Unit+2

__**Chapter Seven Pre-view and Data Collection**__
 * Education will increase
 * Science and medical knowledge will also increase
 * cotton becomes a major economic thing/ new economic sources will be established
 * New political leaders and techniques will be seen. people have more say in the gvovernment.
 * the government structure will be altered, because there will be short comings on the different power levels.

Marbury appointed by Adams before end of term (lame duck president) secretary of state during adams was joh marshall incharge of all papers during this comission suppose to make sure all these stuff happended, but didnt finish his job. jefferson secretary of state was madison, nd madison says that rep have no right to finish commission for the dems. jefferson wants to put reps in government job positions. marbury sues madison because he is suppose to get commisoon or job, but madison doesnt want to give the comissions. The case now goes to the Supreme Court--> Marshall is now a supreme court judge(was invovled in the entire situation). supreme court looks at case, Marbury should get commission, but its not supreme court's power to make madison do so. problem because supreme court goes against previous legislations. the supreme court is only suppose to judge the case based on what the law says till this day of suprem court ruling. the supreme court didnt have that power because it is not in the constitution.
 * Madison Vs. Marbury**

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Andrew Jackson's presidency
 * Jackson changed the normal ways of democracy, because he altered the excutive branches and during his presidency, the two party system was used.
 * Jackson opposed the creation of a national bank, which was why he vetoed the bill when congress tried to pass it.
 * The Nullification crisis, jackson and some of the political members were split concerning the tariff issue.
 * More equality for people, ordinary were given economic rights and political opportunities. democrazition.
 * Indian removal, shifted the Indian population westward to give white settlers more land opportunities.
 * Development of the whig political party
 * Marshall court favored state political power while Tanney favored Federal power.
 * Spoils system, Jackson wanted to remove enthrenced elites, and rewarded his supporters with office jobs. (Van Buren)
 * Jackson was anti-elite, and wanted to improve opportunities of the every day person, but at the same time he was very power hungry.

=__**Capitalism in America**__=
 * **Capitalism:** an economic system based on the private ownership of companies, and the profits of the products are privately owned.
 * An economic system based on capital....capital is money and goods that have value; means of production. individauls and privately owned companies control the capital, they control the means of production-goods needed to make things.
 * A system based on competition and also on cooperation. Busisnesses are trying to maximize their profits and their market share.
 * Businesses compete for consumers. Businesses in different industires cooperate together. ex. walgreens cooperates with different companies.
 * Companies within the same industry don't cooperate. ex. Walgreens and CVS.
 * When a company declares bankruptcy, they seek help from the government, the government is involved in economy.
 * America does not practice pure capitalism.
 * The government regulates the businesses and industries. ex: monopolies are illegal.
 * **Laissez faire (hands off, leave alone)**: In this, the state government does interfere in private transactions between private companies. The government can't tax, or put tariffs. The government has little interference in the government.
 * **Invisible hand**: the force that regulates the free market in capitalism for products and materials that are hard to get. One company produces, and obviously can't sell the products, so there is a mutual regulation that goes on in order for mutual benefition to occur between each industry. The economy self regulates. It isn't regulated by the government. Works because of self interest; companies does what is best for them, competition helps balance of prices, and it works out for everyone a the end. The laws of supply and demand; companies produce what people want, but not too much of it.

How capitalism is used in America
 * Capitalism was intended to be a free market in which businesses produce products based on the demands of the people. Through this they would make profits and eventually grow.
 * Capitalism is a good thing, but nowadays, the government has failed to regulate capitalism, giving big business more power and control.
 * Instead of regulating big businesses for the good of people and the nation, the government is basically controled by these corporations and work in such a way that it only benefits these companies.
 * For example during the recent recession America experiences, the federal governemnt was suppose to make efforts to help the American people, instead they took tax payers money and gave it to save big corporations such as AIG. This is totally capitalism as its worst.
 * Even banks use capitalism badly. They give out loans and continously raise interest to the point where the individual won't be able to pay, then they get the money and the house.

Elements of the capitalists economy In America What does the government do in the economy? The American economy system is not realy lassiez faire. It does not work by the invisible hand, because there is governement intervention. America has a mixed economy. It has elements of free market capitalism, and elements of socialism. Some call it a welfare capitalism.
 * private businesses
 * consumers
 * capital goods(raw materials, cars, industry materials) are used to make consumer goods (television, computers houses)
 * workers/laborers (unions)
 * investors-stock holders, venture capitalists
 * the government
 * Regulates businesses and industries, they oversee and makes some rules.
 * Taxes
 * government creates jobs. public employees such as fire fighters and teachers
 * Funds schools, infrastructure(parks,roads)
 * Control and monitors currency
 * Welfare programs, food stamps, subsidized housing, free and reduced lunch programs, unemplyment benefits, medicare, medicaid, social security.

The word **economy** means: The process of producing and distributing goods and services in a particular region.

My Opinions
 * I like the welfare capitalist system that America practices, because it doesn't leave out anyone. Even though the rich are the ones who basically runs the government, and the government sometimes favors them, those who aren't as fortunate are still regarded. This system of economy also allows the people to move froom one social class to another, because the economy is made accessible to everyone, and isn't limited. I think it would be very impossible for a pure capitalist economy to exist anywhere in the world, then it would become survival of the fittese. The invisible hand theory can never work in the economy, because people will always try sabotaging others to get ahead, and then no one else will be able to catch up to them. Even though government involvement is good, it can sometimes get out of hand, because the government officials in charge of that aspect of the government, will somehow try to be benefitted, and would accept coruption. They will accept bribery, and make laws and regulations that are only favorable to the bif businesses, because these businesses couls possible help them in their political status.