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Colonies Specialized in Dif. Things
New England- trading, whaling
Middle Colonies- Grain, agriculture
Chesapeake- agriculture (tobacco, cotton) -
Mercantilism
Brit. didn't really care what colonies did as long as they gave some profit to brit (US smuggled goods anyway) -
end of salutary neglect
bc of 7yrs war. stamp act, tea act, sugar act, etc. US got so mad, eventually started Rev. -
Nonimportation Agreements
US didn't buy or sell goods from Europe to protest -
Bank of United States
Hamilton's financial plan: BUS, excise tax, funding at par, assumption of state debts, tariffs -
King Cotton
south was very dependent on cotton. rest of the world and US relied on south -
Embargo Act
Brit and France wouldn't stop interfering with US trade, so US banned ALL countries from importing/exporting goods. very bad for economy -
Clay's American Plan
Bank of US
Internal Improvement
Tariffs -
Transportation & Market Rev.
creation of railroads, steamships, etc. helped unite the country and was good for economy -
Panic of 1834
bc jackson hated the BUS, so he took all money out of it, made "pet banks" -
Laissez Faire
"hands off" approach to government during the Gilded Age -
Progressive Era Reforms
reaction to gilded age, end of laissez faire. TR, Taft, and Wilson. Fought big industries (Sherman Antitrust Act, Interstate Commerce Act) -
World War 1
was good for economy bc it wasn't fought on US soil -
Roaring 20s
Economic prosperity (not for all). new inventions, post-WWI -
Great Depression
stock market crash in 1929. horrible for economy, many unemployed, banks failed, etc -
New Deal
FDR's way to end G.D. US became a limited welfare state (Medicare/aid, social security, CCC, etc) -
World War 2
very good for economy (same reasons as WWI). brought the US out of great depression -
Vietnam War
VERY expensive, brought US into debt -
Great Society
LBJ's economic policy. Very similar to New Deal, except it had more to do with Civil Rights -
Reaganomics
Denounced "big government" (even though gov. grew), less taxes, return to laissez faire to end stagflation -
NAFTA
no tariffs between all of north america. ppl were scared of outsourcing jobs