Capitalism. US. History. Flashcards
How did the old system look like for shoe production and how did it transition?
Master. “independent coworker (but not selling in his name). and thirdly, unpaid apprentice.
They worked in the house and the Master was also Patriarch, he was a boss in the house, looked over the familial relationships.
This transitioned to M selling cut out shoes too 1 merchant who payed women to do sewing in the winter. In their home.
Then they effectivised by moving the people to a designated house…(industrious revolution). Seperation of work and home and of transition to wage labor.
Where does Economy come from, the word?
Greek. Meaning household,
the shoemakers master apprentice plus 1 more, They worked in the house and the Master was also Patriarch, he was a boss in the house, looked over the familial relationships.
So it was both workplace and home hence economia.
Independence what did it mean in beginning of 1820s ish…when factories started.
Dependence is Not producing your own stuff. ppl defined themselves by what they did by their hands and sold. and not what they consumed.
You also needed land to be able to vote, showing its connotation with independence…they where not free men living on wage. THeir bosses owned their votes sort of!
The bay state strike NYT.
How did the events of the article underscore the changing nature of the textile industry and the changing relationship between employers and employees in the industry?
It shows that employees, especially the ones who thought of themselves as independent, were coming together to demand fair wages. They were demanding their share of profits. Unlike the slaves in the plantations (or perhaps conscientious of them) the wage laborers were aggressively demanding early forms of labor rights from the”grandizing bosses,” who couldn’t ignore these grievances under public scrutiny.
…THey knew their masters got a bigger share…riding on horses…workers on foot. They werent slaves! i.e. higher wages!
Also the reporter from NY vs. small town folks is seen in the article.
Was it more than Clays system
Yes! It was regional solutions. NY wanted and sponsored Eerie canal….In the south not important. Stocks could be bought in many systems depending on place. Something that now is very neutral and obvious. was then varying.
So it was not only clays system…and many was critical to hi system…but he was charismatic, he convinced congress to declare war on the mightiest nation there was. England for example.
Inflation
Reduction of purchasing power per currency unit. During a long time
I.e. In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.[1] When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy
Economic stagnation. Called Stagnation.
Economic stagnation, is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), accompanied by high unemployment. Under some definitions, “slow” means significantly slower than potential growth as estimated by experts in macroeconomics. Under other definitions, growth less than 2-3% per year is a sign of stagnation.
Recession
It is when economy is in decline…Unemployment is higher and higher bankcrupticy frequency.
WIKI: In economics, a recession is a business cycle contraction. It is a general slowdown in economic activity.[1][2] Macroeconomic indicators such as GDP (gross domestic product), investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise.
Why happens Recession?
Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock or the bursting of an economic bubble.
Adverse
preventing success or development; harmful; unfavourable.
“taxes are having an adverse effect on production”
Revenue?
In business, revenue or turnover is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, revenue is referred to as turnover.
AKA income.
Deficit
In economics, a deficit is an excess of expenditures over revenue in a given time period; in more specific cases it may refer to:
So it is the lack of income, sometimes in qty as high deficit. or 1k$ deficit this month
Paradigm definition /as by Am cap course
It is a set of questions and then how to answer these questions.
So I guess the questions can be questioned and a new set of questions take form.
3 Changes with the 1970 in us Economy. which ones?
a. Cutting taxes to encourage investment b.
c. Eliminating regulation to encourage competition d.
Lowering social spending to decrease deficits
What enables the shift in the 70s in us economy
Keynesian consensus is broken…It is not believed in anymore, because it cannot deal with stagflation. This opens up for new ideas, politics for broader masses. ppl ask
Why is our culture so changing? So disruptive?
So many social ills: single moms. So much violence (as seen in media, overreporting) The new paradigm, new economy will solve this.
Critique of why keynesian consensus fails stagflation…and what was the critique.
To much social spending, it leads to high deficit which rises inflation and interest rates. maybe also to much regulated markets.
there is an empirical problem. Because it is linked to oil crises. in 1973 and later ones. People panic, ques a lot for gas, an uncertainty. THis shockh of gasoline price is linked to economical catastrophy…Do the research without this factor, to see if it is true.
