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
| britian | US | russia | latin america | |
|---|---|---|---|---|
| economic policies | protective tariffs, religious toleration, constitutional monarchy | religious tolerance, protective tariffs, homestead act, land grants to railroads, henry clay, the american system | TSAR | dependent development |
| causes (background) | glorious revolution, english bill of rights, agricultural revolution | samuel 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