Economic System: The American System

In the United States, citizens have the freedom to speak their mind whether they are speaking about minimum wage, poor working conditions or government policies. Americans have the freedom to choose where they want to live, what kinds of jobs they want to work and have the option to travel across the world without restrictions. U.S citizens have the ability to have whatever kind of religious beliefs they want and can choose whether or not to attend church. The American system was superior because it allowed citizens to choose their own path in life without having to follow the masses. Not only that but the economic system was "booming" in the United States faster than the Soviet Unions.

The War of 1812 proved how far away America was from becoming a unified nation. There were many problems going on at this time; the Bank of the United States had expired, there was pathetic transportation, and manufacturing had been required in order to counter a trade barrier made by the British. They wanted the U.S. to stay an agrarian republic, however, Republicans led by John C. Calhoun and Henry Clay believed that manufacturers needed to be protected if the United States was to become sovereign of Great Britain. In 1815, President James Madison introduced an idea for new development known as the "American System." This new idea was a government-promotion of economic development; a system that would rest on a new national bank, a tax on imports to advance and protect manufacturing and federal financing of canal and road construction. Madison, alarmed that the national government might mess with the individual freedoms and slavery within the southern states, also voted against an internal improvements bill.

Moreover, the American system instilled by U.S. senator Henry Clay, helped pave way for the Market revolution. The American System consisted of three parts, protective tariffs, a national bank, and internal improvements. Clay believed that the tariffs would boost American manufacturing, which would increase revenue that could be used to build national railroads and canals. Internal improvement’s would unite and grow the West and South while the national bank would aid the economies of all sections.

With more wealth, more ideas were beginning to surface on how to better the American lifestyle amongst the states; one of those ideas was “The American System” brought up by Henry Clay. The goals of this system was to increase the country’s wealth with an effective banking system, creating a set of roads and canals throughout the country to unite the states and spread information further, and do all that in correlation to another protective tariff placed on oversea trading. So as you can see because nationalism manifested itself in American politics to unite the country even more, different methods were proposed and carried out to better American lifestyle. Even when congress deemed some methods unconstitutional, the states sought individual ways in which they could improve the U.S like New York’s construction of the Erie Canal. Nevertheless, the country began to undergo positive changes as a result of the political nationalism rising in the country.

This plan, the American System, created a new banking system, better infrastructure, and a tariff that would protect American businesses. A congressional record from 1816 shows the support from New England and the Middle States for this protective tariff (Document 7). The tariff was supported by these states because it would protect the fragile American industry from Britain, who was shipping cheap goods to America in an attempt to stump their economic growth. The Tariff of 1816 charged a tax of around 20 percent on all imported goods. This, in turn, helped American businesses because it made American goods look less expensive than foreign goods. The adoption of the tariff increased nationalism because it gave people a sense that the American government supported the people's economic interests and it showed that America's economy could prosper on its own. In Document 7, New England and the Middle States supported the tariff because trade was their primary source of income. For example, in New England, the soil was rocky and was not suitable for agriculture. Therefore, the people turned to factories to produce manufactured goods. The Southern states, however, had fertile soil for agriculture, and thus opposed the Tariff of 1816. Since the south had a large agricultural economy, they relied on imports to obtain manufactured goods. When the tariff was passed, the South had to begin paying more for these

Through the cutting off of imports, manufacturing booms in America after the war of 1812. The failure of the current transportation and financial systems of the time are exposed as well.The second Charter of the U.S. Bank in 1816 dealt with the failure of the previous after wartime, as well as the confusion generated by state banks issuing notes with different values. The national bank could dominate state banks.The textile industry goes through a exponential growth, where textile production moves from the domestic setting to actual textile factories, aided by inventions such as the power loom. Labor is sorted so that it all happens in the same building, at the same time. After wartime, the British reenter American markets, but Congress passes a tariff law that protected “infant industries” from competing with foreign nations. With the difficulty of accessing raw materials by the lack of roads, the question of federally funded infrastructure like roads comes up. It is proposed by Jefferson’s secretary that funds from the sale of the Ohio land could be used to construct roads. The agricultural economies of the South and the West have cheaper access to markets through the cheaper transportation of goods via steam-powered shipping. The remaining gaps in American public transportation are left up to state governments, as well as private

