Economics in the "Era of Good Feeling"

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Economics in the "Era of Good Feeling" by Mind Map: Economics in  the "Era of Good Feeling"

1. Tariff of 1816

1.1. The first protective tariff that protected U.S. manufacturers from overseas competition

2. Henry Clay's American System

2.1. Protective tariffs

2.2. Second National Bank

2.3. Internal improvements

2.3.1. Left up to individual states because it was unconstitutional

3. The Panic of 1819

3.1. Fault of the 2nd National Bank

3.1.1. Tightened credit to control inflation

3.1.2. State banks closed

3.1.3. Unemployment, bankruptcies, and imprisonment for debt

4. Westward Movement

4.1. Economic difficulties in Northeast due to embargo Act and War of 1812

4.2. Tobacco planters need for new and more land

5. McCulloch v. Maryland (1819)

5.1. A state could not tax a federal institution

6. Gibbons v. Ogden (1821)

6.1. Monopolies were unconstitutional

7. Rise of Capital

7.1. stocks were bought and shared in companies

8. Immigration and Population Rise

8.1. More job competition

8.1.1. unemployment

8.2. Immigrants took jobs for low wages

9. Commercial Agriculture

9.1. cheap land and easy credit

9.1.1. lands in the west were made cheaper by the federal gov.

9.1.1.1. was made easier to acquire by state banks giving low interest rates

9.2. new transportation opened new markets

9.2.1. cities grew and because of this factories grew

10. Growth of Industry

10.1. new transportation methods

10.1.1. new routes

10.1.1.1. new cities were built and grew

10.1.2. new markets sprung

10.2. factory system developed

11. Southern Economy

11.1. cotton was the principle industry in the south

11.1.1. cotton was shipped to British textile factories