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Exam Review

1. Economic Developments and its Issues

TermDefinition
Mercantilism National wealth is more important than individual wealth; nations should accumulate gold and silver, balance of trade.
Economic Problems facing the young nation after the Revolutionary War The Revolutionary War debt, currency issues, and constitutional implications.
Whiskey Rebellion Farmers began rebelling because they were being taxed heavily and it resulted in George Washington leading troops to Pennsylvania to deal the rioting.
Embargo Act of 1807 Government began taxing the imports so that people would buy more american products and resources.
Components of Henry Clay's American System Government-funded infrastructure, high protective industrial tariffs, renewal of the national bank
Examples of Infrastructure Railroads, Highways, Airplanes, etc.
The five items needed for Industrialization to take place Workers, entrepreneurs, capital, support, and infrastructure
The Agrarian Deal Farming and animal husbandry instill moral purity and independence, manufacturing and industrialization cause overcrowding and crime, poverty, moral decay.
Problems that faced farmers by the 1800's Technology improvements and their land was drying out.
Silverites
Components of the Populist Movement
Inflation When the amount of money in circulation goes up and the value goes down.
Deflation When the amount of money in circulation goes down and the value goes up
Surplus When you have extra resources at the end of a unit season
Social Darwinism "Survival of the fittest"
Sherman Anti-trust Act
Federal Reserve System (12) Banks were built across the country
Advantages of forming a Corporation You can't be sued,
Progressive Movement economic reforms Sherman Anti-trust, Department of Commerce, Hepburn Act, Pure Food and Drug Act, Meat inspection Act, Department of Labor, 16th amendment, Federal Reserve Act, Clayton Ant-trust Act, Federal Trade Commission.
Fiscal Policy during the 1920's
Monetary Policy during the 1920's
Causes of the Great Depression Post-WWI European Recovery, Questionable banking practices, lack of Economic diversification, overproduction and uneven purchasing power, poor monetary policy, poor fiscal policy, Failure of the WWi debt repayment system, Economic (Tariff) warfare.
New Deal's Legacy Extension's of the Federal Government's and President's power, validation of Keynesian /demand-side/pump priming economics, creation of "Welfare State", empowerment of workers, increase in conservation of land, renewal of citizen's faith in democracy.
Keynesian Economics
Great Society Legislation
Consequences of Reaganomics
Created by: lillestolen