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02_07_2008[1]

02_07_2008[1] - Notes(Crisis of the 1890s Overview Division...

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Notes – (Crisis of the 1890s) Overview Division – Andrew Carnegie and Social Darwinists believed that people build themselves up from nothing (those who are meant to rise to the top, shall without aid) Question – What is the role of government in society (particularly the economy)? “Great Crisis” of Industrial Economies Overproduction and Overpopulation The first people to feel the real effects of this are those at the bottom Overproduction makes workers useless (nothing to do) No money for poor After 1893, unemployment is above 20% (average estimate – in many jobs this number was much higher) Mid 1894, at least 4 million people were unemployed Depression – Low wages and low prices and no determined time or way to end Repression – Same as depression but is fixable 1890s – Government Policies Made Things Worse Laissez-faire Policies o Tariff – taxes on imports to protect US economy (people wouldn’t buy cheap foreign goods)
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