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55 Cards in this Set
- Front
- Back
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Essentials of the market system
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1. private property
2. reliance on markets- supply and demand 3. competition 4. inequality 5. economic growth |
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Private property
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Capitalism: property can be owned by individuals
built on the concept of greed gives americans the right to own property and use it to make money SMU and Tollways are privatly owned. are examples . |
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reliance on markets- supply and demand
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economic decisions are made bu the marketplace
if there is supply and demand it all works if there is too much supply and not enough demand it hurts the economy competition is necessary for this system to work |
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competition
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in the marketplace it keeps the economy strong so system works well
if no competition then the market is subvertive |
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Inequality
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We as americans believe in inequality. Anyone can own as much as they want . You can be as rich or as poor. So economically we like inequality.
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Economic growth
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In order for the system to work , we have to have economic growth. If we don't than the economy fails.
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Socialism
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Things owned collectively
In america . comunity college is an example |
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Market ideology and problems
externalities |
is supply with no demand
laws were passed to help control this market regulation |
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indivisible wants
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when we decide to own things collectively = socialistic things like community college
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Market regulation
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controlling the supply of something when there is no demand
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Causes of the Industrial revolution
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1860 - civil war helped because of the production for the war . ie guns, uniforms, railroads, steel for rr
immigration- caused us to have a grownig population natural recourses gold and silver discovery investments from europe to america growing labor supply |
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homestead act of 1862
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gave 160 acres of land free to anyoine that would live on it and farm it for 5 years.
act promised opportunity and independance to ambitious farmers |
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Growth of big business
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American steel - andrew carnegie
oil - John d. rockefeller |
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Andrew Carnegie
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"father of steel"
from scotland was a secratary invested in steel company owned 90% of american steel massive expansion of RR also the rest of the world wanted our steel. was big business . took over all small steel makers . or would subvert = overthrow |
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John D. Rockefeller
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wanted to own all oil
he owned standard oil company he owned 90 % of all oil his company is noe called exon |
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The worker in the industrial age
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Women and children had to go to work to help ends meet
immagrants gave us cheap labor worker= unit of production |
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Unions
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created to put pressure on the business owner to be fair to employes
Industrial or local union= RR, Steel, miners etc. Knights of Labor=was for the 8 hr work day AFof L American federation of Labor= Samuel Gompers for skilled workers only. still exists today IWW Industrial Workers of the World=Wanted workers to own all big business.went on strike but government shut it down late 19th cent . Le Say Fair . Government should let it alone |
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Knights of labor 1870
Terrance Powerly |
wanted the 8 hr. work day plus overtime pay
was the leader of the Knights of Labor |
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1876 Rutherford B. Hayes
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eleminated Alcohol from the white house
Ended reconstruction returned control of the southern states to the south .They got to have segregation |
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Hay Market square
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1886 Chicago
began as a rally in support of striking workers. An unknown person threw a bomb at police as they dispersed the public meeting. The bomb blast and ensuing gunfire resulted in the deaths of eight police officers and an unknown number of civilians. In the internationally publicized legal proceedings that followed, eight anarchists were tried for murder. Knights of Labor was blamed for the boming |
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American Federation of labor
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the first federations of labor unions in the United States. It was founded in Columbus, Ohio in 1886 by Samuel Gompers as a reorganization of its predecessor, the Federation of Organized Trades and Labor Unions. Gompers became president of the AFL in 1886.federation was founded and dominated by craft unions
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Alexander Gram Bell
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invented a predessesor to the x-ray machine
used it to find the bullet in Garfeild |
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James Garfield president 1880
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was shot by charles j guiteau less than four months after taking office died two months later
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Chester A. Arthur 21st president
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Republican
20th vice president under Garfeild . Then Served as president from september-Marchof 1885 because of Garfields death . |
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Andrew Jackson
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7th president
governor of Florida in 1821 then comander of the American forces at the battle of New Orleans 1815 He said if you work for the government than you can automatically work for the president . "spoiled system" |
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James Blane
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New Republican Party nominee for president
pary was devided conservatives=stalwarts moderates=half breeds liberals =mudwamps blane was a stalwart he was expected to win |
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Grover Cleveland
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22nd president 1884
governor of New York not married yet had illegitamate child 1st democrat since b4 Lincoln everyone surprised that he won |
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Benjamin Harrison
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23rd president .