The time period of 1815-1824 shaped America’s self image leading to the creation of an industrial infrastructure and competitive marketplace. A once divided country came together during the Era of Good Feelings. For once people thought of themselves as Americans living in states and being bound together in a truly united nation. Unfortunately, this was short lived and by 1818 a money crisis would prove that the strong nationalistic beliefs were not deeply rooted in the American mindset. The growth of nationalist spirit meant the increase of factories throughout the country.The practice of Great Britain dumping textiles to crush industries of the United States brought unanimous support for the first protective tariff in the United States,

Can the modern-day economy be reverted to the Great Depression era? Since the 1930’s, the economy had reached an all-time high -12.9% in gross domestic product growth rate. The country Gdp growth rate has always fluctuated when the major event that occurred. Who is responsible for the economic status of United States of America? The government has the ability and resources to keep the economy healthy. The two agencies that has the power to create laws and regulation to manipulate the economy to improve is the federal government and the Federal Reserve Bank. Though, the government cannot influence the decisions of the Fed, the fed must act in the best interest of the economy.

Throughout history, the world has seen the emergence of different economic systems, inspired by some of the brightest minds in the economic field. However, not all economic systems functioned as depicted by their creators, and ended up failing. In this paper, I am going to analyze how every economic system failed or succeeded in a particular set of countries, according to the criterion used and explained in the previous paper. To do this, I am going to explain the history of the countries involved and how each system got implemented. I am also going to take into consideration the different measures of the criteria for assessing economic systems to collect data of the countries analyzed in order to determine if those countries had successful economic systems. I am going to look for cases in which certain parts of the system failed and others in which it can be agreed that it succeeded, and I will explain why, using the information I collected. It is my objective to discover what particular characteristics made each country have a successful economic system, and what differences they have compared to other not so successful nation-states. It is worth mentioning that there is no perfect system, and that the purpose of this paper is to show cases of countries in which a specific ideology caused an either positive or negative result in the economy, polity or society.

As previously noted, the expanding practice of slavery in the Southern states was a major topic of contention in the country. However, in addition to the immoral practice of slavery Paul Calore denotes the “inherent inequities led to a fierce sectionalism which manifested itself through cultural, economic, political and territorial disputes”. After the War of 1812 the country was moving toward financial independence and sought to sever their dependence on foreign goods; the war also exposed the “need for building an infrastructure of roads and canals to transport goods and materials throughout the country” (Calore, Paul 33). President Madison set forth, the construction of the “internal transportation system” chartered the Second Bank of the United States and the issuance of the Tariff of 1816 (Calore, Paul 35). Paul Calore explains although these compromises were beneficial for the country

Economic – According to the U.S. Census the average median income per house hold in Bedford County is $57,596. The average house is sold for around $195,400. This reveals the county to be in a fairly stable economic state. Many people may be comfortable with their situation and have no needs for extra things.

Economics would be better described by a variation on the term ‘chrematistique’ rather than our current discipline’s name, which stems from ‘oeconomica’ because there is a “natural” way of making money and the “unnatural” way of making money. In the book Teachings From The World Philosophy it states that there are the elements of true wealth but there is also another art of acquisition, which is commonly and rightly called the art of making money (Heilbroner 8). I believe that there is a merit in splitting economics into Marginalist and a Classical approach to economics because the classical system was a circular process between production and consumption and Marginalism is a one-way avenue from production to consumption. If these did not spilt then I believe no one would agree on anything because they are two different views which also I believe gave us the best possible set up because it allowed to perspectives for people to think about.

An economic system is a system of production and distribution of goods and services as well as allocation of resources in a society. It includes the combination of various institutions, agencies, entities (or even sectors) and consumers that comprise the economic structure of a given community. (Wikipedia, 2014)

Firstly, British economy introduction. Secondly, the top field in the UK. Then is fortune global 500. Finally, the economic impact to the people.

System (from Latin systema, in turn from Greek systēma) is a set of interacting or interdependent entities, real or abstract, forming an integrated whole.