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Eco 1301 exam IV review

Eco 1301 exam IV review - EXAM 4 ECONOMICS BUS HISTORY...

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EXAM 4 ECONOMICS & BUS. HISTORY Lecture Notes Minimum Wage- D é class é Fallen or lowered in class, rank, or social position Industrial proletariat- Sherman Anti-trust act-  as the first United States federal government action to  limit monopolies. Clayton act-  Exempted Unions from the Sherman Act **Export driven economies Heterogeneous money supply-   different kinds. ( in the colonial times, there  was a heterogeneous money supply) This created inefficiencies in trade. Commodity money-  wampum, tobacco, skins Full-bodied money,  “metallic money”. Coins and bars. Spanish metallic money  was a very prominent reflecting English mercantilism’s tendancy to drain  “treasure” out of it’s colonies. Land banks-  paper money was issued on land mortgages. There was overissue. Merchant credit-  Merchants acted as financial institutions. Recall merchant  credit Bank of the US-(1791-1811)-  the nations first central bank. The government’s  FISCAL AGENT. Fiscal agent- Private citizens could bank there—unlike the Fed today.
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Second bank of the US-(1816-1836)  was bigger and more powerful than the  first bank. Had 8 branches in major cities.   McCullough vs. Maryland-  the supreme court in this trial based it’s decision  confirming the constitutionality of a central bank on the principle that this was an  extension of Congress’ right to coin money and regulate it’s value. Nicholas Biddle-  was the powerful president of Second Bank of the US. The  Biddle-Jackson feud—Jackson vetoed the recharter of the Second Bank. Bimetallic money standard-  meant that Gold & Silver were BOTH legal tender Legal tender-  is payment that, by law, cannot be refused in settlement of a debt  denominated in the same currency. Arbitrage-  taking advantage of price differentials &…..     Playing the market; ex.  Silver Coins Defacto nonmetallic system- Greenbacks-  paper money   used to finance the civil war. Gresham’s Law-  Bad money drives out good money. If 15 ounces of silver gets  you 1 ounce of gold in the US, and 16 ounces of silver gets you one ounce of  gold in another country, then gold will leave the US and silver will come in **State bank notes-
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Crime of 1873-  The “crime” was that the US stopped coining silver dollars. But  there were not strong objections because the market price was greater than the  mint price. Was attributed to a law developed by Gresham **Market vs. Mint price of silver- **Silver states-  Bland-Allison Act & Sherman Silver Purchase Act-  both of these acts  provided for the purchase and coinage of silver at a price favorable to the silver  interests.
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