| A | B |
|---|
| MERCANTILISM | economic philosophy of the 1600s that held that colonies existed to serve the mother country -founded on the belief that the world's wealth was sharply limited and, therefore, one nation's gain was another nation's loss -each nation's goal was to export more than it imported in a favorable balance of trade |
| INDENTURED SERVANTS | poor workers, convicted criminals, and debtors received immigration passage and fees in return for a number of years at labor on behalf of a planter or company -servants entered into their contracts voluntarily and kept some legal rights -however, servants had little control over the conditions of their work and living arrangements; system led to harsh and brutal treatment |
| HEAD-RIGHT SYSTEM | system used by the virginia company to attract colonists; it promised them parcels of land (roughly 50 acres) to emigrate to america -also gave nearly 50 acres for each servant that a colonist brought, allowing the wealthy to obtain large tracts of land |
| TRIANGULAR TRADE | uropean merchants purchased african slaves with goods manufactured in europe or imported from asian colonies -these merchants sold slaves in the caribbean for commodities (sugar, cotton, tobacco) -caribbean commodities were later sold in europe and north america -useful for all parties because it was an exchange of goods, not money |
| COTTON | he new invention of the cotton gin separated the seeds from the fibers -new states, such as alabama, mississippi, louisiana, and texas, produced cotton -led to a boom in the cotton market; its global effects crowned the staple as "king cotton" -need for cotton encouraged westward expansion in farming |
| LOWELL SYSTEM | a popular way of staffing new england factories -young women were hired from the surrounding countryside, brought to town, and housed in dorms in mill towns for a short period -the owners called these "factories in the garden" to spread the idea that these facilities would not replicate the dirty, corrupt mills in english towns -the rotating labor supply benefited owners, as no unions could be formed against them -the system depended on technology to increase production |
| GOLD RUSH | miners who rushed to california after the discovery of gold were called "49ers" -over 80,000 prospectors "rushed" to san francisco -increased population led to california joining the union as a free state -connected to the idea of manifest destiny |
| KNIGHTS OF LABOR | -militant organization seeking solutions to labor problems -allowed skilled and unskilled workers (along with women and blacks) to join -wanted an 8 hour work day, termination of child labor, = pay for = work, and the elimination of private banks -under terrence powderly's leadership, reached membership of over 700,000 |
| GILDED AGE | -period of new industrial era -phrase coined by mark twain -america emerged as the world's leading industrial and agricultural producer -profits became increasingly centralized in the hands of fewer people |
| ROBBER BARONS | -leaders of large, efficient corporations -often gained wealth through questionable business means -monopolies by these large companies led to demands by small businessmen and laborers for government regulation |
| HAYMARKET RIOT | -large rally in haymarket square in chicago shortly after striking began at mccormick harvesting machine co. -police attempted to disperse the crowd, which was follower by a bomb explosion -11 were killed and over 100 were injured -8 anarchists were put on trial and 4 were executed -incident was used to discredit the knights of labor |
| AUTOMOBILE | -stimulated steel, rubber, glass, gasoline, and highway construction industries -created a nation of paved roads -the new need for paved roads led to employment for many -led to increased freedom for young people and the loss of some parental control -tourism increased and rural areas became less isolated |
| TEA POT DOME SCANDAL | -bribery scandal involving president harding's secretary of the interior, albert fall -fall secured naval oil reserves in his jurisdiction -leased reserves at Teapot Dome, wyoming, to 2 major business owners in exchange for cash payouts -the businessmen were acquitted, but fall was imprisoned for bribery, making him the 1st cabinet member to go to jail |
| STOCK MARKET CRASH | -during late october of 1929 investors began to panic, sending the New York stock market toward tremendous losses -on october 24, 1929 (black thursday), the dow jones industrial average dropped 50% and over 13 million shares of stock were traded -on october 29, 1929 (black tuesday), over 16 million shares of stock were traded -the crash led to the great depression |
| PLANTATION SYSTEM | ased on large-scale commercial agriculture and the wholesale exploitation of slave labor. This plantation economy shaped much of the New World. Plantations were large-scale agricultural enterprise growing commercial crops and usually employing coerced or slave labor. European settlers established plantations in Africa, South America, the Caribbean, and the American South. |
