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Alexander the Great

[Na] Leader of the Macedonians. Born in 356 bc, Alexander was tutored in his early years by Aristotle before succeeding his father Philip as king of Macedonia and the mainland of ...

Report on Manufactures

Report on Manufactures   Reference library

Doug Bradburn

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
1,227 words

...Manufactures Secretary of the Treasury Alexander Hamilton prepared his Report on Manufactures over the summer of 1791 as his third great state paper on American economic development. His first two papers, the Report on the Public Credit and the Report on a National Bank , had been extraordinarily successful. Despite opposition, both plans led to major legislation that transformed public credit and the management of national finances. The first report led to the assumption of states’ debts from the American Revolution and the refinancing of foreign...

Gallatin, Albert, and Economic Development

Gallatin, Albert, and Economic Development   Reference library

Doug Bradburn

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013

...$1 million per year during the tenure of Secretary of the Treasury Alexander Hamilton, expressed a vision of economy in government expenditures, and called for the national debt to be rapidly extinguished. As the leading Republican expert in matters of finance, Gallatin was the natural choice of President Thomas Jefferson for secretary of the treasury, and he remained in that position until 1813 when he was sent to Europe by President James Madison to help negotiate an end to the War of 1812 . At the Department of the Treasury he stood for a clear...

Financial and Banking Promotion and Regulation

Financial and Banking Promotion and Regulation   Reference library

Jennifer Taub

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013

...created the Bank of North America (BNA) to help finance the Revolutionary War. A year later, the BNA stopped being a creature of central government when it received a charter from the state of Pennsylvania. In 1790 , Alexander Hamilton, the secretary of the treasury, recommended to the U.S. Congress that it charter a national bank that would be majority-owned by shareholders. Such a bank would be modeled after central banks abroad and would support trade and industry, foster economic development, and manage the federal government's funds. The plan...

Reserve Army of Labor

Reserve Army of Labor   Reference library

Joshua B. Freeman and Steve Fraser

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013

...and the more radical among them questioned the viability and morality of the “wages system” itself. Mass demonstrations by the unemployed, demanding relief and radical social change, episodically shook the social order from the 1870s through the 1930s. The Great Depression brought to a climax and an end the protracted period during which exigencies of the reserve army of labor highlighted the underlying malfunctioning of capitalism. The deep economic downturn was so unsettling that politicians and legislators had little choice but to accept the recurrent...

Telephone

Telephone   Reference library

Claude S. Fischer

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013

... In 1876 , Alexander Graham Bell devised the technology for the electronic communication of the human voice between two points—a technology involving variations in an electric current responding to the sound waves created by human speech. By 1878 a “switchboard” permitted any telephone user to reach any other user in the same network. Further advances in the nineteenth century extended the effective distance of the telephone to hundreds of miles, reduced electrical interference, simplified the instrument, and expanded the number of telephones that...

Tariffs

Tariffs   Reference library

Paul P. Abrahams

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
1,292 words

...(1) to protect the domestic economy and specific economic sectors from foreign competition and (2) to raise government revenues. Even before the founding of the United States, British attempts to regulate imperial trade through tariffs and taxes precipitated resistance in the American colonies. Hence, the Constitution of 1789 gave the new federal government control of overseas commerce, and Congress set low tariff rates solely to raise revenue to cover public expenses and obligations. The first secretary of the treasury, Alexander Hamilton, proposed...

Workers’ Self-Management

Workers’ Self-Management   Reference library

Joseph R. Blasi

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013

... Cooperatives ; Cooperatives and Worker Management ; Employee Representation Plans ; Industrial Democracy ; Rockefeller Plan, The ; and Welfare Capitalism . ] Bibliography Adams, Herbert B. , ed. History of Coöperation in the United States . Baltimore: N. Murray for Johns Hopkins University, 1888. Includes studies by various authors. Blasi, Joseph R. George Washington, Thomas Jefferson, and Alexander Hamilton: An Early Case of Shared Capitalism in American History . New Brunswick, N.J.: Rutgers University School of Management and Labor Relations...

Economic Regulation

Economic Regulation   Reference library

Thomas K. McCraw

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
2,103 words

...regulatory mechanisms were essential as well. The Monetary System and the Capital Markets.  All cash-and-credit economies, including the American one, also require a monetary authority—typically a central bank—to regulate the supply and value of money. In colonial America, banks were almost nonexistent, but after independence Alexander Hamilton's First Bank of the United States ( 1791–1811 ) served some functions of a central bank until its twenty-year charter expired and was not renewed. The Second Bank of the United States ( 1816–1836 ) was even more...

Economic Theories and Thought

Economic Theories and Thought   Reference library

Stanley L. Engerman

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
2,197 words

...economic commissions in the 1920s. The Keynesian Revolution.  The Great Depression of the 1930s led to some disillusionment with the standard economic models, particularly when the decline persisted for longer than had earlier economic downturns. Thus the analysis of the British economist John Maynard Keynes attracted considerable attention, and under the influence of the Harvard economist Alvin Hansen and his students, including Paul Samuelson, Keynesianism dominated macroeconomic theory in the 1940s and 1950s. Keynes modified the standard classical model,...

Unemployment

Unemployment   Reference library

Max Fraser

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
1,696 words

...public works projects, and to debate the merits of unemployment insurance. In 1932 , Wisconsin became the first state to pass legislation providing unemployment insurance—three years after the beginning of the most severe employment crisis in American history. In the first three months of the Great Depression, the ranks of the unemployed jumped from 429,000 to more than 4 million; by 1933 , more than one quarter of the American workforce was out of work, and in cities like Toledo, Ohio, the rate approached 80 percent. The unemployed organized to demand...

