ECON 311 Lecture Notes - Lecture 1: Political Machine, Glossary Of Tennis Terms, Party System

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13 Dec 2018
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Institutions and growth: could not get bank charter unless you belonged to red party. Institutions are agreed upon rules established in groups in societies, at the level of societies usually by governments: new governments and new constitution established during and after the revolution created a new institutional matrix in the united states. Legislature 2/3 majority bank charter (political machine that appeared from new york: same stuff beginning of 19th century is going on in 21st century, were those institutions sufficient to produce modern economic and political development. Part of the system, but it didn"t work, and it doesn"t work: economic history, politics, and economics interact, 1841/1842: why there was a default: democrat/republican/whig. Myth of laissez faire: part of the way this debate played out was over the question of government involvement in the economy. Laissez faire ideas came to dominate american policy.

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