the US’s maritime capacity, promoting domestic shipbuilding to provide vessels for the nascent US Navy.  Similarly, one of Trump’s executive orders has been aimed at prioritising shipbuilding and, in his own words, restoring America’s maritime dominance.

When it came to foreign policy, it could be argued that Hamilton’s approach was neither wholly interventionist not isolationist. But he believed that, in specific circumstances, America should seek to intervene in cases where those in foreign lands were seeking to thwart despotism. American Presidents down the ages have embraced that creed to varying degrees, with equally varying degrees of justification. Trump’s iteration is merely the latest version of it.

When Trump first arrived in the White House nine years ago, he ensured a portrait of Hamilton was hung prominently in the Oval Office. It hangs there again now, underlining the esteem in which the Founding Father is held by the 45th and 47th President. Whether that admiration would have been reciprocated is another matter. But for those looking for some explanation as to what is driving US trade, economic and foreign policy today, perhaps Ayrshire and Hamilton hold the key.

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Project can be “beacon of light” amid polarisation  

Marie today confirmed that she has agreed to support the University of Glasgow’s John Smith Centre in developing the next phase of their “Political Conversations” initiative.

The project involves experienced figures from the world of politics taking part in debate with each other in secondary school settings in front of an audience of senior level pupils, whilst also engaging directly with the students themselves.

It is unique in its ambition of seeking to involve and enthuse young people with the political process by means of direct engagement with senior politicians.

As part of the expansion of the initiative in 2026, including visits to the Scottish Parliament and a major conference hosted at Glasgow University, Marie has agreed to provide the John Smith Centre with seed funding in order to expand the programme’s scope and reach.

Commenting, Dr Marie Macklin CBE, Co-Founder of the initiative, said: 

“I am delighted to be supporting the John Smith Centre in rolling out the next phase of the Political Conversations initiative in schools.

“The project got off to a fantastic start last year, with the launch of the pilot event at my former school, Kilmarnock Academy. It saw two pupils, Carolina Sharp and Devlyn Ritchie, recognised by the John Smith Centre for their thoughtful reflections on the event, which were then published by the Centre.

“Due to the huge success of the pilot – which was in no small part thanks to the participation of former Scottish Conservative leader Jackson Carlaw MSP and former Scottish Government minister Alex Neil – it was clear there was a real appetite among young people for the kind of intelligent, engaged political discussion which this initiative brings to schools.

“It was also evident that there was scope for a wider rollout of the project, and that is why I have agreed to support the JSC as they look to expand it.

“At the start of another election year in Scotland, it is more important than ever that younger people are enthused and engaged by the political process.

“The future of our democracy depends to a significant extent on ensuring that enough young people with the talent and aptitude to lead are encouraged to put themselves forward to take part in the political process.

“In a political climate which is too often beset by tribalism, polarisation and toxicity, Political Conversations can be a beacon that lights the way forward.”

Kilmarnock Academy pupil Carolina Sharp said:

“After the John Smith Centre event I felt Alex Neil and Jackson Carlaw opened a new perspective to politics and the dynamics within it. They created a more humanised and rational impression of politics to me and others, proving that within and between different parties there is harmony, and the priority is about working together and reaching a middle ground.

“The John Smith Centre event they showed us that with commitment, integrity and respect the most successful path to being a politician is learning how to work together and compromise.”

Fellow pupil Devlyn Ritchie said:

“After the event I came out with a more in-depth understanding of politics and politicians, and how important they are to society. After hearing what both Alex Neil and Jackson Carlaw had to say, me and some of my peers came to the realisation that in fact, most politicians do want to make a difference and do try to make decisions that influence the public.

“This meeting was a real eye opener for me on how politicians can truly have an impact on day-to-day life and that they are overly disrespected by the public. After the meeting I spoke to a peer who had little background information on politics or the work of politicians but after the meeting, he told me he was extremely surprised and felt that he had left the room feeling like he had discovered a whole new side of things that was hiding in plain sight.”

Eddie Barnes, Director of the John Smith Centre, said: 

“We are delighted to be expanding the Political Conversations initiative in 2026, which promises to be another pivotal year in Scottish politics, and our thanks go to Marie for her generous support and her enthusiasm for the project.

“The pilot event in Kilmarnock and the subsequent schools events have underlined how much enthusiasm there is among younger people for getting involved in political debate, given the capacity it has to impact all our daily lives.

