The Federalist Party, led by figures like Alexander Hamilton, advocated for a strong central government and an economy based on industry and commerce, supporting the assumption of state debts and the establishment of a national bank. In contrast, the Democratic-Republican Party, founded by Thomas Jefferson and James Madison, championed states' rights and agrarian interests, opposing the federal assumption of debt and the bank, arguing that it favored the wealthy elite. Additionally, while Federalists favored a loose interpretation of the Constitution to expand federal power, Democratic-Republicans adhered to a strict interpretation, believing that any unenumerated powers would encroach on states' rights.
Compare and contrast the views of the Federalist Party and the Democratic Republican Party on at least three different historical issues. in 1-2 sentacnes
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