Unit+2

=__**Unit 2 **__=

__Chapter 6-__
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__**Chapter 7**__
__Chapter 7 Preview & Data Collection-__
 * Jeffersonian Era- Thomas Jefferson & the republicans gain power
 * Medicine & science will advance
 * Webster sold 100 million copies of his dictionary, established their own language- culture
 * The Second Great Awakening occurs
 * Female illiteracy rate was 50% by the Revolution- want a higher knowledge
 * Tens of thousands of people attended

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 * Jacksonian America:**
 * 1) Jackson weakened the National Bank of the US because he believed in hard money and he believed the state banks should have more power.
 * 2) He believed the Natives posed a threat to potential white settlements & expansion, tried to Americanize them but failed.
 * 3) Due to their harsh removal from the South, the US was able to gain more land and expand their boarders.
 * 4) Appointing Taney as Supreme Court Justice changed the court's interpretation of the Constitution from Marshall court, Marshall's court spread nationalism, and appointment of Taney tried to __decentralize the national government.__
 * Taney believed that states had the rights to amend a contract if necessary, Jackson & Taney wanted to open up opps for regular people (//Charles river Bridge v. Warren Bridge//) they ruled in favor of new entrepreneurs.
 * 1) More equality, and more political and economic rights/opportunities for the people--> Democratization.
 * 2) Development of the Whig Party.
 * 3) Spoils System- wanted __to remove "entrenched elites"__ and did so through this system.
 * 4) **Anti-elite, but was contradicting himself by creating a very strong executive branch.**


 * Economy:**
 * The system in a country that deals with its resources, production, money, and its management.
 * A system by which a group of people produces, organizes, and exchanges its goods, labor, money, and other resources.


 * Capitalism in America:**
 * people can work hard to get to where they are, or are born into good situations.
 * Nature v. nurture
 * private ownership in means of production
 * ex: buying land then waiting for it's price to go up to sell at a much higher price.
 * you keep profits from your own property/work/production
 * all to make money for yourself
 * Every man for themselves
 * also depends on cooperation & different responsibilities(grow, buy, ship)
 * individual freedoms to pursue what they want
 * everything works itself out.
 * __Capitalism__ - an economic system that is based on capital (money and property (goods that have value)) - individuals and privately owned companies control the capital - goods needed to make things.
 * A system based on competition (competing for consumers) and cooperation (businesses in different industries - factories that make things and stores that sell them)
 * Businesses are trying to maximize their profits and their market share - how much of their industry they control.
 * Companies within the same industry do not often cooperate (they compete), companies in different indstries cooperate.
 * America does not practice pure capitalism - in America, the government is involved in the economy. The government sets rules and regulations for businesses and industries - ex: monopolies are illegal
 * __ Laissez faire: __
 * "let do" - French (hands off, leave alone)
 * an economic belief which believes the government should not be involved, no taxes or regulations for businesses/industries to follow
 * __ Invisible Hand: __
 * term used in the free market to describe it's "self regulating nature"
 * justification for the laissez faire philosophy
 * cooperation w/out coercion from the government.
 * agreement between consumers & producers - just happens
 * everything works itself out due to self-interest, people do what is best for themselves, competition, and the laws of supply and demand (companies produce what people want, not too much of it)

In America - What else does the govt do?
 * Regulates (oversees and makes rules for) businesses and industries
 * Taxes
 * Creates jobs - govt workers, public employees (firefighters, teachers, etc)
 * Funding schools, infrastructure (parks, roads, etc)
 * Controls/monitors currency
 * Welfare programs - food stamps, subsidized housing, free & reduced lunch programs, unemployment benefits, Medicare (health care for the elderly), Medicaid (health care for the poor), Social Security


 * So, the American economic system is not pure, laissez faire capitalism. America has a "semi-visible" hand.**
 * The American economy is called a MIXED ECONOMY, elements of free-market capitalism and elements of socialism - such as the govt programs like welfare, social security, etc - some call it Welfare Capitalism**

How much should the govt be involved in economy?

I believe that a Mixed Economy, or Welfare Capitalism would work better than a pure Capitalist system. Sometimes businesses, and industries in an economic system can get out of control, and send the entire economy downhill. Having a "semi-visible" hand in place of the Invisible Hand would be more beneficial to the country, in case of something like this happening, where the elements of the system needed help from the government. The government can keep a role in the economy as long as it does not become a communist system.


 * __ Elements of the capitalist economy: __
 * private businesses - manufacturing, sales, services
 * consumers
 * government
 * investors - stockholders, venture capitalists
 * workers/unions
 * banks
 * schools

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