Taxation

Taxation   Reference library

W. Elliot Brownlee

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
3,810 words

...direct taxes, such as property taxes, to the states in proportion to their population, rather than to the value of their property. The First Tax Regime under the Constitution, 1789–1861.  The financial program of Alexander Hamilton, the first secretary of the treasury, established tariffs, set at low rates, as the major source of the federal government's revenue. Tariff revenues paid off the Revolutionary War debts and financed the Quasi-War with France in the late 1790s and President Thomas Jefferson's war against the Barbary pirates. Tariff revenues, in...

Business Growth and Decline

Business Growth and Decline   Reference library

Thomas K. McCraw

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
4,361 words

...had burst, beginning with the seventeenth-century Dutch tulip craze and continuing with the late 1990s Internet stock bubble. When the real estate bubble burst in 2008, it threatened to collapse the entire global financial sector, the United States’ included. The bubble burst had all the makings of another great crash and great depression on the order of that of the 1930s. In the United States, only prompt and financially generous intervention by the federal government and the Federal Reserve Board rescued major banks, insurance companies, and investment...

Trade Policy, Federal

Trade Policy, Federal   Reference library

Judith Stein

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
10,421 words

...the nation's major microeconomic policy initiative. Trade Policy of Ronald Reagan.  Carter's successor, Ronald Reagan, also believed in free trade. Initially Reagan thought that his domestic policies, mainly tax cuts, to stimulate the economy would reduce the foreign-trade deficit. Early on, Secretary of Transportation Drew Lewis argued that protection from the flood of Japanese imports would enable the auto industry to attract the capital it needed to convert to the manufacture of small cars. Secretary of State Alexander Haig and Secretary of the...

Ford, Henry

Ford, Henry (1863–1947)   Reference library

The Encyclopedia of the History of American Management

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Business and Management
Length:
3,834 words

...FORD , in 1893 . Now determined to make a career in engineering, Ford moved his family back to Detroit that same year and he found a job with the Edison Illuminating Company; he was promoted rapidly, and by 1893 was chief engineer for the Chicago area. By the 1890s invention fever was sweeping the United States. Inspired by the examples of Thomas Edison and Alexander Graham Bell , whose work was already changing the nature of American life and culture, thousands of amateur engineers built workshops and tried to invent working examples of new devices such...

Carnegie, Andrew

Carnegie, Andrew (1835–1919)   Reference library

The Encyclopedia of the History of American Management

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Business and Management
Length:
3,507 words

...resources into the essential new technology of steel, and excel at it. Setting up Carnegie, McCandless, and Company, he proceeded to hire the world's leading expert on Bessemer steel to design the state-of-the-art Edgar Thomson Steel Works, on the field where George Washington and General Braddock had been defeated by the French in 1754 . The works, built by Carnegie engineer Alexander Holley ( 1832–82 ) between 1873 and 1875 were named after Pennsylvania Railroad President John Edgar Thomson . Investing in a new plant in the depths of the 1873 ...

Hamilton, Alexander, and Economic Development

Hamilton, Alexander, and Economic Development   Reference library

Doug Bradburn

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
1,373 words

...Alexander, and Economic Development Alexander Hamilton ( 1755–1804 ) served as the first secretary of the treasury of the United States, from 1789 to 1795 . Although he played only a small role in the 1787 constitutional convention, Hamilton was involved in the campaign to ratify the Constitution, most famously as one of the authors of the Federalist essays. Involved in New York politics, Hamilton was encouraged to take a seat in Congress as a representative or a senator, but he preferred a role in the new executive branch. He had a close...

Mercantilism

Mercantilism   Reference library

Doug Bradburn

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013

...well as the high barriers to competition that the nation imposed to check the pursuit of private wealth, actually created inefficiencies that weakened the nation and served the interests of specific merchants and manufacturers. Nevertheless, mercantilist thought remained powerful into the nineteenth century. Alexander Hamilton, for instance, believed that the United States could become strong and economically independent after the American Revolution by emulating mercantilist policies. Although classical liberal economists follow Smith's critique of the danger...

Labor Productivity Growth

Labor Productivity Growth   Reference library

Daniel Macdonald

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
1,291 words

...the job as a type of technological growth, since it refers to workers’ improving their method of production based on increased knowledge of the production process. Stephen Marglin (1974) has highlighted the particular organizational characteristics of the capitalist firm—particularly its ability to order production in a time-efficient manner. Marglin emphasizes the importance of the manager's overseeing production processes, inculcating the discipline and obedience necessary for economic growth. More recently, Alexander Field (2011) has argued that the Great...

Monetary Policy, Federal

Monetary Policy, Federal   Reference library

John A. James

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
2,473 words

...Afterward the dollar floated against other currencies, its value determined by the demand and supply of foreign exchange. Banking.  Congress chartered the First Bank of the United States in 1791 as proposed by Alexander Hamilton, who modeled it after the Bank of England. The bank was a combined public and private enterprise with branches in major cities, the authority to issue notes, and a role as both a commercial bank and the fiscal agent of the government. When the bank's charter came up for renewal in 1811 , the recharter bill failed in the Senate...

Industrial Policy, Theory and Practice of

Industrial Policy, Theory and Practice of   Reference library

John M. Rothgeb

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
1,704 words

...on transportation. As Alexander Hamilton's 1791 Report on Manufactures noted, canal and road construction would be valuable for enhancing economic growth and protecting national security. Henry Clay's promotion of what he called the “American System” two decades later included similar arguments. Among the earliest transportation projects were the National Road and the Erie Canal. The National Road (now U.S. Route 40) was constructed by the federal government between 1811 and 1837 to link the upper Potomac River to the Midwest and encouraged...

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