“With Marie’s backing, we hope to make 2026 a year in which Political Conversations firmly establishes itself as a fixture in Scotland’s political and educational calendar.”

You’ll be able to follow progress with Political Conversations via Marie’s Special Project page.

Marie’s Column in The Scotsman | Monday 12th January 2026

The build up to government budgets can sometimes be more entertaining than the main event. How often do we read wild speculation about what tricks a Chancellor or Finance Secretary might have up their sleeve, only to be left underwhelmed on the day itself.

Too often, it can feel like a version of 80s and 90s TV staples like Bullseye and Blind Date – “come and see what you would have won”; “have a look at who you could have gone to dinner with”.

If the Scottish Government is to avoid a similar sense of letdown in its forthcoming Budget, it should be truly bold.

That means taking risks but also playing to our many strengths as a nation. In harsh and uncertain economic times such as these, the desire on the part of government to simply batten down the hatches might be understandable, but it is misplaced.

The economy is flatlining and if you speak to just about any of the 380,000 small and medium sized businesses across Scotland, they will tell you that the stakes are now higher than ever. Indeed, many of those SMEs – who together employ around 900,000 people, driving around £93 billion in turnover annually – are now in survival mode.

They are dealing every day with a combination of stealth taxes, cost of living increases and red tape that is curtailing economic growth.

To address that, the Scottish Government should seek to capitalise on the entrepreneurial spirit which exists within the country. It is often claimed that Scotland is by nature less entrepreneurial than other countries, but the statistics suggest otherwise.

With the exact figures vary, the latest data indicates that nearly one in five working-age Scots are entrepreneurs, with over 300,000 involved in early-stage activities and around 210,000 in established businesses, showing increasing activity, particularly among women and younger people.

What these individuals and wealth-creators need is a clear sign that Holyrood understands them and their ambitions, so that they can be helped in their endeavours which will in turn grow the economy and provide more much needed revenue for public services.

The entrepreneurial spirit among younger people is particularly encouraging. Research from the King’s Trust Youth Index shows that more than a third of younger people would like to start their own business.

That entrepreneurial spirit, however, needs to be fostered and encouraged, not dampened.  To do so, there is an opportunity to be creative with the Scottish income tax rates that Holyrood has the power to change.

Those powers are limited when compared to the whole raft of personal and corporate taxation still controlled by Westminster, but those partial powers nevertheless offer a way in which we can drive opportunity, retain more of our young people and attract new talent to Scotland.

A scheme offering a zero income tax rate to young entrepreneurs for a time limited period would be one such way of driving that process. It could be restricted to new companies registered in Scotland, and limited to a maximum of 10,000 young entrepreneurs aged up to 30.

They would be requited to invest a minimum of £1,000 in capital and also to employ at least one other person in the first year, during which they would not be liable for tax, thus creating at least 10,000 jobs and seeing a minimum of £10 million invested in the Scottish economy.

Year two would similarly see a zero tax rate applied, but with a requirement of at least £5,000 investment and for at least one more person to be employed, delivering further investment of £50 million and another 10,000 new jobs.

Year three would see a further minimum of 10,000 jobs created, with a five per cent Young Entrepreneurs tax rate applied, before taxation reverted to the standard rates in year four when businesses would be well established.

Such a scheme would not only incentivise growth and job creation, it would also draw a stark contrast between a pioneering and open for business message in Scotland and a UK government approach which seems content to simply manage decline.

The UK Government’s moves to freeze personal tax thresholds will increase the amount of tax that households pay, as more people are hit by so-called fiscal drag and pulled into higher tax bands and some will also start paying tax on their earnings for the first time. The Resolution Foundation has estimated that this would be the second worst UK parliament on record for income growth, ‘beaten’” only by the 2019-24 parliament, which was disrupted by the pandemic.

For any government in Holyrood which is committed to independence, showing what can be achieved with even limited fiscal powers would go a long way to demonstrating what might be achievable with the full set of economic levers.

As we head towards the Holyrood election in May, such bold choices may be too much to hope for in the Budget. A safety-first approach, with a few pre-election sweeteners thrown in to the mix, seems more likely.

However, if we are ever to truly break out of an economic cycle which has been stuck on repeat for far too long and instead kickstart the bottom-up economic growth so many of our communities are crying out for, then this is exactly the kind of approach we should see.

Dr Marie Macklin CBE is a leading Scottish businesswoman and investor. 

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