Unit+II

= Unit II: Cha﻿pters 6-10﻿ =



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=﻿Jacksonian America=
 * 1) Jackson greatly weakened the Bank of the United States and decentralized economic power. He affirmed the supremacy of the national government.
 * 2) Through the Indian Removal Act, Jackson relocated Native Americans in order to expand American land into the west.
 * 3) Jackson favored and represented more political and economic opportunities for all white males. He promoted democratization in the United States.
 * 4) The creation of the Whig Party created a second party system where the Democrats were again facing high opposition. Whigs supported expanding federal power, developing an industrial ecnomy, and centralizing economic power.
 * 5) Jackson used the spoils system to appoint supporers as officials. His approach contradicted his beliefs of democratization and equal opportunities.

=Capitalism in America= =Elements of the Economy= =What is economy?= Economy is a system in society which involves the management of resources, production, distribution, and consumption of goods, services, and currency.
 * Capitalism- economic system where means of production (capital=money and goods: machinery, resources) are controlled by private individuals/groups rather than the government
 * When means of production are controlled by government = communism
 * Class-based system: capitalist class (control the system) and working class
 * Favors the successful -> owners of businesses-> have most power
 * Unequal distribution of wealth
 * Provides system where opportunites are in individual's hands -> supports theory of equal opportunities in America
 * Supply and demand
 * "Invisible Hand" - self regulating market not regulated by government or certain people; market changes on its own depending on supply and demand/interests no specific force is controlling the market
 * THEORY of free-market capitalism (Laissez Faire capitalism): capitalist economy runs smoothly through business competition, self-interest, and supply and demand
 * Laissez Faire: "to let be" in terms of government intervention/regulation
 * United States is not purely free-market, laissez faire capitalism --> MIXED ECONOMY (elements of socialism and capitalism), sometimes called WELFARE CAPITALISM
 * There is government intervention to prevent monopolies from controlling economy.
 * Regulates businesses through rules and taxes
 * Government plays role in economy through: subsidized housing, free/ reduced lunch, unemplyment benefits, food stamps, social security, etc.
 * government: rules, regulations, taxes, welfare programs
 * businesses/industries
 * banks
 * workers/unions
 * consumers
 * investors
 * stock market
 * schools/education