2-24-06 Hist 105

2-24-06 Hist 105 - Economic Trinity o The Trinity Bank of...

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Economic Trinity o The Trinity: Bank of the United States, Protective Tariff, Internal Improvements. o This sentiment especially strong after the War of 1812, when the US realizes that it needs to become more economically independent of Europe. (Who first suggested this?) Second “plank” of economic trinity – protective tariffs o First tariff measure passed by the first congress recognized that tariffs can be used to “encourage domestic industry” o Peace after War of 1812 brought more British goods into the U.S. markets. Britain at this time the worlds leading manufacturer- able to “flood” US market with cheap goods (we now call this “dumping”) o Why did US manufacturers have trouble competing? Dearth of labor- cost of labor in the US higher than in Europe making US products more expensive and less competitive. Tariffs provide most of the government’s revenue o Most of government revenue comes from tariffs (between 90-97 percent before Civil War.) No internal taxes collected between 1820-1862.
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This note was uploaded on 10/27/2008 for the course HIST 105 taught by Professor Hatfield during the Spring '07 term at Texas A&M.

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2-24-06 Hist 105 - Economic Trinity o The Trinity Bank of...

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