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APUSH: Economic Developments Flashcards

(52 cards)

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1
Q

Commercial Revolution (1492-1750)

A

A period of European economic expansion, colonialism, and mercantilism

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2
Q

Mercantilism

A

Economic theory - The colonies exist for the benefit of the mother country, Gold + silver, buying goods

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3
Q

British-1690s-1750s-Salutary Neglect

A

Unofficial British policy where rules/ laws were loosely enforced on Americans

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4
Q

Britain’s New Colonial Policy (after salutary neglect) (1763-1776)

A

After the French and Indian War, Great Britain’s economy was in shambles. Britain began enforcing strict laws and tariffs (Stamp Act, Tea Act) to aid their financial state. Years of Salutary Neglect made the colonists used to self governance and the new policy made them realize they did not need to depend on GB to function - main cause of Revolutionary war

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5
Q

Hamilton’s Financial Plan (1789-1797)

A

Main Points:
1. Federal Government assumes states debts through the creation of the National Bank
2. Taxes - Whiskey Tax (led to the Whiskey Rebellion)
3. Government bonds

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6
Q

Market Revolution (1800-1860)

A

Rapid increase in transportation and technology
Introduction of new goods from around the world
Factory labor and industry
2nd Great Awakening: Triggered by the Market Revolution - Protestant movement that said God offers salvation for all who look for it

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7
Q

Clay’s American System (1800-1860)

A

3 Main Points
1. Protective Tariffs to encourage people to buy domestic goods
2. National Bank
3. Government funded “Internal improvements”/infrastructure - railroads, canals, etc

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8
Q

Rise of Big Business (1860-1900)

A

Extreme gap in the distribution of wealth, new technology and inventions boosted industrial production, introduction of robber barons

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9
Q

Transcontinental Railroads (1860-1900)

A

Increase in trade and connection between states, booming agricultural industry, facilitated the speedy transportation of raw materials and finished goods from coast to coast, increase in immigration for labor opportunities

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10
Q

consolidation (1860-1900)

A

Several businesses from a large cooperation, allowed for the creation of monopolies and millionaires

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11
Q

Social Darwinism (1860-1900)

A

An economic theory that supported the “survival of the fittest” and “natural selection” mindset promoted by Charles Darwin

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12
Q

Gospel of Wealth (1889)

A

A book written by Andrew Carnegie, a robber baron and steel industry leader, that expressed the belief that it was the responsibility of the wealthy to distribute their wealth among the lower class for the greater good

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13
Q

Laissez Faire Economics

A

A hands off approach to economics, the government allowed the flow of commerce to happened with little interference, free market capitalism, supported by ideals of Social Darwinism

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14
Q

Panic of 1893

A

Banks closing, manufacturers shut down -> responsibility of the bankruptcy of the Philadelphia and Reading Railroad

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15
Q

Agrarian Revolt (1860-1900)

A

Industrial and agricultural revolt in which farmers advocated for free coinage of silver and more regulation on railroads ->that led to the better treatment of farmers and their businesses, began the formation of the Populist party

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16
Q

Populism (1860-1900)

A

Named “The People’s Party”, seek to end the oppression of the people and work against the abuse done by the elite

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17
Q

World War One (1914-1918)

A

Global conflict, Allies v. Central
US entered late for economic opportunity after previous soft involvement (supporting allied through $$$)
Increase in manufacturing jobs -> increase in GDP

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18
Q

Progressivism (1900-1920)

A

Movement in the late 1800s, increase democracy in America by curving the power of corporations, fought to end corruption is business, worked for equal rights for women + other minority groups that had been left behind in the industrial revolution

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19
Q

Progressivism - Trusts

A

A way to create monopolies and eliminate competition

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20
Q

Anti-Trust Law

A

Federal law that regulated businesses to increase competition (competition = lower prices)

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21
Q

Progressivism - Workers

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A

protective legislation for women, ban on child labor, creation of the federal department of labor to regulate conditions and working hours

