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13 Cards in this Set
- Front
- Back
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Clay’s American system
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a set of internal improvements after the war of 1812. clay proposed a tariff to protect American industry. He made british goods more expensive so that peop;le would be forced to buy American made products. He also proposed a national bank that would operate under one currency, and that the national bank take on all the states’ war debts and imposed subsidies for roads, canals etc. his plan created an autarky. Businesses in the north were for the tariff because they made the same things britian was selling, however the south wasn’t for it
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lerner symmetry
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when imported goods are taxed it has the same effect on economy as if exported goods are taxed as long as they equal each other
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American economy 1865-1913
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American economy 1865-1913: gilded age. Economy was good, except for panics, robber barons ruled, part of 2nd industrial revolution. Switching from silver to gold standard was a huge issue.
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Managerial capitalism
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emerged during the 2nd industrial revolution due to increased number of factories. Refers to the hiring of paid managers to run a business instead of the owner. Ran small businesses out of business, created monopolies
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Panic of 1907
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stock market crashed due to errors in judgement by big figures, manely heinze, but was baled out by jp morgan
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American economy 1865-1913
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: gilded age. Economy was good, except for panics, robber barons ruled, part of 2nd industrial revolution. Switching from silver to gold standard was a huge issue.
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Marx’s argument about medieval agriculture
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feudalism exploited the peasants by taking part of their crop, economy would turn to capitalism right before emergence of a classless society.For Marx, what defined feudalism was that the power of the ruling class (the aristocracy) rested on their control of arable land, leading to a class society based upon the exploitation of the peasants who farm these lands, typically under serfdom.[19] "The hand-mill gives you society with the feudal lord; the steam-mill, society with the industrial capitalist."[20] Marx thus considered feudalism within a purely economic model.[
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characteristics of the first industrial revolution
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began 18th century, dominated by textiles (putting out system), steam engine, iron, transportation,cotton gin, factories (waged labor, menagerial captialism), began in britain and spread
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characteristics of the second industrial revolution
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more worldwide rather than britain, increased mass production, factory system, telephone,
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compromise of 1790
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meant to keep US out of a civil war, north got south to help pay for revolutionary war in exchange for the capital being in a slave state
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economic development in britain from 1700 to 1850
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at the start of the industrial revolution
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panic of 1893
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railroad had been run on silver standard, price of silver went up. railroad industry collapsed and companies went bankrupt. created a depression and began major debates over bimetalism. the gov was turned over to republicans
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panic of 1873
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US moved from silver to gold standard, wouldnt buy silver from people to make coins so the value of people's money went down
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