-accumulation of national wealth in the 1600-1700s

-export more than we import to recieve more money 

-favorable balance of trade

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

this was alexander hamiltons plan to pay off national debt

-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

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

1. infrastructure

2.high protective tariffs

3. renewal of national bank

5 things needed to industrialize

1. resources, technology

2. labor

3. money

4. entrapenuers

5 infrastructure

Textile factory invented by Francis Cabot Lowell.

-lowell mill girls worked to bring in extra income

Problems faced by farmers in the mid 1800s

-poor growing conditions

-crop prices fell

-faced with deflation

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.

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

often applied against unions

-can sell shares

-not dependent on owners

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

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.

-located in urban areas

-involved middle class, college, farmers 

-trusted experts to analyze and solve problems

-liked big business methods

- 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

knights of labor

goal: only skilled labors into smaller unions 

-led by samuel gompers

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

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

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