22
Q

Progressivism - Banks

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A

Panic of 1873: Stock market crash, investors sold their stocks in railroads

23
Q

Progressivism - Taxes

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A

Increase on taxes for the rich and a decrease on taxes for the poor

24
Q

Roaring 20’s (1920-1929)

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A

A time of economic prosperity for the United States due to the wealth gained from WW1 and the introduction of the entertainment industry

25
20s: New productions
radio, camera, fridge, washing machine, all inventions based on pleasure
26
20s: Economic boom
post WW1 funds, increase in GDP, mass marketing, high employment rates
27
20s: Agriculture
new inventions in the farming industry caused many farmers to overproduce goods, driving down the price of farm products
28
20s: Causes of the great depression
Stock Market Crash, Smoot Hawley Tariff
29
Stock Market Crash (1929)
Caused by overinflated shares, growing bank loans, agricultural overproduction, panic selling, stocks purchased on margin, high interest rates, and negative media
30
Smoot Hawley Tariff:
increased the tariffs on foreign imports by 20%, done in order to protect American farmers and encourage domestic production, caused the price of food to increase
31
20s President: Warren G. Harding
Increase in tariffs, decrease in government involvement, cuts to excess profit tax and corporate tax, decrease national debt
32
20s president: Calvin Coolidge
Promoted self restraint, moderation, and frugality
33
Revenue Act of 24
Passed by Coolidge, revised tax restrictions to crack down on tax evasion and lower federal income
34
World War 2 (1941-1945)
6 year conflict, war including over 30 countries, axis v. allies, sparked by the Nazi invasion of Poland
35
WW2: Stimulation for US economy
Most rapid economic growth in US history, jobs created for manufacturing, decrease in unemployment, decrease tariffs, increase in private investment by American businessmen, women in the work force
36
The Affluent Society
Book by John Kenneth Galbraith, describes the American economy by stating, "scarcity of resources is not the predominant condition, and a general level of economic well-being has been achieved by most members of society"
37
Eisenhower (1953-1961)
Moderate republican, got the US involved in the Vietnam War
38
Moderate Republicanism (1945-1960)
A middle ground between political parties, Eisenhower said he supported, "conservative when it comes to money and liberal when it comes to human beings"
39
Eisenhower: New Deal Programs
Eisenhower continued New Deal programs by expanding social security and balancing budget/tax cuts
40
LBJ: Great Society (1963-1969)
Aimed at expanding Civil Rights, public broadcasting, access to health care, aid for education, aid for the arts, land development, and public services
41
War on Poverty (1960-1970)
A speech delivered by LBJ, included 40 programs to eliminate poverty by improving low income areas and provide equal opportunities
42
New Programs Created by LBJ
Medicare/Medicaid, Food stamps, Job Corps, housing and urban development act, NEH, NEA, motor vehicle and air pollution control act
43
Nixon (1969-1974)
ended US involvement in Vietnam, established a relationship with China
44
Anti-Ballistic Missile Treaty (1972)
Limited the amount of missiles that could be used between the US and Soviet Union
45
Nixon: Stagflation
slow economic growth with simultaneous inflation rates rising, high oil prices from Arab Oil Embargo due to Yom Kippur
46
Carter: Camp David Accords (1978)
Peace treaty between Israel and Egypt
47
Carter: Panama Canal Treaty (1977)
"provided for joint US Panama control of the canal until December 31, 1999, when Panama would take full control"
48
Energy Crisis (1960-1970)
Drops in oil production lead to energy crisis and the high price of oil caused by the Arab Oil Embargo Act, US brought in the Navy to search for new sources of oil
49
"Its Morning in America" (1984)
A metaphor for economic growth and renewal, lowering of unemployment and inflations, pushed the literal interpretation of Americans getting up and going to work in the morning
50
Growing Wealth/Income Gap (1970-1980)
Cutbacks in income transfers and new tax policy created a large divide between social classes
51
Reaganomics
- Increase in defense spending - Slow government spending - Lower federal income taxes - Lower government regulation - Tightening money supply to decrease inflation - Trickle down economics
52
Trickle Down Economics
Money at the top would naturally trickle down to the lower class and that is the flow of commerce

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