unit 3 keyterms

American System

A plan proposed by Henry Clay consisting of a national bank, protective tariffs, and internal improvements to promote economic growth.

Judicial Review

The principle established in Marbury v. Madison that allows the Supreme Court to determine the constitutionality of laws.

Panic of 1819

The first significant economic depression in U.S. history, caused by a drop in demand for U.S. goods after the Napoleonic Wars.

Cotton Gin

Invented by Eli Whitney in 1793, it revolutionized cotton production by increasing the efficiency of separating cotton fibers from seeds.

Limited Liability Laws

Laws that protect stockholders from being responsible for a company's debts beyond their investment.

Erie Canal

A canal constructed between 1817-1825 that provided a transportation route between eastern and western New York, significantly reducing travel time.

Democratic-Republican Party

A political party that arose from divisions over the American System, with supporters of states' rights forming the Democratic Party.

Marshall Court

The Supreme Court under Chief Justice John Marshall known for establishing the power of the federal government and supporting capitalism.

King Cotton

The economic dominance of cotton in the Southern economy during the market revolution, supported by the cotton gin and slavery.

Jacksonian Democracy

A political philosophy that advocated for the expansion of democracy to include all white men, emphasizing equal rights.

Tariff of 1828

Also known as the Tariff of Abominations, it was a tax supported by the North that angered the South due to its impact on imported goods.

South Carolina Exposition and Protest

A document written by John Calhoun arguing that states had the right to nullify federal tariffs they deemed unconstitutional.

Specie Circular

An executive order issued by Jackson requiring public land purchases to be made in gold or silver, contributing to the Panic of 1837.

Trusts

Legal arrangements where stockholders transfer their shares to trustees to eliminate competition and control supply in an industry.

New South

The vision of Southern leaders after the Civil War to diversify the economy beyond cotton and focus on industrialization.

Sharecropping

A system in which landowners rented land to farmers (often former slaves) who would pay with shares of the crop yield.

Great Strike of 1877

The first national strike in U.S. history, resulting from wage cuts and leading to violent clashes with federal troops.

Knights of Labor

The largest labor union of the late 19th century, advocating for broad societal reforms and inclusion of all workers.

American Federation of Labor (AFL)

A labor union founded in 1881 that focused primarily on skilled workers and ‘bread-and-butter’ issues like wages and conditions.

Wabash v. Illinois (1886)

Supreme Court decision that restricted states' power to regulate interstate commerce, favoring federal authority.

Panic of 1893

An economic crisis triggered by railroad failures that led to widespread bank failures and high unemployment.

Roosevelt’s Square Deal

The domestic policy of President Theodore Roosevelt focusing on consumer protection, corporate regulation, and conservation.

Social Security Act (1935)

Legislation that provided for pensions for the elderly, unemployment insurance, and aid to dependent children.

Civil Rights Act (1964)

Landmark legislation that outlawed discrimination based on race, color, religion, sex, or national origin.

Affluent Society

A term coined by economist John Kenneth Galbraith, describing the prosperity of the 1950s while highlighting the ignored poor.

Medicare and Medicaid

Government programs established to provide health care coverage for elderly and low-income individuals.

Stagflation

An economic condition characterized by high inflation combined with high unemployment and stagnant economic growth.

GI Bill of Rights

Legislation providing benefits to WWII veterans, including education and low-interest loans for homes.

National Defense Education Act

Federal legislation aimed at improving education in science and technology in response to Cold War competition.