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Final exam review part 2
n/a
32
History
11th Grade
06/03/2012

Additional History Flashcards

 


 

Cards

Term
Mercantilism
Definition

-accumulation of national wealth in the 1600-1700s

-export more than we import to recieve more money 

-favorable balance of trade

 

Term
Whiskey Rebellion
Definition

farmers had to pay a tax on whiskey which they resented.

this was alexander hamiltons plan to pay off national debt

Term
embargo of 1807
Definition

-restriction of trade with other countries


-jefferson imposed in response to french and british attactks on amer trading ships.


-hurt new england econemy becuase they depend on trade 


-failed to resolve issues with G.B. then would lead to war

Term
Clays American system
Definition

-the great comprimiser (henry clay) plan to premote economic nationalism


1. infrastructure

2.high protective tariffs

3. renewal of national bank

Term

5 things needed to industrialize

 

Definition

1. resources, technology

2. labor

3. money

4. entrapenuers

5 infrastructure

 

Term
 The Agrarian Ideal
Definition
belief by jefferson, envisited a morally pure america, critized overcrowding, crim and morea decay associated with industrial city life.
Term
Lowell Mill
Definition

Textile factory invented by Francis Cabot Lowell.

-lowell mill girls worked to bring in extra income

Term

Problems faced by farmers in the mid 1800s

 

Definition

-poor growing conditions

-crop prices fell

-faced with deflation

Term
silverites
Definition

advocated for free coinage of silver

They wanted to lower the gold standard of the United States to silver, which would have simultaneously allowed more money to be printed and made available to the public and cause inflation. Many Silverites were in the west , where silver was mined. Advocates predicted that if silver were used as the standard of money, they would be able to pay off all of their debt.

Term
inflation
Definition
prices go up and purchasing power of the dollar goes down ( gets out of debt)
Term
deflation
Definition
the prices in goods drop (caused competition between us and other nations)
Term
surplus
Definition
more supply than demand(extra)
Term
social darwinism
Definition
society should do as little as possible to interfere with peoples persuit of success
Term
sherman anti-trust act 
Definition

outlawed combination of companies that restrained trade or commerce (monopolies)

 

often applied against unions

Term
federal reserve system
Definition
nations central banking system  established in 1913
Term
advantages of forming a corporation
Definition

-can sell shares

-not dependent on owners

-limited liability ( cant lose more then they've invested)

 

 

Term
forms of monopolies
Definition

pool/cartel- buisness owners in same industry that set high pices for goods and services


trust- group of companies in a single industry which are placed under control of managing a board


holding company- corp. formned to buy controling shares of other corps.

Term
progressive movement
Definition

-located in urban areas

-involved middle class, college, farmers 

-trusted experts to analyze and solve problems

-liked big business methods


Term
populist movement components
Definition

- called for more circulation of money

-urged unlimited minting of silver

-supported a progressive income tax

-endorsed 8 hr working day

-called for gvt owneship of trans. systems

Term

knights of labor

 

Definition
hoped to organize all working women and men into single union skilled or unskilled ( end to child labor and 8hr day)
Term
American federation of labor
Definition

goal: only skilled labors into smaller unions 

 

-led by samuel gompers

Term
industrial workers of the world
Definition
focused on unskilled labors
Term
the r's of the new deal
Definition

relief-temporary measures to adress immediate concerns, unemployment, hunger, homelessness etc


recovery- get econemy moving again, pump priming


reform- long terms measures to prevent economic problems

Term
causes of Great Depression
Definition

1.post ww1 european recov. having rebuilt after war euro needed us products which resulted in surplus at home


2.q- able banking practices- urban banks invested ppls savings into stock market, bankers lent money to ppl to buy stocks on margin, barrow $ to make $


3. lack of econom diversification- after a few major industries failed it set off negative multiplier affect thru econemy


4. overproducton /unconsum of goods- americans bought on credit

5. poor monetary policy- after stock crash, taking money out of circulation there were higher interest rates so ppl couldn't aford to barrow $

6. poor fiscal policy- decrease in rev the had to higher income tax

7. failure of ww1 debt repayment. 

8. econmic warfare (high tariffs, hawley smoot tariff prevented us from selling its goods abroad

Term
on margin
Definition
buying stocks on margin is to barrow money to make money
Term
keynsein economics
Definition

demand-side economics, during a ressession gvt spending goes up taxes are cut and interest rates decreased


during inflation gvt spending goes down taxes are increased and interest rates go up

Term
economic problem for facing the young nation after rev war
Definition
debt
Term
fiscal policy during 20s
Definition
gvts taxing and spending, higher fed income taxes to highest level in history (then)
Term
monetary policy
Definition
amound of money in circulation
Term
great society legislation
Definition
"war on poverty" johnson wanted to eliminate poverty and racial injustice overcome disease, revitalize the citiess
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