Unit+2

media type="custom" key="7130593"

Chapter 7- Preview and Data Collection
-Thomas Jefferson, current president, has a vision of promoting education, scientific reasoning, and enlightenment among the society. -establish hospitals, wrtie dictionaries, and cultural advancements -pushing for a revival of religion and culture -industrialism in the north and advancements in technology (industrial revolution) -societies and communities urbanize and form cities -the capital was relocated -expansion and exploration to thw west

media type="custom" key="7234811"

media type="custom" key="7246351"

Jacksonian America:

 * 1) Jackson weakened the National Bank of the United States because he believed in hard money and strongly opposed it because it was cauing state banks to go bankrupt.
 * 2) By removing the Indians from the South to Oklahoma so there is not much interaction between the two societies because Jackson felt they posed a threat to America which also helped with land expansion.
 * 3) Jackson transformed the Judicial system, one example is by appointing Taney as Supreme Court Chief Justice because he had different philosophies from former Supreme Court Justice Marshall; Taney believed in promoting the general happiness and well-being of society and the expansion of econoimic opportunities which was not possible if there were exisitng monopolies
 * 4) He created equal opportunity (political and economic) and rights for all people. --> opening up of opportunities is called democratization
 * 5) Political parties are formed, for example the Whigs
 * 6) Jackson wanted to remove some entrenched officials by using the spoil system to give them to his supporters
 * 7) decentralized economic power in anti-aristocrat(anti-elite) mission, tried to create more power available for the everyday farmer, merchant, or artisan rather than wealthy businessmen, but he was power hungry himself because he transformed te executive branch to be very powerful ( Jackson and Taney showed anti-elitism in the case of Charles River Bridge v. Warren Bridge)

Capitalism in America:
-economic system based on capital: money and property (goods) with value; individuals and privately owned companies control the capital by controlling the means of productions (which is the goods needed to make things) -mainly competition to survive (survival of the fittest) and cooperation; competition of businesses to get consumers and copperation between businesses in different industries, for example the businesses that make things and the businesses that sell those things -capitalism is the idea that everyone should get equal opportunity -nature vs. nurture -when the stock market crashed and the government backed them up so they wouldnt go completely bankrupt -mutual cooperation and responsibilities -people have individual freedoms to pursue what they want, freedom -everything in the market works out -choice -industry vs. company; companies within the same industry dont cooperate but companies in different industries do cooperate together -businesses ar etrying to maximize their profits and their market share ( how much of their industry they can control) -America does not practice pure capitalism because in our capitalist system the government **//__is__//** involved in our economy by setting rules and regulations for businesses and industries (ex: monopolies are illegal)
 * Key Terms:
 * Laissez Faire (means "let do" or "leave alone" in French): an environment where private parties can make transactions and the government will interfere as little as possible
 * Invisible Hand: the economy works out on its own so the government doesnt need to do so; self-regulating economy because of self interset (you will do what is best for you and your business), competition (balancing prices), and laws of supply and demand (companies produce what people want and not too much)

In America- what does the government do in the economy?
 * regulates (roversees and makes rules for) business and industries
 * taxes
 * creates jobs: government workers, public employees (such as firefighters, teachers, etc)
 * controls/monitors currency
 * funds school, infrastructure (parks, roads, etc)
 * welfare programs: foodstamps, subsidized housing, free and reduced lunch, unemplyment benefits, medicare, medicaid, social security

__**//elements/entities of capitalism://**__
 * //-private businesses- manufacturing, sales, services//**
 * //-consumers//**
 * //-government//**
 * //-investors/ stockholders, venture capitalists(wealthy people who invest in your business and make profit)//**
 * //-workers/unions//**
 * //-the bank//**
 * //-schools//**

=

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

-> definition of economy: an economy is the system organizing production and consumption (goods, labor,money and resources) within a nation to maintain its stability

MY OPINION ON CAPITALISM: In our economy I think a mixed economy is a good system because there is a balance between how much control the government has(semi visible hand) and how much control the government doesnt have(invisible hand). This is important because the government has to be able to enforce laws to regulate the economy and make sure it is stable reather than letting it crumble to pieces and leave everyone in a depression. For example if there was no law for not allowing monopolies then we would probably only have MacDonalds around and not Burger King because one of them would become so powerful and "overrule" the others until there is no competition. However there are times where the government needs to step back and let things fall into place which is where the "semi-visible" hand comes into play.

Notes (Chapter Introduction Pages):



Key Terms:



Chapter Questions:



Other:

media type="custom" key="7385655"