Unit+2

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10/19/10 **GLOGSTER! **

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**10/29/10 ** **Jacksonian America **
 * Key elements of Jacksonian America **


 * Jackson greatly weakened the bank of the united states which decentralized economic power -- war of the banks
 * he favored more opportunity, more equallity economically and politivally --voting--
 * Jackson was unfair with the Native Americans, ﻿Through the Removal Act, Jackson


 * democranization
 * jackson decentralized power but affirmed the supremacy of national law --crushed idea of nullification and upheld the supremacy of Clause-
 * spoils system was still applied and it wasn't the most democratic way to do things
 * key development: emergance of the Whigs.

10/29/10

= Capitalism in America =

An economic system based on money and goods, where the means of production is controlled by privately owned groups as opposed to the government. The excessive desire for money. It is the means of exchange of one thing for another. It is based on the principle of individual rights, and it's the excahnge of goods or supplies between bussinesses and people. Just like what the definition says, in America, Capitalism is applied with the exchange of goods or supplies between bussinesses and people. The US government has empowered the Federal Reserve Bank to issue currency based on the "full faith and credit" of the government.Though there is no gold or silver to back the dollar bills issued, the US guarantees that the notes (bills) will be honored. anti-trust law- strengthened market force mixed-capitalism free-market anarcho-capitalism mercantalism state capitalism corporate capitalism
 * What is Capitalism?**
 * means of production = capital = $ and goods (machinery, sources) **
 * controlled by private businesses - individuals and small gorups, not the government **
 * *communism -- when means of production are controlled by the government **
 * favors who ever is succesful, benefits the owner not the gov't **
 * class-based system -- owners at the top, workers below -- whoever controls the capital has the most power **
 * wide variety of success level -- your wealth is based in your hands **
 * supply & demand -- if there is a demand, people start making it. **
 * in all capitalist, indisible hand **
 * How does it work in America?**
 * What versions are being used? What form is being practiced in America?**

the idea that because everyone is trying to make money and business is competing competition for money = people, money, business. just happens. for example: 6 pizza stores in malden, and everyone buys their pizza from stop & shop, the pizza stores will just shut down
 * Invisible Hands** -- government is not involved; gov't doesn't run it. no one person controls it.

"let be" or "lands off" in terms of govt intervention/regulation
 * invisible hands ** - the economy is self-regulating - govt intervention is not necessary because through business competition, self-interest, and supply & demand, a capitalist economy runs smoothly on its own - THEORY of free-market capitalism - LAISSEZ FAIRE capitalism.

In America we do not practice purely free-market, laissez faire capitalism - we practice govt aids bussineses

America has a mixed capitalistic economy. Mixed capitalism because it's a compromise between capitalism and socialism. There's elements where the govt intervenes and distributes money. Some money goes to reduced lunch, etc. In laissez-faire, if you lose a job, too bad you need to find one again.

America practices a MIXED ECONOMY - elements of socialism and elements of capiutalism - the govt does play a role in the economy through programs like food stamps, subsidizedd housing, unemployment benefits, social secufity, etc (somtimes called Welfare Capitalism)... the govt also regulates businesses through rules and taxes.

relates to SOCIAL DARWINISM -- most succesful will stay on top, needs to adapt to demand

__ ﻿**Elements of the Economy:** __
 * Gov't - rules, regs, taxes, welfare programs
 * Workers - provides goods
 * corporations - small bussineses
 * banks
 * investors
 * consumers
 * industries & businesses
 * the stock market
 * schools/education


 * Economy** is the system of exchange in which products are produced, distributed, and consumed through private affairs. It has several elements: government, workers, corporations, banks, investors, consumers, industries and businesses, the stock market, and schools/education.

**Economy**: a system in which a group of people manages its resources and produces and exchanges its good, services, and currency