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| David Hume, 1750s, gold standard acted as a metallic wager and price restraint. Changes in prices led to specie (gold) flows that tended to force prices and economies to return to balance. Move towards equilibrium. A notion that a nation can have a continuously favorable balance of trade. Under the rules of the gold standard, the currency was either gold itself or paper money that was backed by gold. |
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1896 Democratic-Populist president candidate.
"You shall not crucify mankind upon a cross of gold."
First mass movement to denounce the Money Trust and its gold-back stranglehold on the American economy. Never won presidency of the two times he ran. |
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Type of fascism
Was also economic sufficiency
Meant separation from the worlds markets, forceful state intervention into the economy, massive public works. |
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1947
Passed by congress at President truman and secretary of state marshall's request.
17 billion in loans to allies from 1947 to 1952 to rebuild UK, France, Allied occupation Germany, etc. Soviets refuse aid. Specifically to pump money into European economy to increase standards of living in war ravaged Europe to prevent appeal of Soviet ideology. Successful on both that makes international Keynesianism. |
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Bloomsbury intellectual
was critic of WWi treaty and economic order of 1910s and 1920s
He wrote: Economic Consequences of the Peace in 1919
Devised economic rationale for government intervention in the economy with Monetary Policy and Fiscal Policy. |
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1859
Formed partnership
1865 bought out partner in Ohio refinery business, Standard Oil Incorporated 1870
Dominated Cleveland because Cleveland dominated mid western refining.
Partnered with Henry Flagler - whiskey, railroads, Florida real estate. Founder, chairman, and major shareholder of standard oil |
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1500s-1800s
Colonial power forced its colonies to trade with the mother country to enrich the country and provide wealth to military power.
system of political economy that sought to enrich the country by restraining imports and encouraging exports. |
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| It was an agreement signed by partners in the Turkish Petroleum Company (TPC) on July 1928. It bind all partners to a self-denial clause that prohibited any of its shareholders from independently seeking oil interests in the ex-Ottoman territory. It marked the creation of an oil monopoly, or cartel, of immense influence, spanning a vast territory. The cartel preceded easily by three decades the birth of another cartel, the Organization Petroleum Exporting Countries (OPEC), which was formed in 1960.Line drawn around Arabia and Turkey, including modern “Middle East” of Iraq, Syria, Lebanon, Israel etc. – no prospecting without sharing labor and profits. |
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a foreign tax credit deal enacted in November 1950
by the US Government under President Harry Truman between King Ibn Saud of Saudi Arabia and the Arabian-American Oil Company (ARAMCO), a consortium comprising Standard Oil of California (Socal), Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil) and Texaco. |
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1950s
seven oil companies that dominated the global petroleum industry.
owned 99% of pipelines and 90% of production.
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| it was first introduced in British in 1804, when the landowners, who dominated Parliament, sought to protect their profits by imposing a duty on imported corn. During the 1820s the tariff was 73 % and in 1830s it was 59% and in 1840s was 24% and then in 1846 was full repeal. |
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| - it was a predominant American integrated oil producing, transporting, refining, and marketing company. 1870 as a corporation in Ohio and the largest oil refiner in the world and operated as a major company trust and was one of the world’s first until it was broken up by the United States Supreme Court in 1911. |
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| is a peace treaty that ended the World War I on June 28, 1919 at France, Palace of Versailles. It ended the state of war between Germany and the Allied Powers (France, British Empire, Italy, Japan, and United States). The aftermath of the war was the Germany had to pay everything. |
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Most Favoured Nation
status given to one country by another to increase trade by granting trade advantages
enforced by the WTO world trade organization |
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| 1944, 700+ delegates from 45 nations meet at Mt Washington Hotel in Bretton Woods, New Hampshire. It was the planning post-war world economy before the war ends. |
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1928
Implemented as a result of finding oil in the Middle East.
Created as a result of price wars.
Limited excessive competetion by dividing markets, fixings prices, and limiting the expansion of production capacity. |
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| 1930, it was made by Senator Reed Smoot and Representative Willis C. Hawley. The Tariff Act of June that raised U.S tariffs to historically high levels. It was to increase the protection afforded domestic farmers against foreign agricultural imports. |
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1910
Henry Ford
combined mass production, mass consumption and the assembly lines that change the time length from 12 hours to 93 minutes per car. |
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1880s-1910s, by Frederick Taylor.
System of scientific management.
He broke each job down into its individual motions, analyzed these to determine which were essential, and timed the workers with a stopwatch. |
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| (import substitution industrialization)1950s-1980s, protectionist tariffs, Keynesian stimulus, anti-colonial ideology. That widespread development program in Latin American, south Asia, and more developed parts of Africa. The goal is to develop local industry for local needs. |
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