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80 Cards in this Set
- Front
- Back
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Sugar Act
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1st Act by GB to raise $ to pay for colonies
After French and Indian War |
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Agriculture in the Colonies
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New England = grain/wheat, livestock = small family farms
South = tobacco in Chesapeake / Rice and Indigo in Carolinas/Georgia = large plantations |
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Triangular Trade
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England = finished goods / guns to Africa
Africa = Slaves to America and West Indies Americans = raw materials to England |
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Navigation Acts
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Regulated trade with colonies
Products must be transported to GB and on GB ships |
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Slavery in Colonies
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1st to Virginia in 1619
Labor force for large plantations Increased after Bacon's Rebellion |
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Headright System
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50 acres of land for any person who paid for another to come to America
Rise of indentured servants / labor needed to grow tobacco |
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Indentured Servants
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Work off $ spent to come to America = 4-7 years
Most were unmarried, young, poor men Difficult to acquire land after servitude was over |
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Mercantilism
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Goal to bring gold and silver into European empires
Colonies existed to benefit mother country |
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First Bank of United States
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Proposed by Alexander Hamilton during G. Washington's administration
Power to issue paper $, created Federal depository, made loans |
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Hamilton's Economic Plan
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Created system of credit for US government
Established 1st Bank of US Excise Tax on whiskey Tariff established to protect American industry Internal Improvements |
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Embargo Act
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Prohibited US from sailing to foreign ports
Used to force F and GB to recognize neutral trade rights Disaster = terrible economy = NO trade $ |
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Cotton Gin
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Revolutionized tobacco plantation
Led to expansion of slavery after some thought slavery would die out |
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Non-Intercourse Act
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Repealed Embargo Act
US allowed to trade with all countries EXCEPT GB and F |
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Macon's Bill # 2
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Repealled Non-Intercourse Act
Authorized trade with GB and F if they agreed to stop interfering with Ameircan ships |
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Cumberland Road
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1st National Road
Cumberland, Maryland to Vandalia, Illinois Reduced shipping costs, increased migration westward |
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2nd Bank of US
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Made constitutional by McChulloch v. Maryland
Recharter vetoed by Pres. Jackson Jackson removed all Federal $ to "Pet Banks" Charter expired in 1836 and was not reestablished |
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Panic of 1819
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Caused by Napoleonic Wars, land speculation,
South and West hardest hit Bank failures, farm foreclosures, unemployment |
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Lowell System
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1st testile factories in New England
Brought in young women from farms to work Women lived on site and worked til ready to marry |
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Gang System v. Task System
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Gang System = slaves worked in large groups under supervision = tobacco plantations
Task System = slaves worked individually on specific job = rice / indigo plantations |
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American System
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Henry Clay = similar to A. Hamilton
Supportd 2nd Bank of US and protective Tariff Federal $ for internal improvements |
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Erie Canal
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Connected NY to Great Lakes
Important shipping route Connected Western Farmers to Eastern Markert Urban growth along canal |
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Tariff of Abominations
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Highest level before Civil War
Created by Andrew Jackson Hated by Southerners = lead to nullification |
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Specie Circular
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Andrew Jackson
All payments for land had to be in gold or silver = NO paper $ |
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Panic of 1837 - (1843)
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Caused by Specie Circular, crop failures,
Bank / Business Failres, Unemployment = 10% |
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California Gold Rush
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Dramatic increase in population and westward expansion
More $ made in supplying miners than in gold mining |
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Financing the Civil War
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North = increase in excise tax, income tax, printing of paper $
South = printing of paper $ |
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Pacific Railway Act
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Approved construction of Transcontinental Railroad
Large land grants on both sides of track to companies Union and Central Pacific Railroad companies |
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Homestead Act
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160 acres of land for small fee, improve land, live there 5 years
Encouraged Westard expansion and migration |
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National Banking Act 1863
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Established National banking system in plance until Federal Reserve Act 1913
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Sharecropping
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Post Civil War farming system for African-Americans
Work a piece of land - give portionof profit back to land owner Created cycle of debt |
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Crop-Lien System
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Post Civil War - merchants gave farmers credit in exchange for rights to crops
High interest rates Created cycle of debt |
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The Grangers
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Organized to spread news / information in Agricultural world
Granger Laws = regulation of railroads and agricultural middle men |
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Knights of Labor
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Open to all workers
Supported 8 hr work day Declined after Haymarket Riot |
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Horizantal Intergration
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Business strategy = acquire all business making the same product
Example = Standard Oil Company / Rockefeller |
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Vertical Integration
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Business strategy = control a product from raw materials to finished goods
Example Carnegie Steel |
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Great Railroad Strike 1877
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1st major strike - Started over reduction in wages
Strike spread across country Federal troops used to break strike |
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Farmer's Alliance
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Supported cooperatives, regulation of railroads, improved system of credit
Also Southern Farmer's Alliance and Colored Farmer's Alliance |
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Trusts
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A business where stockholders give up control to a board of trustees
Start of monopolies and Big Business corruption |
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American Federation of Labor
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Union for skilled workers only
Improve wages, hours, working conditions, collective barganing Used strikes and boycotts |
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Haymarket Riot
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Protest supporting striking workers
Bomb thrown in crowd Blame on foreign radicals and Knights of Labor |
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Interstate Commerce Act
