Theme 6-General Dates-APUSH

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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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    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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    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