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Mercantalism
Mercantilism is the economic doctrine that government control of foreign trade is of paramount importance for ensuring the military security of the country. In particular, it demands a positive balance of trade. Mercantilism dominated Western European economic policy and discourse from the 16th to late-18th centuries.[1] Mercantilism was a cause of frequent European wars in that time and motivated colonial expansion. Mercantilist theory varied in sophistication from one writer to another and evo -
Self Sufficiet Farms
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Adam Smith and Wealth of Nations
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth and is today a fundamental work in classical economics. Through reflection over the economics at the beginning of the Industrial Revolution the book touches upon broad t -
Growth of MAnufaturing/Textile Mills
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Erie Canal and Erie 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 betwee -
Late 19th Early 20th century Reorm Acts
Interstate Commerce act, Sherman Antitrust Act, and Federal Reserve Sysytem -
1920's Roaring 20's
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 r -
Crash and Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in 1930 and lasted until the late 1930s or middle 1940s.[1] It was the longest, most widespread, and deepest depression of the 20th century.[2]
In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.[2] The depression originated in the U.S., aft -
Post War Economic Bom
Many Americans feared that the end of World War II and the subsequent drop in military spending might bring back the hard times of the Great Depression. But instead, pent-up consumer demand fueled exceptionally strong economic growth in the post war period. The automobile industry successfully converted back to producing cars, and new industries such as aviation and electronics grew by leaps and bounds. A housing boom, stimulated in part by easily affordable mortgages for returning members of th -
gREAT sOCIETY/WAR ON POVERTY
The Great Society was a set of domestic programs in the United States announced by President Lyndon B. Johnson at Ohio University and subsequently promoted by him and fellow Democrats in Congress in the 1960s. Two main goals of the Great Society social reforms were the elimination of poverty and racial injustice. New major spending programs that addressed education, medical care, urban problems, and transportation were launched during this period. The Great Society in scope and sweep resembled t -
Inflation and War on Nixonomics
Nixonomics, a portmanteau of the words “Nixon” and “economics”, refers to U.S. President Richard Nixon's economic performance. Also Nixon is first president to have his surname combined with the word "Economics".
Nixon inherited a weak economy from President Lyndon B. Johnson, who didn’t follow the advice of his economists. In 1969, a tax bill passed that held several Nixon ideas, including a repeal of the investment tax credit and removal of two million of the nation's poor from the tax rolls. -
Arab Oil Embargo
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC, plus Egypt, Syria and Tunisia) proclaimed an oil embargo. Earlier that year, Egypt and Syria, with the support of other Arab nations, launched a surprise attack on Israel on the holiest day of the Jewish calendar, Yom Kippur. As Israel was vastly outnumbered, it went on full nuclear alert, loading warheads into planes and long-r -
Economic Slupm
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The Great Recession
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Joint Stock Company
A joint-stock company is a business entity which is owned by shareholders. Each shareholder owns the portion of the company in proportion to his or her ownership of the company's shares (certificates of ownership).[1] This allows for the unequal ownership of a business with some shareholders owning a larger proportion of a company than others. Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.[2]
In modern corporate law, the e -
Late 19th Century
Increased boom and bust cycles-ruthless competition, monopolies, exploitation of workersand the begining of labor organization, government pro-buisnesses, inequality of income, famers suffer