Federation. And example of it.
A federation ( also known as a federal state, is a political entity characterized by a union of partially self-governing states or regions under a central (federal) government.
In a federation, the self-governing status of the component states, as well as the division of power between them and the central government, are typically constitutionally entrenched and may not be altered by a unilateral decision of either party, the states or the federal political body.[1]
Eg. the united nations of america. governed by three powers judicial, congress and president.
Fast food slow food Changing symbolism in THe US.
When McDonalds and its fellow travelers swept the country, our culture was primarily one of home-cooked meals. Eating at a fast-food restaurant was cool. It sent a message. It said that you had a car and spare cash. It said that you could eat for fun, instead of for survival. It symbolized the youth culture and the freedom of the road.
Now, it is symbolically linked to lower socioeconomic status and poor nutrition, to people who are so economically marginal that they cannot afford the leisure to cook or the money to buy non-industrial food.
What changed? Stagnant real wages over four decades, the resultant necessity for two-earner families, the dominance of ever-cheaper unhealthy food production and delivery – these all sent fast food to the bottom of the symbolic ladder, where they feed our increasingly economically stressed and obese. Now, the affluent take up as their gastronomic symbols slow food – locally produced ingredients using slower and more expensive growing methods and elaborately prepared by people who have the luxury of time to prepare it.
On why we study history?
if, and why should we moralize pasts events and if so then how?
I don’t particularly think ANYBODY is pro-slavery today, so the moral outrage to me is less interesting than thinking about how the entire system operated. Certainly for me and Baptist, the point is to understand how the economy operated in antebellum America than to make hyperbolic moral claims. As adults, history can be more fraught and complex than it can be grade school (where it is, to my view, more propaganda than history). As adults, history should be used to complicate and deepen discussions about contemporary events and to provide us with a sense of how we got here.
Liquidity
wind up the affairs of (a business) by ascertaining liabilities and apportioning assets.
“if the company was liquidated, there would be enough funds released to honour the debts”
synonyms: close down, wind up, put into liquidation, dissolve, break up, disband, terminate More
(of a business) go into liquidation.
“the company would have the strength to reorganize and not be forced to liquidate”
convert (assets) into cash.
“a plan to liquidate £1 billion worth of property over seven years”
2.
informal
kill (someone), typically by violent means.
“nationalist rivals and critics were liquidated in bloody purges
Professors Baptist and Hyman suggest that the growth of Wall Street owes something to the political unrest in Europe in 1848. Ironically, protests against industrialism (capitalism, if you will), leads to the growth of capitalism in the United States, as worried European investors look for a safe place to invest. If European capital had found other channels of investment, do you think American capitalism would have developed so successfully?
No…but progress and “financialism” were inevitable and the money would have come from somewhere. Perhaps, not as much capital—and not so fast–but then, perhaps the U.S. would not have had the railroad bubble and bust it experienced later through overbuilding.
So it would be retarded. for sure. Lucky to be geogrhaphically in that place.
Construct an argument answering the question of whether slavery was, or was not, capitalist.
It was. It was key to economy in gb and the north of us. Interconnected…It was a commodity that was respected as such in the law and by elites as well as lower class white people.
It was the main economy 1800 to maybe 1835. It provided a lot of growth.
Critically consider the meaning of emancipation in the face of real limits placed on African-American freedom
Well, they had to work after the freedom of civil war… could not be subsistence farmers…black codex kept them down…Jim crow laws as well.
So I dont remember the details but they could not be free.
Still 13th and 14 ammendment was a consequence of that Lincoln said that all slaves should be free. It was a war goal, it had influence and consequence contrary to critics of this event i.a. karl marx.
Describe the economic impact of the Civil War
it annulled one third of all private property….the slaves-
It changed the capitalist system in creating unity. in 1850s:
Political debates in Washington and throughout the country were focused on the issue of slavery’s expansion. It was very difficult to implement new economic policies until the questions surrounding slavery were resolved
