Economic History and Policies in America

This set of flashcards covers important vocabulary and definitions related to economic history and policies in America, as discussed in the lecture.

Great Depression

A severe worldwide economic crisis that took place during the 1930s, marked by mass unemployment and widespread poverty.

Great Recession

A period of economic decline that began in December 2007 and lasted until June 2009, particularly affecting the real estate and financial markets.

2008 Economic Crisis

Financial turmoil stemming from the collapse of the housing bubble in the United States, leading to severe consequences in global economies.

Taxpayer Bailout

When the government uses taxpayer money to support failing financial institutions to prevent their collapse and restore confidence in the financial system.

Federal Reserve System

The central banking system of the United States, responsible for formulating monetary policy and regulating financial institutions.

Assumption of State Debt

Federal government taking over state debts to unify the nation's financial obligations and establish a strong credit system.

Funding at Par

A policy to pay back the national debt at face value to gain credibility with creditors and establish trustworthy financial practices.

National Bank

A financial institution chartered by the federal government that creates a stable currency and provides credit to aspiring businesses and governments.

Sedition Act

A law passed in 1798 that made it illegal to criticize the government or its officials, seen as a violation of the First Amendment rights.

Nullification Theory

The idea that states have the right to invalidate or nullify any federal law that they deem unconstitutional.