Economic History (Economics and Science, Technology and Society)

Adam Smith

The father of capitalism. Wrote "An Inquiry into the Nature and Causes of the Wealth of Nations." Argued that an invisible hand guides the economy to its greatest productivity.

Globalism

Economic and foreign policy planning on a global basis

Steamboat

Made sailing upriver much easier, which made the shipping of goods easier and less labor-intensive.

Thomas Edison

Perfected the design of the light bulb.

Exporting

selling to other countries

Supply Side Economics / Reaganomics

the belief that government intervention in trade should focus on increasing the ability of suppliers to produce. This policy dominated the 1980s

Spindletop

An oil derrick in Beaumont, Texas that became the most productive derreck in the world in 1901, producing over 100,000 barrels in a day and bringing a boom to Texas' oil and gas industry

Henry Ford

An engineer who established Ford Motor Company in Detroit and created the world's first moving assembly line for cars

Great Recession

Economic downturn stemming from the financial crisis of 2008.

Eli Whitney

Invented the cotton gin in 1794

Cotton Gin

A machine that separated seeds from cotton, increasing cotton production and the need for slaves to harvest more cotton.

American Recovery and Reinvestment Act (ARRA)

A law passed by Congress to stimulate the economy in 2009, following the Great Recession.

Internal Combustion Engine

Began to challenge the steam engine and led to the development of petroleum

Great Depression

an unprecedented period of worldwide economic downturn that began in Oct. 1929 with the United States stock market crash and ended due to a combination of the New Deal and World War II

Subprime Lending

the provision of loans to borrowers who are likely to have difficulty repaying the loan and who are at high risk of default

Second Industrial Revolution

the unprecedented increase in economic productivity during the late 1800s. Included large leaps forward in technology with expansion of use of electricity, petroleum, and steel.

Alexander Graham Bell

Invented the telephone

Smoot-Hawley Tariff Act

Tariffs passed in 1930 on over 20,000 imported goods with the intention of protecting American jobs, but resulted in decreased international trade

World Wars

WWI and WWII occuring overseas (with the exception of Pearl Harbor) allowed the US to maintain and grow its production capacity, leading to massive economic expansions

Steel

Replaced iron in construction and allowed for advances in construction

Importing

buying from other countries

The New Deal

A series of policies, public work projects, and financial reforms passed by Franklin D. Roosevelt between 1933 and 1936 in an attempt to stimulate the economy

Progressive Era

The rapid economic expansion of the Second Industrial Revolution also led to an increase in the difference between the haves and the have-nots, as well as the growth of oligopolies and monopolies

John Deere

Designed a steel plow in 1837

Samuel Slater

Called the "father of the American Industrial Revolution" and the "father of the American factory system." Brought designs of textile mill machines to America

Robert Fulton

Invented the steamboat in 1807

Nikola Tesla

Invented the alternating current (AC) electric supply.

Keynesian Economics

free markets can lead to economic inefficiencies and governmental intervention can lead to a stable, productive economy

Sherman Anti-Trust Act

Regulated business practices.

Electricity

Became widely available in the Second Industrial Revolution and increased the number of hours people could work in a day.

Industrial Revolution

period of rapid growth in using machines for manufacturing and production; began in Great Britain in the mid-1700's

Mercantilism

The economic idea that a country needs to amass wealth through more exporting than importing and measures wealth by the amount of gold that a nation possesses.

Cyrus Mccormick

Invented the mechanical reaper in 1831

Mass Production

The manufacture of products in large quantities with the use of machinery and/or a moving assembly line