In: Economics
what is the impact of The United States history on its politics.
The growth of the two-party system. Fighting Threats to France
and Britain. The first formal transition of Presidential Power.
George Washington has called, and worse, "debauched." The
encroachment on personal freedoms. Welcome to America's Economic
1790s.
The extraordinary dispute that split American life in the 1790s
based on divergent interpretations of the American Revolution's
meaning and how to preserve its legacy in the new country.
Arguments about that fundamental issue would probably have been
contentious in any conditions, but were significantly heightened by
the French Revolution's explosive example.
The intense dispute of the 1790s sparked a profound new trend in American politics. Patriots had hoped and even demanded, during the Revolution, that all decent citizens should join them in a cause they saw as the only true force for the public good. Even in the 1790s, most Americans assumed that only one valid role should be taken in political matters. This helps to understand the extreme views of the time that a dramatic rise in newspapers during the decade brought before the public
In 1798 Adams and the Congress of Federalists passed a package of laws that heavily limited American civil liberties. According to their assumption that political rivals were treasonous enemies of good governance, Adams followed Legislative leaders 'lead and intensified domestic repression. Adams sponsored measures which were later generally regarded as unconstitutional. Nevertheless, he was a moderating force in his own party and refused to take advantage of the threat of war as a tactic to manipulate patriotic fervor.
The Depression affected politics by shaking confidence in unfettered capitalism. The form of economic laissez-faire was proposed by President Herbert Hoover, and it had failed. People also voted for Franklin Roosevelt as a result. His Keynesian economics vowed to end the Depression with government spending. Worked for the New Contract. The economy grew by 10.8 per cent in 1934 and unemployment fell.
But FDR was concerned about adding to US $5 trillion in debt. In 1938, he slashed government expenditures, and revived the Depression. Nobody wants to make that mistake any more. Instead, policymakers rely on deficit reduction, tax cuts and other types of aggressive fiscal policy. That's produced a US debt which is incredibly high.
The Depression ended in 1939 when government expenditure for World War II ramped up. That led to the misguided perception that military spending is good for the economy. Yet it is not just one of the four best ways to build work in the real world.