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MIDTERM EXAM STUDY GUIDE Possible IDS 1. Paternalism : Origins Planters need labor and total obedience and physical control Yet, they are compelled to believe in benevolence and mutuality of master-slave relationship Images Slaves are part of your family Power and hierarchy involved Planter Paternalism According to planters, slavery is family-like relationship - Master and mistress at head of family - Slaves as their figurative children Master-slave relationship in beneficial and one of mutual affection and caring Obedience and control are necessary to friendship 2. Hamilton’s Economic Plan : 1790-1791 1) The “Funding System” - Pay off war debt - Continuously take on new debt to fill US Treasury 2) New taxes & tariffs to create Federal revenue 3) Bank of United States: to service debt and invest in industry credit IMPORTANCE: - Commits government to promotion of self-interest in economy - Fosters self-interest in politics by dividing nation into factions - Triggers Market Revolution 3. Willie Calhoun : 4. The Cotton Revolution : Causes Development of short-staple cotton can grow anywhere Invention of cotton gin (1793) - Cost-effective - Triggers immense economic change Effects 1) Capitalism and Industry - Contributes to growth of factories, banking, investment, and insurance in US North and in Britain - Cotton accounts for 2/3 of all US exports in 1860 2) Slavery Reinvented 3) The Planter Class: - Extremely wealthy - Dominate Southern society 5. Shay’s Rebellion : 1786-1787 Farmers and veterans fall into debt pushes concerns about confederate government Take up arms to prevent foreclosures & shut down courts Confederation government appears powerless to stop it Doing in name of LIBERTY
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6. Panic of 1837 : “Bubble” in railroad investments bursts Debt and unemployment sweep the North. Banks collapse. Credit tightens.
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