Economics in the "Era of Good Feeling"
by Emily Morris
1. Westward Movement
1.1. Economic difficulties in Northeast due to embargo Act and War of 1812
1.2. Tobacco planters need for new and more land
2. McCulloch v. Maryland (1819)
2.1. A state could not tax a federal institution
3. Gibbons v. Ogden (1821)
3.1. Monopolies were unconstitutional
4. Rise of Capital
4.1. stocks were bought and shared in companies
5. Immigration and Population Rise
5.1. More job competition
5.1.1. unemployment
5.2. Immigrants took jobs for low wages
6. Growth of Industry
6.1. new transportation methods
6.1.1. new routes
6.1.1.1. new cities were built and grew
6.1.2. new markets sprung
6.2. factory system developed
7. Southern Economy
7.1. cotton was the principle industry in the south
7.1.1. cotton was shipped to British textile factories
8. Tariff of 1816
8.1. The first protective tariff that protected U.S. manufacturers from overseas competition
9. Henry Clay's American System
9.1. Protective tariffs
9.2. Second National Bank
9.3. Internal improvements
9.3.1. Left up to individual states because it was unconstitutional
10. The Panic of 1819
10.1. Fault of the 2nd National Bank
10.1.1. Tightened credit to control inflation
10.1.2. State banks closed
10.1.3. Unemployment, bankruptcies, and imprisonment for debt
11. Commercial Agriculture
11.1. cheap land and easy credit
11.1.1. lands in the west were made cheaper by the federal gov.
11.1.1.1. was made easier to acquire by state banks giving low interest rates
11.2. new transportation opened new markets
11.2.1. cities grew and because of this factories grew