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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