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Bom and Bust Economic Development
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Mercantilism-17th Century
Economic theory of the belief in the benefits of profitable trading. -
Joint Stock Company
A company that is jointly owned by several investors -
Adam Smith
Adam Smith's Wealth of Nations. Dissection of the modern economic systems and their efficacy of the day. -
Self Sufficient Farms-Late 1700's early 1800's
Farmers begin to make food for themselves and their family, any surplus is sold for profit. -
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Growth of Manufacturing-Textile mills
Textile mills and manufacturing from Britain create a boom in the economy. -
Eerie Canal/Canal Revolution
Canals like the Eerie Canal begin to open that makes it less expensive to export items and helps with the economic boom. -
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Late 19th/Early 20th
Interstate Commerce act-government regulates interstate commerce to create fairness
Shermanb Antitrust act-effectively outlined what trusts were and broke them up
Federal Reserve system created -
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Late 19th Century
Boom and bust cycles, ruthless and cuthroat competition, monopolies (and their downfall), government primarily pro-business, exploitation of workers and the new labor organizations/unions, income gap increases drastically, farmers suffer -
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1920's
Roaring twenties -
Great Depression
Economy crashes to screeching halt, poverty reigns throughout the 30's, government helps to alleviate suffering. Begins to mobilize military in response from growing threats from Japan and Germany -
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Post War Economic Boom
After the war ends, the US ecnomy is stimulated by returning vets and booms dramatically -
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Great Society/War on Poverty
In effort to combat communism, Kennedy begins "war on poverty" to show the benefits of capitalism. -
Arab Oil Embargo
Oil prices skyrocket. Economy falters a little, brings home fact that Americans need to be more conservative with resources and need to stop their dependency on foreign imports -
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Reagonomics
growth of national debt, trade imbalance, increase in global economic competition. -
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Economic Slump
Economy slows down. Doesn't recede, just little of importance happens and no serious gains are made. -
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Great Recession
Economy fails due to American spend-now-and-find-money-later lifestyle, homelessness, poverty and joblessness rise drastically