Unit+II


 * __Unit II__ :) **

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- how Jefferson governed the country - Industrial Revolution - more edu for others like women and natives - advances in medicine and science - Noah Webster--> dictionary for American/English language - Second Great Awaking, questions about religion, deism?
 * __Chapter 7 Preview and Data Collection__**

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 * __Jacksonian Era__**
 * Democracy: was created to give everyone the same opportunity
 * more people had economic and policitcal rights and opportunities
 * everyone was equal
 * Bank of United States: Jackson didn't wanted a national bank for America and he wanted to remove it. he believed having the national bank was useless and it only caused more problems for the poor
 * Indian Removal Act: Jackson wanted to expand America and help the white settlers move towards west and expand their land so he removed the Indian tribes living there and so the white settlers can move in. He took the 5 great Indian tribes and moved them to an area in America (Oklahoma) and made them settle there. He forced the Indian tribes out of their homelands
 * Nullification Crisis: Jackson was so tied into the federal government's powers that he won't allow states to oppose it
 * development of the Wigs because of the Democrats (Jackson's party)
 * Taney was different from the Marshall court because he did things to decentralize the national government's powers
 * Spoil System: Jackson wanted to remove those who had been in office for many years and so when he removed them he rewarded his supporters with their postitions
 * Jackson wanted to decentralize the national power and he wanted to limit the powers of the rich people and give more powers to the poor and everyday/common people
 * Jackson and his people were anti-elites, he and his people wanted to open up opportunities for everyone and not just the rich people --> basically in Jacksonian Era, he opened up opportunities for everyday common people rather than favoring the rich, banking people

__**Capitalism in America**__
 * Capitalism is an economic practice where there is always constant competiton int he economic world and all the companies try their hardest to remain in this world so they can earn more and more money
 * everyone work together and you have to cooroperate in order to succeed together
 * people who love money, will do anything to get more of it, especially the rich people
 * it favored the rich more than the poor
 * Capitalism is an aconomic system based on capital (capital = money and property that have value)
 * individuals and privately owned companies control the capital --> they control the means of production --> goods needed to make things
 * system based on competiton and also on cooperation (people who run their businesses compete with one another, but within their companies they need cooperation in order to succeed)
 * businesses cooperate with other manufactors such as the factories make the goods and the store sells the goodds for them
 * same industries compete and different industries cooperate
 * businesses are trying to maximize their profits and their market share --> how much of their industry they can control
 * America does not practice pure capitalism, but their government is involved in the economy
 * the government sets rules and regulations for businesses and industries
 * ex: monopolies are illegal --> no one company can be too big, if they become too big and have too much power then there will be no competition in the country
 * Laissez Faire: means "let do" or "hands off" an economic system where the government doesn't involve as much
 * Invisible Hand: economy self regulates, not regulated by the government, economy has an "invisible force" so that the economy regulates itself
 * self-interests
 * competition --> helps balance out and it works out for everyone (the people, consumers)
 * laws of supply and demand --> companies produce what people want and not too much, consumers have demands and industries/companies produce supplies to meet their demands

In America - What else does the government doin the economy?
 * regulates (oversees and make some rules) businesses and industries
 * taxes
 * creates jobs - government workers, public empolyees (such as teachers, firefighters,and etc.)
 * funds schools, infrastructure (parks, roads, etc.)
 * controls/monitors currency
 * welfare programs - food stamps, subsidized housing, reduced/free lunch programs, unemployment benefits, medicare (health care for the elderly), medicaid (health care for the poor), social security (retirement program, didn't start until 1933, started during Great Depression)

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, have elements of free-market capitalism and elements of socialism - such as the government programs like welfare, social securtiy, and etc. Some call it a Welfare Capitalism

Consistent question of American history...How much should the government be involved in the economy?


 * __Elements/Entities/Actors of the Capitalist Economy__**
 * private businesses - manufacturing, sales, services
 * consumers
 * government
 * investors - stockholders, venture capitalists
 * workers/unions
 * banks
 * schools

Economy - it is a system that involves with the money of the counrty and how it circulates through businesses and what actions the government takes

- a system by which a group of people produces, organizes, and exchanges its goods, labor, money, and other resources Capitalism - Capitalism, to me, is a very unique type of system in economy. Before I didn't understand what capitalism meant and how it affected our coutry and other countries. I always thought that in capitalism, the rich always used the poor to benefit themselves --> rich gets benefits while poor suffers (what I thought of ever since I watched the movie "Capitalism: A Love Story). Still I'm confused with capitalism but I got an idea of what it is. Capitalism isn't all too good and it isn't all too bad either. It is just a system where there's always constant competitions going on and in order to survive in this society the companies, itself, must cooperate and earn even more money. The way America practices it is just right. America wasn't practicing a pure capitalism because the government is still involved in the economy in some ways. Like in America, it won't allow any company to be come too powerful and take over all the businesses because if that happened then there won't be any competition left in the economy and it won't advance anymore. This made sure that everyone and every company get an opportunity to compete in this society.