Time Periods
Time period before the Civil War
Antebellum
Economic system defined by a belief in the free market and a lack of government intervention/ownership of the means of production
Capitalism
Hands off approach government and economics
laissez faire
Government where power is in the hands of the people
Democracy
When government abuse their power
Tyranny
Time Period after the Civil War
Reconstruction
economic system where the government control/owns all the means of production
communism
trickle down economics
Government where people elected an elite group of people to represent them in government.
Republic
When governments use their position to increase their personal wealth
government corruption.
Period marked by Segregation largely in the American South
Jim Crow
economic system that hybridizes elements of capitalism and communism
Mixed Economy
The two moving forces of the free markets that help determine the flow of the economy.
When the economy of a nation slows down and/or collapses.
recession
Place where Native Americans were segregated following the Indian Wars.
Period of Great Religious Fervor that defined America's relationship between work and faith, and brought in ideas like Temperance and Abolition
Second Great Awakening
Principal in economics that says the value of something is defined by it's availability and abundancy
scarcity
Theoretical measurement of the perfect ratio of taxation to economic growth. Where the government taxes as little as possible, but can still pay for itself.
Laffer Curve
The Idea that America should remove itself from global affairs
isolationist
When people surrender personal freedom for a delusion of safety
Security Illusions
Period when the Industrial Revolution kick started America's economy and pushed people off the farms and into the factories, but also characterized by worker rights abuses and monopolies
Gilded Age
Economic model that says in a recession the government should spend and tax more money to jump start the economy and then tax that growth the repay the debt.
Keynesian Economics
The economic idea that tax cuts across the board will lead to economic growth that can be taxed to replace the loss in tax revenue.
Supply Side Economics
When people in a society allow the rich to have special privileges under the delusion that they themselves might some day be wealthy too.
aspirational wealth phenomena
The belief that America had a divine right to spread across the continent.
Manifest Destiny