| COLUMBIAN EXCHANGE | The transfer of goods, crops, and diseases between New and Old World societies after 1492. The Native World had gold, silver, corn, potatoes, tobacco, pineapples, tomatoes, beans, vanilla, chocolate and syphilis. The Old World/Europeans had wheat, rice, sugar, coffee, horses, cows, pigs, smallpox, measles, influenza, bubonic plague, typhus, diphtheria, and the scarlet fever. This whole exchange of things was initiated by Columbus. |
| ENCOMIENDA | Spanish government's policy to "commend", or give, Indians to certain colonists in return for the promise to Christianize them. Part of a broader Spanish effort to subdue Indian tribes in the West Indies and on the North American mainland. |
| North-South economic differences | Economically the south had plantation economies because the climate was good for agriculture, while New England couldn't support itself with farming and so turned to the sea (fishing, whaling, commerce) to make a living. |
| Navigation Acts of 1650, 1660, 1663, 1696 | The Navigation Acts were British regulations designed to protect British shipping from competition. They said that British colonies could only import goods if they were shipped on British-owned vessels and at least 3/4 of the crew of the ship were British. |
| MARKET REVOLUTION | o The expansion and integration of markets that took place in, and help to define, the early-nineteenth-century. o Dramatic increase between 1820 and 1850 in the exchange of goods and services in market transactions. Resulted from thee combo impact of the increased output of farms and factories, the entrepreneurial activities of traders and merchants, and the dev of a transportation network of roads, canals and railroads |
| INDUSTRIAL REVOLUTION | o Industrialization came to the United States between 1790 and 1820 as manufacturers and merchants reorganized work routines and built factories. There was a rapid construction of transportation, which allowed goods to become more widespread. o By the 1860s the northern regions of the nation had acquired the beginnings of transportation, communication, organization and technology needed to industrialized |
| URBANIZATION | o The growth of cities accelerated dramatically between 1840 and 1860 o The booming agricultural economy of the western regions of the nation produced significant urban growth o The enlarged urban growth was in part simply a reflection of the growth of the national population as a whole o It was also a result of the flow of people from the farms of the Northeast which continued to decline because of competition from Europe and the American west |
| EMBARGO ACT | Act put into law by Thomas Jefferson in 1807 that was the lowpoint of his presidency. Outlawed the sailing of American ships to foreign ports. This law was intended to protect American ships from the impressment of foreign forces, but ended up simply decimating the economies of port cities and reminded many Americans of the British Navigation Acts. |
| AMERICAN SYSTEM | Economic program advanced by Henry Clay that included support for a national bank, high tariffs, and internal improvements; emphasized strong role for federal government in the economy. |
| TARIFF OF ABOMINATIONS | protective tariff for textile industry in North against foreign markets and import taxes - South harmed directly cuz had to pay $$$$$ on goods not produced in South; indirectly affected cuz hard to get money from GB for cotton - South Carolina greatly affected; led to nullification crisis 1832 |
| HAWLEY SMOOT TARIFF | raised foreign agricultural tariffs (failed) |
| REAGANOMICS | The federal economic polices of the Reagan administration, elected in 1981. These policies combined a monetarist fiscal policy, supply-side tax cuts, and domestic budget cutting. Their goal was to reduce the size of the federal government and stimulate economic growth. |
| STAGFLATION | During the 60's and 70's, the U.S. was suffering from 5.3% inflation and 6% unemployment. Refers to the unusual economic situation in which an economy is suffering both from inflation and from stagnation of its industrial growth. |
| SUNBELT | The southern and southwestern states, from the Carolinas to California, characterized by warm climate and recently, rapid population growth |
| DEFICIT SPENDING | The English economist John Maynard Keynes proposed that governments cut taxes and increase spending in order to stimulate investment and consumption. The effect was to increase the deficit because more money was spent than was taken in. |
| BRACERO PROGRAM | Wartime agreement between the United States and Mexico to import farm workers to meet a perceived manpower shortage; the agreement was in effect from 1941 to 1947. |
| NAFTA | established free trade zone between Canada, United States and Mexico, net gain in jobs due to opening of Mexican markets |
