Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
Terms of trade
|
Price level of good you sell/ price level of good you buy X100
|
|
|
Grangers
|
First major farm organization
forbade explicit political activity used lobbying In west some states passed laws that established upper limits on rates that railroads could charge. Other states appointed regulatory commissions |
|
|
Munn v. Illinois
|
The SUpreme court decided that states can establish rates if the business is " clothed in the public interest"
|
|
|
Wabash Cash
|
overturned Munn v. Illinois
COnstitution states that only the federal government can regulate interstate commerce Creation of Interstate Commerce commission |
|
|
Greenback Movement
|
eventually became a political party
Advocated "reflation"- an increase in the money supply that would assist increasingly indebted farmers |
|
|
Alliances
|
Supported:
An increased money supply known as "reflation" GOvernment control and ownership of transportation and communication facilities Low interest loans for farmers using the surplus they produced as collateral |
|
|
Populist Party
|
Supported:
reflation Government control of big business Gov ownership and control of transportation, communication and banks Government owned firms to provide price "Benchmarks" for the industry that the firm is in Reflation killed this group |
|
|
Monetarist Interpretation
|
The primary cause was the decline in the money stock which then caused a decline in price and real output. Money stock decreased along with price and real output
|
|
|
Why did the money stock decline?
|
the decrease in deposits led to the decrease in reserves, which caused a decrease in loans and thus a decrease in the money stock
|
|
|
Keynesian Interpretation
|
primary cause was the sudden decline in Aggregate demand due to a drop in Consumption and/or Investment
Fiscal policy is the answer to the problem |
|
|
Debt Deflation Interpretation
|
The primary cause was the failure of the credit markets
One party had more information than another Problem is solved through long term banking relationships |
