Economic+Transformations

**EXPLORE THIS THEME BROADLY AND IN DEPTH, FROM THE COLONIAL PERIOD TO THE PRESENT, PULL IN SPECIFIC EXAMPLES, AND CREATE A STUDY GUIDE FOR YOUR CLASSMATES: **

**Economic Transformations ** __Changes in trade, commerce, and technology__ across time. The __effects of capitalist__ __development, labor and unions, and consumerism__.

 Economic Transformation

Colombian Exchange Triangular Trade mercantilism -- Mother and colony **Slavery** 1619 first slaves in Jamestown -> start plantation system and slavery in US   1698 Royal African Company slave trade monopoly ended 1807 -- end of slave trade into US

Dutch West India Company wants quick profit for fur trade -- created New Netherlands and New Amsterdam

agriculture was leading industry bread colonies -- Middle Colonies

tobacco in Virginia colony -> 1612, John Rolfe --- cash crop --- it saved and destroyed Virginia -- also in Maryland

Sugar Act 1764 Quartering Act and Stamp Act -- 1765 1767 Townshend Act -- all were repealed in 1770 except for tea -- taxes made colonists MAD

After Revolution, under Articles of Confederation
 * inflation and states heavily taxed their people in order to pay off debt

Under Hamilton -- government has increased control of economy -- Bank of US -- excise tax -- debt repayment plan Under Jefferson -- yeoman country -- agriculture

Embargo act of 1807 Nonintercourse Act -- trade with everyone except Britain and France 1809 Macon’s Bill No. 2 -- stopped embargo 1810

Tariff of 1816 -- for protection during War of 1812 Henry Clay’s American system -- strong banking system, protective tariff, and network of roads and canals

Panic of 1819

Tariff of Admonition -- South farmers feel discriminated Bank War of 1832 -- arguing whether to recharter Bank of US -- Jackson doesn’t want to   -- many banks went downward because of lack of BUS Specie Circular -- only hurt the economy more -- banks didn’t have the actual specie to back up their money

Panic of 1837

MILLs become popular -- women gain more jobs -- aka Mill girls MARKET REVOLUTION TRANSPORTATION REVOLUTION

1848 -- Gold was discovered in CA

During Civil War -- North is able to control their economy more Economies of North:
 * banking, shipping, insurance, small and large business ownerships, middle class, availability of wage workers

Economies of South
 * dependent on plantation system, slave labor, majority of white population engaged in subsistance farming, yeomen farmers owned small and medium sized farms, SMALL middle class

Confederate government used PAPER money that wasn’t backed which led to runaway inflation

1869 -- price of gold plunged -- leads to corruption

Panic of 1873 -- too many loans taken out and not able to pay them back which led to Resumption Act of 1875 -- required government to continue withdraw paper money from circulation and to redeem paper money into gold at face value

Mckinley Tariff Act of 1890 -- brought more troubles to farmers who were forced to buy expensive products from American factories.

Cleveland and the Depression -- Panic of 1893

Sherman Silver Purchase Act-- 1890 -- to increase amount of silver in circulation

Sherman Anti Trust Act of 1890 -- no trusts

LABOR Movement knights of labor AFL --1886 -- led to downfall of knights of labor Haymarket Square 1886 IWW - “wobblies” Carneige = vertical integration -- gospel of wealth Rockefeller =horizontal integration and trust

Pullman Strike

Gold Standard Act -1900 -- provided that paper currency be redeemed in gold 16:1 -- silver to gold ratio 1878

Roosevelt Panic of 1907 -- boom and bust cycles Federal Reserve Act 1913 -- establishes the Federal Reserves -- designed to monitor and control the money supply -- fight inflation Underwood Tariff 1913-- first significant reduction of the tariff -- under Wilson Clayton Ant-Trust Act of 1914 -- under Wilson -- break up monopolies -- breaks the “kiss” Federal Trade Commission Act - 1914 - looked for unfair trade practices - regulate business

WWI War Industries Board 1917 created to control all areas of industrial production and distribution Lever Act 1917 -- led by Hoover -- aimed to mobilize agriculture and establish prices to encourage production War Labor Board 1918 -- regulated wages and work hours, prevented labor strikes

-- after War period of economic bomb 1920s MASS CONSUMPTION

Prohibition -- 1919 -- organized crime “speakeasies” Hawley-Smoot Tariff 1930 -- supposed to assist the farmers

BLACK TUESDAY 1929 Glass-Steagall Act -- ended the epidemic of bank failures -- created the Federal Deposit Insurance Corporation to insure individual bank deposits