Jefferson, Madison, & Monroe Flashcards
What was the Embargo Act of 1807?
No foreign ships could enter U.S. ports, and no American ships could leave, except for trade at other U.S. ports.
Embargo:
A government order that forbids trade with another country.
What was the impact of the Embargo Act of 1807?
The Embargo Act backfired, making some 55,000 sailors loose their jobs. In New England, some newspapers pointed out that embargo spelled backwards is “o grab me.”
What is a Free Market Economy?
Goods and services are exchanged with little regulation.
What does Laissez Faire mean?
“Let alone”
Who wrote about Free Market Economy?
Adam Smith wrote about it in his book “Wealth of Nations”
Why was Jefferson so supportive of of a Free Market Economy?
He believed that a free competition would benefit everyone, not just wealthy.
Blockade:
A closing off of an area to keep people or supplies from going in or out.
Who was Tecumseh and a Prophet?
Two Shawnee Indians who tried to fight back by uniting Indians along the Mississippi River to create on big Indian nation.
