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The History of American Economics Since 1865

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Joshua Almes

on 3 December 2012

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Transcript of The History of American Economics Since 1865


Down, Up, Up, Down, Up,Up, Down, Up, Up Reconstruction Gilded Age Progressive Era/20s 30s 40s 50s/60s 70s 80s 90s The Civil War has a devastating effect
on the American economy. 1. The American infrastructure benefitted
from slave labor. - uneducated labor
makes educated labor
more valuable!

- illegal immigrants? 2. Most of America's exports were Southern
products made from slave labor. 3. The Northern government raised tariffs and taxes
to protect their industries. This caused the South
to suffer. 4. The Northern government caused
widespread inflation and poverty. 5. Southern property value plummeted
- effects of war (Afghanistan, Iraq) Panic of 1893 - 5 year depression
- caused by inflation Farmers/Manufacturers want more $ in the system Economists want less $ in the system What should be the economic policy of

-More $ or less $?

Explain your thoughts using examples ;) List the effects of war on an economy. Go. Lincoln took over economic policy:

1. A central bank that could print money (greenbacks)

2. A gold standard that is tied to the value of the currency. 3. Lots. Of. Tariffs. (almost 50%) Supply and Demand Demand - how much does a person want to pay Supply - how much of a good can a business provide Economic Value - the cost
of anything compared to the
cost of something else - Mr. Almes bought a $1 cheeseburger
- Mr. Almes could have bought a $1 chicken sandwich

- A cheeseburger costs 1 chicken sandwich Everything has economic cost:

- Clothes
- Energy to heat your home
- Air
- Time Capitalism - private businesses competing Competition - Game --- Winners/Losers Monopoly - when one business
controls an entire market Socialism - government uses laws and regulations to affect businesses. American Economies Capitalism Socialism - the people choose what businesses should succeed - creativity is rewarded - monopolies form - few make lots of money
- many make very little money - rules keep people safe from
businesses (laws, regulations) - following laws is rewarded - monopolies are "busted" - more people make more equal amounts of $ Reconstruction

- Railroads (Transcontinental) Allowed the East to trade
with the West. Social Darwinism - the belief that
only the strong survive.

*NOT ACTUAL DARWINISM (evolution) Kickback - overestimating the cost of something
and taking what's left. Political Machine - getting votes
by making promises of benefits Bribe - paying off a public official Boss Tweed - in charge of NYC political machine Farmers:

1. Anti-bank
2. Anti-railroad
3. Anti-gold Fighting "the man" Union - organization of workers formed
to protect their interests 1. Safety
2. Health
3. Wages IWW (Wobblies)
- most influential union
of the early 1900s. - socialists, communists, anarchists Pollution - http://www.stateoftheair.org/2012/city-rankings/compare-your-air.html?msa=313899446&msa=313899284 - as factories rise in number,
so does pollution Public Eduction - Gilded Age movement to use
public tax dollars for education Why is it Gilded? Why?

1. High loan costs (Cycle of Poverty)
2. Shipping costs were high
3. More silver meant more $ Assembly Line:
Task 1 + Task 2 + Task 3 ... Ford Muckrakers - writers who expose problems in society Andrew Carnegie - Steel
J.P. Morgan - Banks
John Rockefeller - Oil
William Hearst - Newspapers Famous Monopolies $ $ Model T Haymarket Riot - protest against police violence
- bomb was thrown towards Chicago Police
- 8 anarchists convicted, 4 of them hanged Significance:
1. Fear of Anarchy
2. Fear of Unions I. Upton Sinclair - food and work safety

II. Nellie Bly/Julius Chambers - insane asylums

III. Ida B Wells - lynching Inflation - the value of $
goes down.

Deflation - the value of $
goes up. Inflation experiment:

Mermaids and Pop Tarts - Farmers wanted more
minerals to back up the $ (silver)

- Capitalists wanted less
$ available to make their riches
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