Economic Policies in 19th Century America Quiz

Protectionist policies aimed to shield domestic industries from foreign competition through tariffs and trade restrictions.

James K. Polk, the 11th President of the United States, was associated with the economic policy of 'Manifest Destiny' which spurred territorial expansion and economic growth.

Mercantilism, advocated by Alexander Hamilton, emphasized the accumulation of wealth through trade surpluses, tariffs, and the establishment of a national bank to promote industrial development.

The Pacific Railway Acts of 1862 provided federal land grants and subsidies to encourage the construction of the transcontinental railroad, facilitating economic expansion and transportation.

The Bank War, advocated by Andrew Jackson, aimed to dismantle the Second Bank of the United States and favored the promotion of state-chartered banks, representing a struggle over federal banking policies.

Adam Smith, a Scottish economist, authored 'The Wealth of Nations,' advocating for free-market capitalism and laying the foundation for classical economics with his ideas on division of labor and the invisible hand.

Alexander Hamilton, one of the Founding Fathers of the United States, is known as the 'Father of American Banking' and played a key role in establishing the First Bank of the United States, advocating for sound financial systems.

Andrew Jackson, the 7th President of the United States, was associated with the policy of 'Indian Removal,' which forcibly relocated Native American tribes, opening up lands for white settlement and economic expansion.

The Sharecropping system, enacted during the Reconstruction era, aimed to provide land to former slaves and poor whites, but it resulted in cycles of debt and dependency, perpetuating economic struggles.

Woodrow Wilson, the 28th President of the United States, was the chief architect of the Federal Reserve Act of 1913, which established the Federal Reserve System to regulate the nation's monetary and financial system.

Georgism, promoted by Henry George, proposed a single tax on land values as a solution to inequality and economic instability, aiming to distribute wealth more equitably and fund public services.