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
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