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Created Interstate Commerce Commission
Investigated Railroads companies and rates Long v. short haul discrimination |
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Sherman Antitrust Act
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Response to growth of Monopolies
Federal authroity to break up trusts, but not enforced until 1890's Mostly used against labor unions |
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Homestead Steel Strike
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Private guards brought in to protect plant from strikers
Battle between strkers and Pinkertons National Guard called in to restore order |
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Panic of 1893
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Caused by shortage in gold, falling farm prices and high tariff
Govt. was loaned $65 million in gold |
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Pullman Strike
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Caused by layoffs and wage cuts
National railway network shutdown Federal troops used to break strike Eugene Debs jailed for involvement |
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Anthracite Coal Strike
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Theodore Roosevelt intervened to support strikers
Previous presidents were anti-labor / pro-business |
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Industrial Workers of the World
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Militant Inustrial Union
All workers skilled and unskilled Several violent confrontations during strikes |
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Federal Reserve Act
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Divided country into 12 districts with Federal bank in each
Federal Reserve Board controlled $ supply and interest rates |
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Underwood Tariff
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Significant reduction in Tariff since Civil War
1st Federal Income Tax |
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Clayton Antitrust Act
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Labor Unions and Farmers exempted from antitrust laws
Right of Unions to strike |
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Liberty Bonds
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Main method of financing WWI
Emphasized patriotism Immigrants forced to show loyalty |
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War Industries Board
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Used to organize industrial production
Factories transformed for wartime production Set production priorities and regulated raw materials |
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Food Administration
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Managed agricultural resources
Led by Herbert Hoover Voluntary Convervation = Wheatless Wednesdays |
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Prosperity During the 1920's
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Economy grew = fueled by consumer goods
Fed Govt. supported business Agriculture still weak |
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Stock Market Crash
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Bull Market - prices increase 1927-1929
Buying on the "margin" - use of credit to buy stocks Also long term causes like Over Production, Rich v. Gap |
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Great Depression
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Worst economic collapse in US history
25% unemployment Not ended unitl World War II |
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Reconstruction Finance Corporation
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Established by Hoover
Loans to banks, insurance companies, railroads Created public works projects |
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New Deal
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FDR's plan to deal with the depression
Relief, Recover, Reform 1st 100 days massive legislation = see what works 2nd New Deal = 1935 - 1938 |
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Emergency Banking Relief Act
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National Bank Holiday = only financially sound banks reopen
Prohibited private hoarding of gold Restored confidence in banking system |
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Agricultural Adjustment Act (AAA)
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$ to farmers to reduce crop size
Highly controversial with large population starving |
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Tennesee Valley Authority (TVA)
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Built dams to create cheap electricity and prevent fooding
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Glass-Steagall Banking Act
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Creadted FDIC (Federal Deposit Insurance Corporation)
Insured bank deposits up to $2,500 |
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National Industrial Recovery Act
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Developed fair competition codes for industries
Regulated Wages, Prices, Production PWA (Public Works Administration) oversaw construction projects Supreme Court eventually ruled unconstitutional |
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Securities and Exchange Act
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5 member group
Regulate and restore confidence in stock market Attempted to rid stock market of fruad |
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Fair Labor Standards Act
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1st minimum wage = 25 cents an hour
Overtime pay = 1 and 1/2 times regular pay 40 hr work week |
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Office of Price Administration
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WWII
Set maximum prices for goods and rents to control inflation Managed rationing program |
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Fair Employment Practices Committee
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Established in response to A Philip Randolf threatened march on Washington
Prohibited discrimination based on race, creed, color, national origin in defense industry jobs. |
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Rationing During WWII
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Limit on certain products individual could buy = ration books
Managed through Office of Price Administration Products = tires. oil, butter, meat, clothes |
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Women, Labor and WWII
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almost 20 milion women in labor force by 1945
"Roisie the Riveter" National War Labor Board supported equal pay for equal work Most returned home after war |
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Bracero Program
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Agreement with Mexico that allowed Mexican farm workers to sign temporary contracts
In response to labor shortage during WWII 5 million workers 1942 - 1964 |
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War Production Board
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Similar to War Industries Board of WWI
Managed war production and raw materials for war |
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Taft-Hartley Act
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Prohibited Closed Shop (hiring of only union workers)
80 Day cooling off period before potential strike |
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Federal Aid-Highway Act
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Started construction of Insterstate Highway System
Paid for by taxes on gas, oil, tires and other auto-realted businesses |
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Equal Pay Act
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Created under JFK
Prohibited wage discrimination between men and women on the same job |
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Stagflation
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Economic condition = high inflation combined with weaking economy causing a rise in unmeployment
Characterized US economy in 1970's |
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Arab Oil Embargo
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OPEC (Organization of Petroleum Exporting Countries) cut oil shipments to US
In response to US support of Israel during Yom Kippur War Gas prices increase / Energy crisis created |
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Supply-Side Economic
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Regan's economic policy
Tax cuts to wealthy and businesses = use $ to invest and create new jobs Rich / Poor gap grew - most jobs created were low paying |
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Deregulation
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Reduction in govt regulation of business to encourage competition
Pres. Carter = airlines, trucking, railroads Pres. Regan = banking, enviormental and other regulatory agencies |
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Reganomics
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Tax cuts benefited wealth
Cut domestic spending / welfare programs Deregulation Increase in budget deficit and national debt |
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Mr.Weisser
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The best history teacher in the world!!!!
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