1.2 Growth Of The American Economy 1890-1919 Flashcards
What is the difference between federal and state taxes
Federal tax Affects all states. State tax is tax on state level
Where does the government get it’s money
From taxes
What is a tariff
Tax on trade
What is protectionism
Using high tariffs to force Americans to buy your goods
What is free trade
No regulations/no tariffs
What is inflation
Prices increase value of currency goes down
What is meant by laissez faire
No government involvement businesses left alone
What is a trade union
Group of workers that come together to fight for their rights
What is a trust
A collection of businesses which come together to fix prices and crush competition
What is the difference between agriculture and industry
Agriculture is farming
Industry is manufacturing
What is meant by production
Things produced by country
What is GDP
How rich your country is
Bigger number-more money
Who supported the democrats
Trade unions
Farmers
Solid south
Dixiecrats
Who supported the republicans
Big businesses Religious Imperialists Black vote Support good standard
What was the American GDP in 1890 and 1914
In 1890 it was $15 billion
In 1914 it was $37 billion
What factors contributed to Americas growth in economy
Workforce Government Investment capital Raw materials Cultural attitudes Communications Markets Industrial organisation
How did the workforce contribute to Americas rising economy
With rising population and mass immigration there were plenty of people to work in the cities
What is the evidence that the workforce helped boost Americas economy
1890-62 million
1910- 92 million
1890 1 million immigrants enter america every year
What was Harrison’s policies and the effects of them
Silver purchase act 1890- promised to buy 4.5 million ounces of silver a month which would help mine owners stay in business
McKinley tariff act 1890- put tariffs as high as 49.5%, very important act as it protected American Manufacturing
Sherman anti trust act 1890- made trusts illegal government did little to enforce
What was clevelands policies and effects
Silver purchase act: appealed against this
Bought gold in Pullman strike- borrowed $62 million from bankers. They earned $1.5 million but it made the government look as though it was helping the big businesses and Wall Street
1893 depression- blamed for not reacting faster to gold crisis and resulting panic
What was McKinleys policies and effects
Open door policy 1900- through Secretary of State John Hay China became open to trade with all major imperial powers allowing the USA to maintain the profitable markets there without conflict
What were Roosevelt (Theodore) policies and the effects
1902-1903 forced miners and mine owners to come to the White House for arbitration- gave workers 10% wage increase
Sherman anti trust act- doubled numbers prosecuted to 24
Hepburn act 1906- gave government control over rates railroad companies could charge customers. However big businesses retained much of its power
What were Taft’s policies and the effects
Sherman anti trust act- prosecuted Rockefeller’s standard oil and American tobacco
What were Wilson’s policies and effects
Clayton anti trust act 1914- protected trade unions making strikes legal
Underwood tariff act 1913- reduced tariffs on more than 1000 products and abolished it on others making goods cheaper to buy. Tariff increase on luxury items. Introduced graduated income tax
Federal reserve board- controlled the money supply which helps keep prices stable
Federal farm loan act 1916- gave low cost federal loans to farmers
