Knowt
Note
Studied by 32 people
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