American capitalism 2 terms

Idk if this everything

The “Second American Revolution” refers to the

Civil War

What was the Whig response to the 1837 Panic?

• attacked Van Buren for doing nothing

• passed Bankruptcy Act allowing voluntary bankruptcy

• chartered Bank of the U.S. III

How much wealth was in slaves by 1860?

$3-4 billion

E.P. Thompson stated that economic growth occurs with

cultural growth

What was the key aspect of Victorian culture in America?

depiction of men/women as opposites

Separate Spheres

men in production/politics (public)

women in consumption/family (private)

What were some key beliefs of the Republican Party?

more infrastructure, raise tariffs, expand West, public works + national banks

corporation

large firm that separates ownership class from management class

Homestead Act

granted public land in the West for people who settled it for 5 years

What was the main goal of Reconstruction?

rebuild the South and integrate free slaves into society

Freedmen’s Bureau

agency to assist newly freed African Americans

Black Codes

laws passed by the South to force African Americans back into labor

14th Amendment

defined citizenship by birth or naturalization (legal process)

Progressivism

philosophy of progressing the human race through government reform and scientific management

Gilded Age

term coined by Mark Twain (1873) to describe rapid industrial growth and corporate expansion

Second Nature

human-built economic landscape

disassembly line

Chicago meatpacking line that efficiently cuts animals into standardized points

autochthonous

homegrown (not imported) U.S. critriques (e.g. Henry George)

Social Darwinism

social progress only through the strong dominating the weak

Sombart’s Question

Why is there no socialism in the U.S.?

BIG Business

Business + Industry + Governance

vert vs. horiz integration

vertical ~ control entire supply chain (raw —> retail)

horizontal ~ dominate industry by merging competitors

1890 Sherman Antitrust Act

first federal law in the U.S. designed to combat monopolies + trusts

Who was the Populist party made up of?

farmers hurt by debt and prices

What was the key demand of the Populist party?

free silver, or the unlimited use of silver as legal tender, as well as other broad government reforms

Taylorism

theory developed by Frederick W. Taylor to break up tasks to optimize the flow of production

What was the main contention between Du Bois and Hoffman?

equality vs. racist “scientific” inequality (eugenics)

Fordism

idea that a worker can afford the Model T he worked on, characterized by assembly lines + scientific management

Sociological Department

firms regulate workers’ lives outside work

Red Summer of 1919

series of racial violence events

emotional labor

term coined by sociologist Arlie Hochschild to describe managing feelings through service, often associated with women

sit-down strike

workers don’t work but stay in the workplace to block production

conspicuous consumption

Veblen’s idea that people display wealth publicly to signal status

What did Coxey’s Army demand during the 1893 Panic?

fiat money (i.e. USD) and national public works

leisure class

class that did no work and was signaled through dress

What was the significance of the Sears/Montgomery Ward catalogs?

allowed mail-order goods for rural Americans

Agate rule

ads were priced by agates (small line units), allowing for cheap and standardized ads

Halitosis

term for bad breath popularized by mouthwash/toothpaste ads to create a problem for consumers

boycotts vs. buycotts

boycott ~ coined in 1880 as a “buyers’s strike”

buycott ~ opposite, buying products to show support of a company

managed capitalism

government provides fiscal stimulus to prop up or slow demand

Black Thursday

major stock crash on October 24, 1929

What was most American’s main critique of the Hoover administration?

extremely tone-deaf and heartless

Smoot-Hawley tariff

Hoover' act that raised tariffs globally, causing other countries to retaliate

What were the three R’s of the New Deal?

Relief, Recovery, Reform

What were the four key targets of the First New Deal?

1. banks

2. industry

3. agriculture

4. jobs

Works Progress Administration

provided public sector jobs in construction/arts

Civilian Conservation Corps

recruited young men to work on forestry

Francis Townsend

pushed for old-age pensions and eventually inspired FDR’s Social Security

How was the Second New Deal different from the first?

much more structural and focused on tackling issues

Wagner Act

establishes National Labor Relations Board to allow unions and employers to collectively bargain

Social Security Act

establishes federal retirement/unemployment insurance

The Great Exception

term coined by Jefferson Cowie to explain the ND era as an anomaly in capitalism

deficit spending

Keynesian idea where governments spend more than they collect to stimulate demand in a period of economic downturn

New Deal Coalition

joining of African-Americans, working class, whites, and “Solid South” in Election of 1936, opposing the Southern Cage

court-packing scandal

FDR tries to expand the SCOTUS to add biased judges

What did the Galbraith Survey show?

bombing Germans wasn’t collapsing their war economy (theorizing war won’t always work out)

Double Victory campaign

end fascism abroad AND racism at home

What was Executive Order 8802 and why was it signed?

outlaws discrimination in federal defense companies, in response to A. Philip Randolph threatening to march

Atlantic Charter

FDR + Churchill agree pre-war on free trade

Bretton Woods

1944 conference that built postwar currency and tied all companies to $

Marshall Plan

1948 plan that pledged $13 billion to rebuild Western Europe and prevent communism

import substitution

build a domestic industry instead of exporting raw materials

containment

idea to not roll back the USSR, just to limit its spend

New Deal order

term for how political patterns established during the ND persisted through 1980

Keynesian Consensus

postwar use of fiscal policy and deficit spending to boost the economy

Treaty of Detroit

signed between UAW president Walter Reuther and General Motors to establish 5 years of rights and benefits