US chapter 9 & 10 (pt3)

Legalism

strict, literal adherence to the law. = following the law exactly as written.

common law

legal system based on court decisions and precedents (past rulings in similar cases) instead of statutes. = ‘judge made law’.

Judicial review

the power of superior courts to invalidate laws and actions that violate federal & state constitutions.

Legal aid

federal or state help to those who cannot afford legal fees or an attorney.

Statutory law

written laws enacted by a congress or a state legislate. Instead of through court decisions, like common laws are.

Judiciary

A branch of the government that interprets and applies the law. (Federal judges are appointed by the president and approved by the senate)  1. Federal courts (like supreme court), 2. State courts (trial courts)

Miranda V. Arizona

landmark supreme court case that established the rule that police must inform suspects of their rights before interrogating them (you have the right to remain silent/ to an attorney  , anything you say can and will be used against you kind of stuff)  (from 1966)

Litigation

using the court system to settle a legal disagreement, typically through a lawsuit. If not settlement is reached, the case goes to trial.

Supreme court

highest level of federal courts (in Washington DC) main role is to appeal court, constitutional issues, federal law or conflicts between states. Cannot make laws!

Precedent

= a judicial decision that is used as an example or rule for similar cases (ruling can be used as guide for future similar cases)

criminal law

involves trial and punishment for people who have committed crimes (theft, assault, murder,..) they are punished with either a fine, prison or in worst case execution = for control and protecting society.

jurisdiction

legal authority of a court to hear and decide cases, enforce laws, make decisions

Constitutionalism

government power should be limited and regulated by constitution : government isn’t above the law.

plea bargaining

agreement in a criminal case where the defendant pleads guilty to a less serious charge than the original one to get a lighter sentence.

American Bar Association

association of lawyers who set the academic  standards for law schools and form model ethical codes related to the legal profession.

Bill of rights

protects citizens against imprisonment without just cause, excessive fines or other oppressions. BUT  court still has to interpret bill in individual cases  (approved by congress in 1789, by states in 1791) (means to protect citizens in criminal cases)

National Rifle Association

organization that  advocates for gun rights and promotes education, safety and training = says restrictions are violation of the constitution.

Commerce clause

grants congress power to regulate commerce with foreign nations and among several states (and with Indian tribes) (proof the constitution is old cuz wtf)

rights culture

emphasizes individual legal rights.

prosecutor

A lawyer who represents the government in criminal cases and is responsible for bringing charges against someone accused of a crime and proving their guilt in court.

impeachment

process in which a government official (president, vice president ,..)  is charged with misconduct. = this kind of trial is held in a senate with senators as judges.

civil law

involves claims for (financial) compensation by individuals (or groups) who have suffered loss or damage through acts of others (such as divorce, custody, accidents, personal injury, corporate matters) = in order to secure social harmony = if not settled => trial

district courts

= the lowest level of the federal court system. A case involving a federal jurisdiction is heard here first. Most federal cases are settled here, in the US, there are 94 district courts. They are trial courts with a judge (sometimes jury) and are often for: robbery, drug dealing, kidnapping, fraud (criminal) and on the other side: taxation, civil law,… (civil)

appeals courts

second level of federal courts: district cases can be uprated to this level.

Adversary system

enables competing parties to present their case to an impartial 3^rd party to determine the truth and reach a verdict.

Contingency fees

type of payment arrangement where a lawyer only gets paid if they win the case. The lawyer then gets a percentage of the awarded money.

pro bono

legal services provided for free to people who can’t afford a lawyer.

jury

for trial: consists of 6-12  ordinary citizens = used in criminal trials. Usually they reach a unanimous verdict.

Militia

a military force formed by civilians who can be called upon in emergencies to defend their community – BUT who are not part of the professional military.

legal appeal

process by which a  higher court reviews the decisions of a lower court to determine if any legal errors were made that could change the outcome of the case, this may include new evidence (EX: state supreme court can appeal a case to the US supreme court)

AFL-CIO

trade unions merged (in 1955) = most unions now affiliated with them

Federal reserve (system)

national bank in other countries = central bank of the US = in 12 districts each has a bank. = Governors appointed by president and approved by senate created in 1913.
= sets interest rates, regulates banks, handles inflation,…
GOAL = stable environment for corporate activity.

