Reaganomics (a portmanteau of Reagan and economics attributed to Paul Harvey) refers to the economic policies promoted by the U.S. President Ronald Reagan during the 1980s. The four pillars of Reagan's economic policy were to: Reduce government spending, Reduce income and capital gains marginal tax rates, Reduce government regulation of the economy, Control the money supply to reduce inflation.
The Thirteenth Amendment to the United States Constitution officially abolished and continues to prohibit slavery and involuntary servitude, except as punishment for a crime. It was adopted on December 6, 1865, and was then declared in a proclamation of Secretary of State William H. Seward on December 18.
The Sixteenth Amendment (Amendment XVI) to the United States Constitution allows the Congress to levy an income tax without apportioning it among the states or basing it on Census results. This amendment overruled Pollock v. Farmers' Loan & Trust Co. (1895), which limited Congress's authority to levy an income tax. It was ratified on February 3, 1913.
The economy of the United States is the largest national economy in the world. Its nominal gross domestic product (GDP) was estimated at $14.2 trillion in 2009, which is about three times that of the world's second largest national economy, Japan. Its GDP by PPP is almost twice that of the second largest, China. The U.S. economy maintains a very high level of output per person (GDP per capita, $46,442 in 2009, ranked at around number ten in the world). Historically, the U.S.
The First Transcontinental Railroad (known originally as the "Pacific Railroad") was a railroad line built in the United States by the Central Pacific Railroad of California and the Union Pacific Railroad between 1863 and 1869 that connected its statutory Eastern terminus at Council Bluffs, Iowa/Omaha, Nebraska with the Pacific Ocean at Alameda, California on the eastern shore of San Francisco Bay opposite San Francisco.
The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. Three distinct kinds of gold standard can be identified. The gold specie standard is a system in which the monetary unit is associated with circulating gold coins, or with the unit of value defined in terms of one particular circulating gold coin in conjunction with subsidiary coinage made from a lesser valuable metal.
The Cross of Gold speech was delivered by William Jennings Bryan at the 1896 Democratic National Convention in Chicago on July 9, 1896. The speech advocated bimetallism. Following the Coinage Act (1873), the United States abandoned its policy of bimetallism and began to operate a de facto gold standard. In 1896, the Democratic Party wanted to standardize the value of the dollar to silver and opposed a monometallic gold standard.
The Pike's Peak Gold Rush (later known as the Colorado Gold Rush) was the boom in gold prospecting and mining in the Pike's Peak Country of western Kansas Territory and southwestern Nebraska Territory of the United States that began in July 1858 and lasted until roughly the creation of the Colorado Territory on February 28, 1861. An estimated 100,000 gold seekers took part in one of the greatest gold rushes in North American history.
The corporate personhood debate refers to the controversy (primarily in the United States) over the question of what subset of rights afforded under the law to natural persons should also be afforded to corporations as legal persons. In the United States, corporations were recognized as having rights to contract, and to have those contracts honored the same as contracts entered into by natural persons, in Dartmouth College v. Woodward.
The Second Bank of the United States was chartered in 1816, five years after the First Bank of the United States lost its own charter. The Second Bank of the United States was initially headquartered in Carpenters' Hall, Philadelphia, the same as the First Bank, and had branches throughout the nation. The Second Bank was chartered by many of the same congressmen who in 1811 had refused to renew the charter of the original Bank of the United States.
The Specie Circular (Coinage Act) was an executive order issued by U.S. President Andrew Jackson in 1836 and carried out by President Martin Van Buren. It required payment for government land to be in gold and silver.
The Homestead Act was one of several United States federal laws that gave an applicant freehold title up to 160 acres of undeveloped land outside of the original 13 colonies. The new law required three steps: file an application, improve the land, and file for deed of title. Anyone who had never taken up arms against the U.S. government, including freed slaves, could file an application and improvements to a local land office.
The Specie Payment Resumption Act (January 14, 1874, ch. 15, 18 Stat. 296) provided for the redemption of United States paper currency, known colloquially as greenbacks, in gold beginning in 1879. Late in 1861, the federal government suspended specie payments, seeking to raise revenue for the American Civil War effort without exhausting its reserves of gold and silver. Early in 1862 the United States issued legal-tender notes, called greenbacks.
The Johnson Act of 1934 prohibited foreign nations in default from marketing their bond issues in the United States. Senator Hiram Johnson sponsored the Act which included a passage that forbade loans to nations in default on their debts. On May 5, 1934, Attorney General Cummings rendered an opinion on the meaning of the terms "default" and "partial default" used in the Act.
Nifty Fifty was an informal term used to refer to 50 popular large cap stocks on the New York Stock Exchange in the 1960s and 1970s that were widely regarded as solid buy and hold growth stocks. The fifty are credited with propelling the bull market of the early 1970s. Most are still solid performers, although a few are now defunct or otherwise worthless.
Lowell National Historical Park is a National Historical Park of the United States located in Lowell, Massachusetts. Established in 1978 a few years after Lowell Heritage State Park, it is operated by the National Park Service and comprises a group of different sites in and around the city of Lowell related to the era of textile manufacturing in the city during the Industrial Revolution.
The Fourth Coinage Act was enacted by the United States Congress in 1873 and embraced the gold standard and de-monetized silver. Western mining interests and others who wanted silver in circulation years later labeled this measure the "Crime of '73". Gold became the only metallic standard in the United States, hence putting the United States 'de facto' onto the gold standard.
The North West Company was a fur trading business headquartered in Montreal from 1779 to 1821. It competed with increasing success against the Hudson's Bay Company in what was to become Western Canada. With great wealth at stake, tensions between the companies increased to the point where several minor armed skirmishes broke out, and the two companies were forced to merge.
The Panic of 1837 was a panic in the United States built on a speculative fever. The bubble burst on May 10, 1837 in New York City, when every bank stopped payment in specie. The Panic was followed by a five-year depression, with the failure of banks and record-high unemployment levels.
The Council of Economic Advisers (CEA) is a group of three respected economists who advise the President of the United States on economic policy. It is a part of the Executive Office of the President of the United States, and provides much of the economic policy of the White House. The council prepares the annual Economic Report of the President.
The Plaza Accord or Plaza Agreement was an agreement between the governments of France, West Germany, Japan, the United States, and the United Kingdom, to depreciate the U.S. dollar in relation to the Japanese yen and German Deutsche Mark by intervening in currency markets. The five governments signed the accord on September 22, 1985 at the Plaza Hotel in New York City. The exchange rate value of the dollar versus the yen declined by 51% from 1985 to 1987.
The National Grange of the Order of Patrons of Husbandry, also simply styled the Grange, is a fraternal organization for American farmers that encourages farm families to band together for their common economic and political well-being. Founded in 1867 after the Civil War, it is the oldest surviving agricultural organization in America, though now much diminished from the over one million members it had in its peak in the 1890s through the 1950s.