ECON 1740 Lecture Notes - Lecture 5: Southern Colonies
3 Nov 2016
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Doesn"t lay out any direction for future of the economy. The founding document that was set up during the revolutionary war for the constitution. Originally thought to set up the united states of america. Afraid of giving the federal government too much power. Gave no power to the federal government, gives all power to states. Banking (each state had their own bank, money (currency), etc. ) Governor had the highest power (kinda like the president) No power internationally. (i. e. georgia trying to trade with france) He thinks the best way forward for the economy is manufacturing. Grew up wealthy in southern colonies (parents owned plantation) He thinks agriculture is the way forward for the economy. Examples of goods: wagons, watches, guns, cloth, ships, Manufactured goods have a higher profit rate than. Tariff: a tax on imported goods. (i. e. aston martin car). Used to discourage purchasing goods from other countries. Tariffs= england sells less shoes to u. s. customers.
