American Economics

First…when we were still just colonies….

Salutary neglect till…

no taxation without representation

American Economics

Then…after we were a country….

National Bank?

FederalistsAlexander Hamilton

Anti-FederalistsThomas JeffersonJames Madison

Taxes on whiskey?

No rebellion tolerated on GW’s watch!

North: factories/industrialism

South: cash crops/agriculture

West: cattle ranches

tariffs—taxes on imports to encourage purchase of American products

helps the Northaccepted by the West

hurts the South

(Civil War)

Makin’ money on the railroad

Gilded Age

Laissez faire

Monopolies

Rockefeller—Standard Oil

Robber Barons

Populists

• Graduated INCOME tax

• 8-hour work day

• Regulation of RAILROADS

Unions & Strikes

Beginning to control big business…

• Sherman Anti-Trust Act

• Clayton Anti-Trust Act

Imperialism—new markets

Income Taxes

After WWI…shop till ya drop

Oct. 29, 1929

No direct relief…wthHoover?

Alphabet Soup

WWII—mobilization of American economy

(end of Great Depression)

WWII & Rationing

OPEC & oil embargo

Ronald Reagan

Increased spending on defense

Reaganomics aka supply side economics aka trickle down economics

NAFTA