economic strategies/systems

terms to know:

  • laissez-faire / free trade
    • “hands off” governments
    • competition drives growth
  • protectionism / protective tariffs
    • protecting domestic industries
  • monopolies & trusts
    • monopoly: one individual controls it all
    • trust: a group has shares
  • corporation
    • the group as a single legal entity
britianUSrussialatin america
economic policiesprotective tariffs, religious toleration, constitutional monarchyreligious tolerance, protective tariffs, homestead act, land grants to railroads, henry clay, the american systemTSARdependent development
causes (background)glorious revolution, english bill of rights, agricultural revolutionsamuel slater
effect (consequences)first to industrialize

the three economic systems

  • communism
    • everyone is the same
  • socialism
    • you will get enough to survive (pity coins)
  • capitalism
    • money money

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