Financial Reform

Payne-Aldrich Tariff Act, law passed by the U.S. Congress in 1909 in response to a call from Republican Pres. William Howard Taft for lower tariffs. His acceptance of a bill that failed to significantly decrease rates caused him to lose the support of the progressive wing of his party. What…

Hamilton believed that Article I Section 8 of the Constitution, permitting the Congress to make laws that are necessary and proper for the government, empowered lawmakers to create a national bank. Do you think the Constitution give Hamilton the power to create a national bank Why or why not? The…

subsidy, a direct or indirect payment, economic concession, or privilege granted by a government to private firms, households, or other governmental units in order to promote a public objective. What is meant by subsidy in economics? A subsidy is a direct or indirect payment to individuals or firms, usually in…

The world systems theoryworld systems theoryWorld-systems theory (also known as world-systems analysis or the world-systems perspective) is a multidisciplinary approach to world history and social change which emphasizes the world-system (and not nation states) as the primary (but not exclusive) unit of social analysis. Why is Wallerstein’s theory important? Importance.…

The Chinese Exclusion Act of 1882 prohibited all immigration of Chinese laborers. The Chinese Exclusion Act was the first law implemented and enforced to prevent all members of a specific ethnic or national group from immigrating. It also marks the beginning of immigration regulation. What was the main point of…

Chinese immigration to the United States has consisted of two waves, the first arriving in the mid-1800s and the second from the late 1970s to the present. The population has grown more than six-fold since 1980, reaching 2.3 million in 2016, or 5 percent of the approximately 44 million immigrant…

The government tries to combat market inequities through regulation, taxation, and subsidies. Governments may also intervene in markets to promote general economic fairness. Maximizing social welfare is one of the most common and best understood reasons for government intervention. What are the three major reasons for government interventions? Reasons for…

They improved the lives of individuals and communities. Regulations that progressive groups helped to enact still shape government and commerce today, including food safety requirements, child labor laws, and the normalization of the eight-hour workday. What successes did the progressive movement achieve? The Sixteenth Amendment established a federal income tax,…

Are subsidies free trade? Under a free trade policy, goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange. How do subsidies affect trade? Another common barrier to trade is a government subsidy to a…

Because of their primitive nature, traditional economies are easily sustainable. Due to their relatively small output of goods, they suffer from far less waste compared to the other three systems. Why are traditional economies regarded as primitive underdeveloped? Traditional economies are less developed—they follow ancient methods for distribution. As a…

A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use). What happens in a socialist country? A socialist country is a sovereign…

Actually, the United States already was in the first stages of what historians came to call the Progressive movement. Generally speaking, progressivism was the response of various groups to problems raised by the rapid industrialization and urbanization that followed the Civil War. Why did the Progressive Era start? The Progressive…

China’s economic performance over the past three decades has been remarkable, characterized by high and sustained growth rates (IMF, 2023). In 2022, China’s GDP reached $18.3 trillion, making it the world’s second-largest economy (AP, 2023). This growth has lifted China from low-income to upper-middle-income status (World Bank, 2023). Key Facts…

Establishment of the Republic of China The Republic of China (ROC) was established on January 1, 1912, following the Xinhai Revolution, which overthrew the Qing dynasty. The revolution was led by Sun Yat-sen, who became the first provisional president of the ROC. Key Facts Xinhai Revolution: The Republic of China…

Japan operates under a market economy , where the prices of goods and services are determined by supply and demand in a free price system. The government plays a limited role in the economy, primarily focusing on regulating certain industries and providing social welfare programs. Key Facts Market Economy: Japan…

An economic system refers to the way in which a society organizes the production, distribution, and consumption of goods and services. There are three main types of economic systems: traditional, command, and market. Key Facts Traditional Economic System: Focuses on goods and services that are directly related to beliefs, customs,…

Multilateral platforms. An MLP is a payment system intended for payments between payers and payees in different jurisdictions. 3 Participants are typically located in several countries. What is multilateral transaction? A multilateral exchange is a transaction, or forum for transactions, which involve more than two parties. For example, Alice gives…

Populist Party platform for the 1892 election (running for president-James Weaver, vice president-James Field) in which they called for free coinage of silver and paper money; national income tax; direct election of senators; regulation of railroads; and other government reforms to help farmers. What was the Populist platform? The Ocala…

In addition to prospecting for gold in Californiagold in CaliforniaThe California Gold Rush (1848–1855) was a gold rush that began on January 24, 1848, when gold was found by James W. Marshall at Sutter’s Mill in Coloma, California. The news of gold brought approximately 300,000 people to California from the…

Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. Why is exchange in goods markets voluntary? People voluntarily exchange goods and services because they expect to be better off after the exchange. When people buy something, they value it more than it costs…