Chapter 8

Question 1

“neo-mercantilist”

Answer 1

System of economic development that was assisted by the government.
It was supported by republicans.
Results:
1. Average income increased to more than 30%/year in a generation.

Question 2

Panic of 1819

Answer 2

The U.S.’s first huge PEACETIME economic crash.
Causes:
1: Improper bank management
a. Printed paper banknotes without backing.
2: American importation of copious English cotton and woolen goods.

Question 3

Commonwealth System

Answer 3

A Republican Political Economy.
1. It directed state financial aid to private businesses and companies whose projects would benefit the general welfare of the nation.
2. Charted monopolies to companies.
Worries: More power —> corporations = Less power —> States/people

Question 4

Sentimentalism

Answer 4

A cultural attitude that emphasized a focus on feeling and emotion.
A physical and sensual appreciation of God.
Rejected Enlightenment ideas.

Derived from Europe’s Romantic movement.