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by: jaxxgrace

notes ECON 201


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Principles of Economics: Microeconomics
Bruce Brunton
Class Notes
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This 2 page Class Notes was uploaded by jaxxgrace on Wednesday April 27, 2016. The Class Notes belongs to ECON 201 at James Madison University taught by Bruce Brunton in Summer 2015. Since its upload, it has received 8 views. For similar materials see Principles of Economics: Microeconomics in Business at James Madison University.


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Date Created: 04/27/16
History 225 LECTURE Notes The Politics of Market Expansion (ch 10)  Era of Jacksonian Politics (different style of politics)  Theme: Relationship between popular resentment and the elite’s expressions of politics? How do those “down below” impact decision making of the elites? o Social chaos and anarchy if too much power to voices of citizens  Shays rebellion convinced elites to change framework of constitution Expansion of the Vote  How people use vote to shape public policy  Voting is something you do together not privately 1. Background -National Politics in the 1820’s  Up until 1820’s there was  There aren’t political parties at this time but political factions  Era of Good Feelings/Democratic-Republican Unity  By 1820’s unity is beginning to split o There’s no natural successor to Monroe (Madison’s “successor”)  Economic Nationalists o American System (Henry Clay, John Q Adams) o Loose Constitution o Constitution should provide for federal welfare o Eventually become the Whig Party  Jeffersonian Republicans o Strict Constructionists  If constitution doesn’t provide for it, the federal government cant control it  Way to restrain the power of citizens  Favored States Rights  Become democratic party  Election of 1824 o “First election” of second party system -Democratic Expansion of the 1820s and 1830s  Expansion of Voting Rights o See spread of property-less men losing property but gain right to vote o All western states don’t have property requirements to vote  Party Politics o Creation of actual parties o Institutional basis for organizing political expression .-Democratic Expansion of the 1820s and 1830s  Party Politics o Jackson is the first candidate to go directly to the people for support o First pres to understand how political parties work o Masses celebrate inauguration of Jackson  Language of the American Revolution o Recall Brutu’s attack on “mercantile dons” (Doc. 28)  William Leggett o Jacksonian Democrat o Argued that fedral gov favored the rich and the few over the ordinary and the many o Believed economic elites used a lose interpretation of the constitution to expand their economic -The Bank War: Acid Test of Jacksonian Democracy  States as a Political Issue  Key agency that finance the market resolution o Enabled individuals to borrow money and start entrepreneurial  Bank exists due to congress charter  Jackson and the Veto of the bank o Henry Clay is Jacksons political rival; in favor of bringing back the bank o Veto of the Bank speech


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