The American Economy

Industrial Revolution

A period of profound technological and social change, primarily in the 18th and 19th centuries, that transformed societies from agrarian to industrialized, urban ones.

Gilded Age

A time of rapid economic growth and industrialization in the late 1800s, characterized by significant wealth inequality and social change.

Captains of Industry & Robber Barons

Influential, wealthy, industrialists of the Gilded Age. Rockefeller, Vanderbilt, Carnegie, Morgan, Gould, Pullman, etc.

Organized Labor & Collective Bargaining

When employees would come together to demand better working conditions. Led to unions

Strikes, Scabs, and Strike Breaking

The act of working or taking jobs during a strike

Industrialization

Moving from an agrarian to an urban industrial society

Urbanization

People moving into cities and cities becoming more popular than rural living

Capitalism

An economy driven by private ownership and competition, with the goal of generating wealth.

Socialism

An economic and political system where the means of production are owned and controlled by the community, typically the state, rather than by private individuals or companies.

Populism

A political approach that pins “the people” against “the elite” who are corrupt and self serving.

Progressivism

A political philosophy and movement advocating for social and political reform to improve society.

New Nationalism

A political philosophy coined by Teddy Roosevelt which emphasizes the need for a strong federal government and protection of human welfare.

New Freedom

Woodrow Wilson’s campaignthat emphasized economic opportunity and limited government intervention. It focused on regulating big business, lowering tariffs, and reforming the banking system to create a more competitive and fair economy.

Social Darwinism

The concept that some people are just more “fit” to rule society compared to others. It justified laissez-faire, social inequality, and racism. It said that government intervention was detrimental to society.

Consumerism

The belief that excessive consumption of goods has a positive effect on the economy and that companies should create goods and services that consumers most desire

Stock Market Crash of 1929

A severe and sudden decline in the value of stocks, particularly on the New York Stock Exchange, that began on October 24, ("Black Thursday"), and peaked on October 29, ("Black Tuesday"). This event marked the beginning of the Great Depression.

Great Depression

A severe global economic downturn that lasted from 1929 to 1939, marked by widespread unemployment, poverty, and industrial decline.

Dust Bowl

A severe ecological and environmental disaster that occurred in the American Great Plains during the 1930s, characterized by severe dust storms and widespread soil erosion. It was one of the causes of the great depression as farmers could not grow crops.

The New Deal

A series of U.S. domestic programs implemented by President Franklin D. Roosevelt between 1933 and 1938 to address the Great Depression. It encompassed relief, recovery, and reform measures aimed at providing immediate aid, stimulating the economy, and preventing future depressions.

Federal Emergency Relief Association (FERA)

Part of the New Deal — It distributed federal aid across the country.

Public Works Association (PWA)

Program to reduce unemployment through the building of bridges and highways - Part of the New Deal.

Civillian Conservation Corps (CCC)

Part of The New Deal — Got young men work on conservation projects in forests and national parks.

Fireside Chats

A series of evening radio broadcasts given by FDR to gain the public’s confidence and to be accessible to everyone

Federal Deposit Insurance Corporation (FDIC)

Part of the New Deal — It insured that all depositors had at least $2500 of their money in the bank at all times.

Security and Exchange Commission (SEC)

A New Deal agency established to protect investors and regulate the stock market.

National Industrial Recovery Act (NIRA)

Part of the New Deal. An act aimed at revitalizing the U.S. economy during the Great Depression. It sought to stimulate industrial growth by establishing codes of fair competition, setting prices, and regulating working conditions.

National Recovery Administration (NRA)

A New Deal agency that sought to stimulate the economy by focusing on workers’ rights. Set codes for fair wages, hours, and conditions, while also supporting the right of unions.

Modern Republicanism

Eisenhower’s political philosophy. It advocated for a balance between government involvement and free-market principles

Highway Act

Most expensive bill ever except for Biden’s and it was enacted by Eisenhower to promote more jobs and it essentially built the suburbs.

