Unit+Two

﻿Unit II WorK
====//TCN + Opening + WHD//  ==== //Chapter questions //

Antifederalists-Federalists-Republicans
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TJ's Presidency Glog
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US Constitution Project
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Writing Workshop
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10/29/10 key Aspects of Jacksonian America

 * Election of 1828/ took office in 1829/ 2 terms
 * expansion of electorate--> democracy
 * expansion westward
 * relocation of Indian
 * decentralization of power-->Bank issues
 * opposition to national bank
 * emergency of Whig and democratic
 * expansion of opportunities for white man(politically and economically)

Why did Jackson oppose to National Banks

 * not everyone will have = opportunities
 * for him, banking was more about business, commerce, nothern elites
 * banks control loans, $, $ policy. So national bank will make bankers control how the $ circulates, which will favor the other banks, bankers at the expense of the farmers.

Captitalism in America
Def-**a** free market system - a economic system based on individual ownership and production of goods which create competition within the nation for a greater profit. Little government intervention. Companies are privately owned as opposed to government run. Capital = $ + property (all about competition)

//How much should the government be involved in the economy?// Laissez faire = to let do(the government keeps its hands off)

//How is it practiced in America?//
 * In order to own property, u have to have individual rights and ownership rights, therefore captalism is also a political system that creates the free market system.
 * businesses are run by individual groups

//Important element at play in Amercan economy// Adam Smith argued for free market and little gov't intervention and argued for the invisible hand. Invisible hand -the economy regulates itself and everything works out-due to:
 * consumerl dollars
 * capital goods and consumer goods(means of production)
 * workers/unions
 * banks
 * gov't rules and regulations(?)
 * Some of the core princeples come from Adam Smith and his book, the Wealth of Nations 1776.
 * self-interest-motivation
 * competition
 * laws of supplying and demand (demand: how much ppl need or want; supply: how much the company produces and sells to sustain ppl's need)

Example
 * increase demand for cell phones, therefore, more cell phone $ and more supplying.
 * Cuircut city ran out of business with the competition with Best Buy. Competing for consumer dollars. Social darwinism.
 * //In communism, the government controls the means of production, not private businesses.//

definition-consists of the a economic system by which a group of people organizes labor, capital, and land resources, and other economic agents which determines the production, exchange, districbution, and consumption of goods in the country. Economy also involves financial savings.
 * Economy **

Ex, financial company, food stamps, unemplyment benefits, social security(retirement, gov't regulate business/trade/minimum wage/etcs, gov't tax. capitalism on : plan ahead yourself when you retire, gov't doesn't doesn't run it, which caused many elderlys retire w/ $ b/c it depends on themselves to pan.
 * America practices a MIXED ECONOMY - combines elements of capitalism and socialism - sometimes referred to as Welfare Capitalism
 * American definitely doesn't have pure capitalism, Laissez faire


 * //view on capitalism as the system of economy//**
 * I think capitalism is not just a system of economy, it is a also a political system because in order to own private properties and be able to compete in the business, you need to have the property and individual right which involves politics. Capitalism is a form of social darwinism which I think is necesssary for the society. Survival the fittest happens to be the reality. Escpecially economic wise, private business which fulfill the need of the people would survive in the competition of that field. Business that can endure the competition would run out. American doesn't have a pure capitalism, which I think is right and government intervention in the business is necessary.