Nationalism and Economic Development

Nationalism and Economic Development - Nationalism and...

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Nationalism and Economic Development The Era of Good Feelings - James Monroe o Madison’s successor as president o Defeated Rufus King - Economic Nationalism o Tariff of 1816 Raised tariff rates on certain goods for the express purpose of protecting U.S. manufacturing from ruin Was U.S.’s first protective tariff Was pasted because of the boom of industries o Henry Clay’s American System Protective tariffs To promote American manufacturing and also raise revenue with which to build a national transportation system A national bank Would keep the system running smoothly by providing a national currency Internal improvements Promote growth in the west and south o Roads and canals - The Panic of 1819 o Ended Era of Good Feelings o Caused when the Second Bank of America tightened credit in a belated effort to control inflation o Many state banks closed, the value of money became deflated, and there were large increases in unemployment, bankruptcies, and imprisonment for debt o Most severe in the west - Political Changes o Changes in the Republican party Authorized to maintain a large army and navy After Monroe’s presidency, Republican party split Marshall’s Supreme Court and Central Government Powers - John Marshall o Favored centralized government and the rights of property against the advocates of states’ rights - Fletcher v. Peck (1810) o Involved land fraud o First time that the Supreme Court declared a state law to be unconstitutional and invalid - Martin v. Hunter’s Lease (1816) 1
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o Supreme Court established the principle that it had jurisdiction over
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This note was uploaded on 04/17/2008 for the course HIST 101 taught by Professor Dr.dolittle during the Spring '08 term at Cedarville.

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Nationalism and Economic Development - Nationalism and...

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