Dow jones average

list of prices of stocks and bonds at NYSE = indicator of US’ economic wealth.

recession

period in which the economy slows down significantly (due to less spending, lower production, higher unemployment, falling incomes, inflation)

service industries

= sectors of the economy that provide intangible services instead of products (expanded since 1950s, now leading sector, vary in size, (EX: hotels restaurants, day care, finance consultancy, banking,...)

budget deficit

when a governments annual spending exceeds its annual revenue, meaning it needs to borrow money to cover the difference (heavy deficits due to recession in 2008-2009 ->economy still suffers from this -> covid caused massive economic shut down 1/5 was unemployed in 2020 -> in March 2020: several acts passed to revive economy –> still budget deficits)

Rockefeller

= American industrialist = started standard oil company in 1870 = became massive oil monopoly controlling most of the U.S. oil industry, which influenced the entire US economy. (he is really scary)

Blue-collar workers

= the industrial sector.
In the 20^th century, American workers were increasingly placed in either this sector or in the service sector (seen as lower middle class)
In the 19^th century the industrial revolution the economy did already shift from agriculture to factory work. = increased gap between upper middle and working class.
because of reduced manufacturing and industrial base, the industrial sector declined and the service sector declined in wages

Wall street crash & great depression

October 24^th 1929: ‘black thursday’  in New York was a stock exchange with people panic selling, and on October 29 was ‘black Tuesday’ = collapse.
Speculation: with borrowed money => stock prices rise => problems => panic => selling stocks => prices crash = BILLIONS OF DOLLARS LOST = the economic depression after 1929 (see roaring 20s)

tariffs

taxes imposed by a government on goods imported from another country = make imported goods more expensive = protect domestic industries from foreign competitions.

Environmentalism

social and political movement focused on protecting the natural environment from harm caused by human activity
The US is the 2^nd largest polluter (Co2 ) globally (after China).

wall street

The financial center of the US, located in Manhattan NYC = consists of business institutions (banks, insurance companies,..) = invest money.
2000-2008: fraud, greed, incompetence -> many banks out of business.

NYSE

in 1792: biggest stock exchange in the world, 1300 members = market for both buying and selling.

anti-trust laws

laws to promote fair compensation and prevent monopolies (ex: Sherman anti-trust law (1890): breaks up standard oil (and other trusts))

inflation

increase in prices and fall in money purchasing values.

Arbitration

method of resolving disputes outside of court, where a neutral third party = listens to both sides and makes a decision
= commonly used in business contracts to avoid long and expensive court cases.

Gross domestic product

value of goods and services produced within the country’s borders during a certain amount of time (usually a year)
the us was the biggest economic power for 100yrs, until it dropped behind China
US has diversified economy (services, goods, capital, income)

NASQAD

Major US stock exchange in NYC = world’s first electronic stock market (1971) = automatic trading -> no physical location needed.

bretton woods (conference)

major international meeting in 1944 where leaders of 44 allied nations met to plan the global financial system after the two world wars and the great depression. = wanted to create international monetary system and promote international cooperation. Created IMF and World bank = effective until 1970s , then declined because the US stopped backing dollar with gold

Globalization

process of increasing independence and negation among the economies and markets & culture of different countries worldwide. = forced US to become more independent with other countries’ economics and reduce its protection of home products.

Median income

income that divides a population (in 2 groups). Half has an income above median amount, half below. = basically just an exact number for the average.
EX: 2018: women’s = 82% of men’s

fracking

method to extract oil and gas from deep underground rocks = to reduce pollution.

Entrepreneurs

individuals who start and run their own businesses. (usually small corporations)

new deal

series of programs and laws launched by franklin S. Roosevelt in 1933 = to help US recover from the great depression

Corporations

large company or group of companies authorized to act as a single entity and recognized as such by the law. They exist in most economic sectors and are based on marketing, advertising, advanced technology, cheap products and good service.
Their growth enabled the US to export abroad and consumer goods were also spread on the domestic market.

monopoly

board game with old guy and hat OR market situation where a single company controls the entire supply of a product or service = company can set the prices.

trade balance

difference between a country’s exports and imports
Exports > imports = surplus
Imports > exports = deficit

deregulations

removing or reducing government rules/ restrictions on businesses or industries = to encourage competition.

roaring 20s

period of economic prosperity in the US and Europe that spread wildly in the aftermath of WWI. It was associated with a feeling of general novelty and modernity.
1920s (associated with jazz, Harlem Ren., radio, cars, women’s rights,..) The period ended on october 24^th 1929, with the wall street crash. The stock market crashed because of financial speculation (buying stocks on margin) leading to bankruptcy of many corporations and the start of the Great depression of the 1930s.

raw materials

basic, natural resources used to make finished products (like wood = furniture, cotton = clothes, oil = fuel & plastic ,…)

free trade

the policy that countries can buy and sell goods and services across borders with little or no government barriers (like tariffs) = trade policy that does not restrict import or export.

Knights of labor

trade union formed in 1869 = organize workers = better employment & working conditions.

Social mobility

Ability of individuals to move up or down the social and economic ladder within society while the ‘American Dream’ is based on social mobility, the US actually has lower social mobility compared to many other developed countries.

mortgage

loan to buy property