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AP US History - Economic History


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The peoples party; formed in 1892;
1. supported a graduated income tax
2. bank regulations
3. govt ownership of some companies,
4. restrictions on immigration
5. shorter work days
6. and a voting reform
Gilded Age
years between civil war and World War I

institutions undertook financial manipulations that went virtually unchecked by govt

era produced many infamous actvities in the security markets

marked by growth of industry which supported materialism and political corruption
Supported by Democrats and Populists

The leader - William Bryan

- Favored establishment of silver as monterary standard
Gold Bug
Defenders of the gold standard in the 19th century

Made up of bankers and industrialists
Organized by Republican insurgents in 1911

Supported Teddy Roosevelt in 1912

AKA - Bull Moose Party
Billion-Dollar Congress
Name given to congress when they met from 1889 to 1891 because of lavish spending on:
1. internal improvements,
2.naval building,
3. pensions
McKinley Tariff
Bill in 1890 that added to many products to the "not taxed" list

Led to sharp rising of product prices
Sherman Anti-Trust Act
Prevented Monopolies on any market

Used by the government to break up large corporations

Outlawed any contract, combination, or conspiracy in restraint of trade or commerce among several states or with foreign nations
Teddy Roosevelt
McKinelys's Vice President

Youngest President ever

Became pres in 1901

Strengthened executive branch through personality and his progressive agenda
William Taft
27th President

Defended the Payne-Aldrich Tariff
Payne-Aldrich Tariff
Compromise between two bills by Payne and Aldrich, decreased the prices on some tariffs, however, increased numerous more
Federal Reserve Act
establishment of Federal Reserve Banks, to furnish a commercial paper currency, and to supervise US Banking
Clayton Anti-Trust Act
Law forbids every contract, scheme, deal, conspiracy, to restrain trade.

Also forbids conspiracies to secure monopoly of a given industry.
Federal Trade Commission
An outline of what should and shoudn't be done in fair trade.

A commision was set up by Pres. Woodrow Wilson to enforce fair trade
Federal Farm Loan Act
Established in 1916

Created 12 Farm Loan Banks to serve members of Farm Loan Associations

Farmers could borrow up to 50% of the value of land and 20% of the value of their improvements
Income Tax of 1916
Passed under the Wilson Administration that would take a percentage of money out of a person's salary
Teapot Dome Scandal
Involved the leasing of naval-oil-reserve-lands to a private oil company. The secretary of the interior, who had been appointed by Harding, Albert Fall, was later jailed for taking bribes to approve the leases
Laissez-Faire capitalism
Free enterprise system

policy that government should interfere as little as possible in the nation's economy

The govt can protect private property rights and maintain peace
Second Industrial Revoultion
Britain had the first, USA followed. Foreign investors saw more opportunity for profit and growth in the US than at home.
Vanderbilt and the Railroad
Vanderbilt's railroad investments brought home power and wealth - Had over 4,500 miles of railroad track and took in over $100 million
Standard Oil
The company's product set the industry standard
Bessemer Process
Efficient method of making steel, developed by British inventor Bessemer and American Kelly
US Steel
American steel production skyrocketed from about 15,000 tons in 1865 to more than 28 million tons by 1910
Gospel of Wealth
Essay written by Andrew Carnegie, which insisted that the wealthy had a solemn obligation to use their riches for the advancement of society
Social Darwinism
Theory adopted by philospher Herbert Spencer from Charles Darwin's theory of evoultion, argued that society progressed through competition with the fittest rising to positions of wealth and power
Myth of the Self-Made man
Every American could attain untold riches if sufficently working and ambitious. Unionization and radical idelogy spead
London Economic Congress
66 nations met in London that revealed how throughly FDR's early foreign policy was subordinated to his strategy for domestic ecnomic recovery
Vertical integration
Ownership of business involved in each step of a manufacturing process
Horizontal integration
Ownership of several companies making the same product
Arrangement grouping several companies under one board of directors to eliminate competition and to regulate production
combinations of independent buisness organizations formed to regulate production, pricing, and marketing of goods
Panic of 1893 and Resulting Depression
One of the country's leading railroad companies failed. This led to a financial panic that sent stock prices plunging.
Global Depression
many countries went into ecnomic depression after WWI
Income Gap and Consumer Debt
Unequal distribution of income. The reliance on consumer credit contributed to economic debts
Business Cycle
Better financial planning in the 1920's wouldn't have prevented the depression. There were regular "ups and downs" of business in a free-enterprise economy
Increasing Joblessness
America went from 1.5 to 15 million people without jobs
Life in the City
Faced unemployment and poverty
Family Strains
Many families broke up because of so much stress and problems
Hoover: Responsive measures
believed sucess comes through invidual effort and private enterprise
Taft-Hartley Act
pro-business act - permitted states to pass the "right to war" laws outlawing the union shop
Eisenhower Prosperity
Country enjoyed a steady growth rate
War on Poverty
Self-help programs for the poor under Johnson
Voodoo Ecnomomics
tax cuts reduced government spending, increased investment by the private sector
Budget Deficits - Gramm Rudman Hollings Balanced Budget Act - kept ferderal deficit under control
Reagan's tax cuts combined with large increases in military spending created federal deficits of over $200 billion dollars a year.

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