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BOOM AND BUST: Economic Development and Its Issues
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17th Century Mercantillism
England in the 17th century adopted the policy of mercantilism, exercising control over the trade of the colonies, thus greatly affecting their political and economical development. Mercantilism was the policy in Europe throughout the 1500's to the 1700's where the government of the mother country controlled the industry and trade of other, weaker settlements with the idea that national strength and economic security comes from exporting more than what is imported. Possession of colonies provide -
Joint Stock Company
A company made up of a group of shareholders. Each shareholder contributes some money to the company and receives some share of the company's profits and debts. Colonial way to fund trips to America. -
1776 Adam Smith and Wealth of Nations
Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment,[1] Adam Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the father of modern economics and is still among the most influential t -
18th/early 19th self-sufficient farms
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1825 Erie Canal and Canal Revolution
The Erie Canal is a canal in New York that runs about 363 miles (584 km) from Albany, New York, on the Hudson River to Buffalo, New York, at Lake Erie, completing a navigable water route from the Atlantic Ocean to the Great Lakes. The canal contains 36 locks and encompasses a total elevation differential of approximately 565 ft. (169 m). First proposed in 1807, it was under construction from 1817 to 1825 and officially opened[1] on October 26, 1825. It was the first transportation system betwe -
1812-1861 Growth of Manufacturing/Textile Mills
The industrial revolution had occurred in England in the 1700s, but it was not until the period of industrial growth after the War of 1812 that the U.S. began to manufacture goods with the aid of factories and machines. • New England, rather than the South, emerged as a manufacturing center because New England had many rivers to supply water power, plus a better system of roads and canals. • The first major industry in New England was textiles. -
late 19th century increased boom and bust cycles; ruthless competition, monopolies, exploitation of workers and the beginning of labor organization, government pro-business, inequality of income; farmers suffer;
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late 19th/early 20th century reforms such as Interstate Commerce Act, Sherman Antitrust Act, and Federal Reserve System
The Interstate Commerce Act of 1887 is a United States federal law that was designed to regulate the railroad industry, particularly its monopolistic practices.[1] The Act required that railroad rates be "reasonable and just," but did not empower the government to fix specific rates. It also required that railroads publicize shipping rates and prohibited short haul/long haul fare discrimination, a form of price discrimination against smaller markets, particularly farmers. The Act created a feder -
1920s Roaring Twenties
The Roaring Twenties is a term sometimes used to refer to the 1920s, characterizing the decade's distinctive cultural edge in New York City, Paris, Berlin, London, and many other major cities during a period of sustained economic prosperity. French speakers dubbed it the "années folles" ("Crazy Years"),[1] emphasizing the era's social, artistic, and cultural dynamism. "Normalcy" returned to politics in the wake of hyper-emotional patriotism during World War I, jazz music blossomed, the flapper -
1929 Crash and the great Depression of the 1930's & Mobilization for WWI
The Great Depression began with the Wall Street Crash of October, 1929 and rapidly spread worldwide. The market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth and personal advancement. Although its causes are still uncertain and controversial, the net effect was a sudden and general loss of confidence in the economic future.[1] -
1945-1960 Post-War Economic Boom
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1963-1969 Great Society/War on Poverty
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1970s Inflation and Nixonomics
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1973 Arab Oil Embargo
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1980s Reaganomics- growth of national debt, trade imbalance & increase global competition
Reaganomics- growth of national debt, trade imbalance & increase global competition -
1998-2002 Economic Slump
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2008-2010 The Great Recession