Topic Review - Democracy v. Capitalism pendulum.pdf -...

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One way to view American history is through the lens of two, often times competing American ideas, capitalism and democracy. Since the 19th century these two ideas have often worked at odds with one another. Attempts to use government to correct the ills of the capitalism have been met with opposition by those who view free competition in open markets as the true end of government. Below is a timeline to put the major historical events of the last 200 years within that framework...The Constitution is amended for the first time since the Civil War to include the income tax, the direct election of senators and women's suffrage.Margin-buying, lack of purchasing power, a weak agricultural sector and trade restrictiosn with Europe will send the U.S. and the rest of the world into a decade long ecoomic catastrophe.Antebel l um r ef o r m mo vement sThe Trump administration pursues an economic policy of protectionism and deregulation with the promise of bringing manufacturing jobs back to America's industrial mid-west.The Lowell-Waltham system in New England uses cheap female labor and will tie the economic fortunes of the industrializing northeast with that of the cotton producing south.Dr. Francis's Townsend's old age pension plan is co-opted by Roosevelt as the Social Security Act (1935).19001800Milton Friedman's Capitalism and Freedomargues that society should aim for economic freedoms (deregulation, less government intervention). More economic freedoms yields more political freedoms."I am optimistic in the long run. A great man once said that the true symbol of the United States is not the bald eagle. It is the pendulum. And when the pendulum swings too far in one direction it will go back."- Justice Ruth Bader Ginsburg1950Amer i can Ci vi l War (1861-1865)Ralph Waldo Emerson publishes Self Reliancein 1841 that celebrates individualism as industrialization threatens the autonomy of Americans.American entry into World War I was supposed to be "the war to end all wars." Instead Americans became disillusioned by the peace process and turned inward.The Civil Rights Act (1964) and the Voting Rights Act (1965) finally make good on the promise of the 14th and 15th AmendmentsAmerican History as a PendulumMo r e POLI TI CAL FREEDOMS (DEMOCRACY)Mo r e ECONOMI C FREEDOMS (CAPI TALI SM)

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