Keynesian Economics

The philosophy that if you help the lower class and middle class come out of money issues, they will buy more goods and services which allows the businesses to sell more and hire more workers. Ground up. LBJ, FDR, Obama, Truman, Clinton(ish), Biden

Supply Side economics

The philosophy that if you cut taxes for the rich, they will be able to produce more goods and hire more workers, and those workers can then buy those goods from businesses. Trickledown, Reaganomics. Trump, W. Bush

Great Society

A set of domestic programs initiated by LBJ to address issues like poverty, racial injustice, and crime, while also promoting economic opportunity and education. He believed that everyone in America should have access to this ______

War on Poverty

A series of initiatives launched in 1964 by LBJ aimed at combating poverty in the United States. Congress enacted over 200 laws in order to pull society out of poverty.

Head Start

Great Society/War on Poverty. A government-funded program that is designed to provide children from low-income families the opportunity to acquire the skills and experiences important for school success.

Elementary and Secondary Education Act

Great Society/War on Poverty. An act aiming to provide equal access to quality education for all children, particularly those from low-income families.

Economic Job Opportunity Act

Great Society/War on Poverty. Act that established an Office of Economic Opportunity to provide young Americans with job training.

Medicare

Great Society/War on Poverty. Federal health insurance for seniors

PBS/NPR

Great Society/War on Poverty. Federally created tv and radio stations

New Federalism

Belief that the federal government’s power should be given back to the states.

Bidenomics

Focused on building back better after COVID 19. His Build Back Better plan was the most expensive piece of legislation costing $1.9 trillion. Very Keynesian. He focused on worker empowerment, public investment, and promoting competition.

Trumponomics

Focused on tax cuts for the rich and boosting US manufacturing. Very supply-side/trickle down. Also imposing huge tariffs to try and further boost american made goods.

Infrastructure Bill

A Biden bill which authorized funds for Federal-aid highways, highway safety programs, and transit programs,

Chip Act

A Biden act which aimed at boosting the production and development of US semiconductors.

Inflation Reduction Act

A Biden Act aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy.

Obamacare

A comprehensive healthcare reform law enacted in March 2010 aimed at expanding access to health insurance, improving the quality of healthcare, and reducing healthcare costs.

American Recovery and Reinvestment Act

Obama Law enacted to combat the Great Recession. Its primary goals were to stimulate the economy, save jobs, and create new ones, while also investing in long-term economic growth areas like infrastructure and clean energy.

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Obama Legislation that extended various tax relief measures, extended unemployment insurance benefits, and included provisions related to job creation.

Social Security Act

2nd New Deal FDR: A law that established a system of social insurance in the United States.

Wagner Act

2nd New Deal FDR: It guaranteed workers the right to organize unions and bargain collectively with their employers. The Act also outlined specific unfair labor practices that employers were prohibited from engaging in

Fair Labor Act

2nd New Deal FDR: A Law that sets a national minimum wage, requires "time-and-a-half" overtime pay for those working over 40 hours a week, and restricts child labor.

Woodrow Wilson

First hands on democrat

Herbert Hoover

Big on deportation, believed in suck it up, too little too late, has a dam named after him

Harry Truman

Very liberal and big on social welfare. His fair deal was a super liberal addition to FDR’s New Deal.

National Labors Relation Board (NLRB)

Federal agency that enforces labor laws and protects workers' rights, including overseeing union elections and addressing unfair labor practices. Created by the Wagner Act

Tennessee Valley Authority

New Deal Agency created to provide flood control, improve navigation, and generate electricity in the _________ valley

Soil Conservation Service

NEW DEAL: Goal was to prevent soil erosion and manage land resources to improve soil health and productivity, particularly on farmland in the Dust Bowl.

Jacob Reis

Journalist for the New York Herald who photographed impoverished conditions. Muckracker

Upton Sinclair

Exposed the meatpacking industry through his journal “The Jungle”

Medicaid

Great Society/War on Poverty: health insurance for low income families.