served 1 term Republican Known for the Mckinley tariff=McKinley Tariff of 1890 set the average ad valorem tariff rate for imports to the United States at 48.4%, and protected manufacturing. Sherman anti trust act spent a million dollars in one year . known as billion dollar congress |
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Grover Cleveland runs for re-election 1888
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49 yrs old now
married a 21 yr old woman had a daughetr ruth , was first daughter born in the white house He interveened in the Pullman strike in order to keep the rail roads going lost 1888 election to Harrison won presidency in 1892 created WILSON GORMAN TARIFF ACT = reduces united states tariff panic of 1893 struck . Now in an economic depression partly because of harrisons spending lost election also because a letter was published saying the British favored Cleveland . Since there was a large population of Irish that hated the british they now refused to vote for cleveland which was partly to blame for the loss |
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Sherman anti-trust act
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1890 supported by cleveland
was created to make the government investigate and pursue those violating the sherman act . put a limit on monopolies and cartels |
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Sherman act
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increased the amount of silver the government was rtequired to purchase each month so that the economy would be boosted . This would also help the farmers pay off their debt at a lower rate
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Willianm Jennings Bryan
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Democrat canidate in 1896, 1900, 1908.
"the great commander" was defeated by William McKinley was for free silver in 1900 ani-imperialism in 1900 trust busting in 1908 |
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Cleveland wins 1892 election for President 25th president
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Served 2 non consecutive terms
only president counted twice because of this economic ression 1893 was harrisons fault because of all the spending in Harrisons presidency |
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Interstate commerce act
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regulated Rail road shipping costs
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Election of 1896
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William McKinley won defeating Harrison . He strongly represented the farmers
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Foreign affairs in the age of business
Emergance of world power |
USA seeks an empire
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Aryan Supremicy
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new secs in asia , africa and pacific islands
Roger Kipling wrote famous book White Mans Burden |
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Captain Mahan -
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belived Japan was dangerous he said we need a navy in the pacific to protect us . United States Navy flag officer, geostrategist, and educator. His ideas on the importance of nautical tactics influenced navies all around the world, and helped prompt naval buildups before World War I. Several ships were named USS Mahan
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Reasons for imperialism
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we believe god wants us to have an empire
Strategic Initiatives = to protect us from other countries economic reasons=we wanted to expand our market |
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1860 took over several islands in the pacific
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soon took over hawaii
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queen Liliuokalani
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of hawaii in 1880. she took land away from white plantation owners and gave it back to her people. caused the revolution in Hawaii 1892. Liliuokalani was overthrown and the us government came into power
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Latin America
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Americans were sympathetic to Cuba. We wanted to help free them from Spain
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Yellow journalism
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over sensationalized news to sell papers .New York Journal owned by William Randolf Hurst
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Spanish American War
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William McKinley asked congress to declair war on spain .
us destoyed spanish fleet in Manila harbor.( in the philipinnes) Theadore rosevelt recuted rough riders to go to cuba . war lasted 6 weeks."Kettle Battle"or also " splendid little war" 300 died in battle the rest from maleria and heat stroke |
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Treaty of Paris
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relinquish control of cuba from spanish . US gets puerto rico , guam and the philipines for our trouble . american empoire now went from carribean to asia
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Platt document
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1900 cuba wanted us to get out of cuba . so in this document we agreed
but... cuba had to give us veto power over all foreign policy and economic policy cuba had to give us a navy base on guitanamo bay we have the right to invade their country any time we want . |
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Philipeno war
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now philipeans wanted their island back . so they started war with us 1889-1902 us gave independence eventually 1934 or so
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1900 McKinley voted into presidency
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we were a strong country at the time
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Jim Crow society
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people put on black make up and put on shows to make fun of black people
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slavery abolished but life still hard for black people in the south
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grandfather clause for voting . if ur g.father cud vote in 1860 then you can vote too .
voting tax literacy law . cant vote if u can't read caused the great migration north for black people . plessy vs. ferguson=said segragation is constitutional and that it's a state issue . |
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the atlanta compramise
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Booker T washington said accept segragation , focus on education and jobs to further yourself
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Native Americans
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pushed west . had their land taken from them .
we put them on uninhabitable land and slaughtered the buffalo so that they could not survive |
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u.s. millitary 7th calvary
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massacurred on planes of big horn river
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Dawes Severalty Act
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Native Americans owned land collectively . each tribe got 160 acres on the worst land available in the us .
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1890 fronteer was no longer
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we had settled in all parts of U.S.
deloped RR and expanded mining |
