Free Essay

American History

In: Social Issues

Submitted By kelvinokenye
Words 2214
Pages 9
2008-2009 Economic Crises
Name:
Institution:

Introduction
In economics, a recession refers to a business cycle reduction. It refers to a general retardation of economic activities (Simon, 2001). Macroeconomic pointers like gross domestic product (GDP), investment spending, employment, capacity utilization, household income, inflation and business profits fall. This happens while unemployment and bankruptcies rates go up (Andrews, 2009). Recessions crops up when there is a general drop in expenditure. It follows the rising of an economic bubble or an unpredictable supply shock. Governments respond to recessions through implementing expansionary macroeconomic strategies. They tend to raise the government’s expenditure, increase money supply and lessen the amount of tax paid by the citizens (Andrews, 2009). In 2007, a global financial predicament rapidly metamorphosed from the bursting of the property bubble in the United States to the most horrible recession ever witnessed on the planet. This paper will research on the causes of the 2008-2009 economic predicament and the policies executed by various key people liable for saving the U.S. economy. It will also explain the task, constitutional authority, and the policy view of some current holders of key positions that set policies for saving the U.S. economy.
In 2007, a worldwide economic predicament spread its gloom on the financial outcomes of several nations (Simon, 2001). It ended with what was often termed as the worst recession (Simon, 2001). Its source that originated from the sub-prime segment of the United State real estate field as an isolated turmoil matured into a complete recession in 2007. The old well-known fact that the whole world sneezes when the United States seizes flu seemed to be justified (Baker, 2007). This is because vital economies like Japan and nations in the European Union also went into recession in mid 2008. Generally, 2009 became the first year since the Second World War that the world had experienced a recession, a catastrophic over turn of the boom years from 2002 to 2007. The predicament came mainly as a shock to most policymakers, economists, investors and multilateral agencies. The day before the eruption of the economic disaster, Jean Philippe of the Organization for Economic Co-operation and Development (OECD) declared that for the OECD region all together, development is set to go past its potential rate for the rest of 2007 plus 2008. This was held up by optimism in rising market economies and positive financial settings. Following the worldwide recession of 2008 and 2009, the economics line of work has come under a huge deal of disapproval from leading scholars. Economists offer a strong analysis of the economics line of work. They dispute that both implicit and explicit intellectual conspiracies make it hard for the leading members of the job to promote a genuine discussion derived from alternative perspectives (Baker, 2007). These leading members were always allied with selected American universities. The outcome was that a rather restricted intellectual discussion occurred between like-minded scholars. Hence, it does not astonish that, for a great deal of 2008, the harshness of this global recession was underrated. Afterward, leading interpreters, including the International Monetary Fund (IMF) and the World Bank, made several changes to its growth forecasts during 2008 and 2009 as the degree of the crisis developed (Baker, 2007).
Causes of the 2008-2009 Economic Crisis
There were numerous revealing factors that should have set off alarm bells warning of an upcoming economic recession. A huge majority of officials, academics and financiers overlooked the signals and instead made plentiful claims about a fresh period. There existed a universal excitement regarding the conditions of the worldwide economy and with a lot of critics saying that time was different. As disputed by this research, there exists, however, numerous connections between the banking crises and previous US sub-prime disaster such as the huge surge in equity and housing prices. Also the mounting current account insufficiency and increasing level of individuals’ debts were factors of recession (Andrews, 2009). At the same time, the disclosure of investors and lenders was made difficult by the extraordinary level of securitization of mortgages. This was through a guarantee debt requirement which created significant doubt in financial markets as the predicament spread-out. This resulted in an abrupt turnaround of viewing of risk, from risk seeking to risk dislike. The bases of the predicament have become, reasonably, a key matter of discussion between both policymakers and academics. The discussion circulating this topic has paid attention to the role of market collapse in precipitating the predicament. Namely the disastrous performance of the financial market that was in harsh disparity to the hypothetical proposition was proficient. That is prices in the bond and stock markets immediately and exactly reflect all accessible information at that moment. This puts one of the main beliefs of capitalism into inquiry (Andrews, 2009).
Many contributions to the continuing investigation of the predicament puts out that failure of government has had a key role in permitting banks plus other financial bodies to benefit from on loop-holes in the authoritarian system to raise returns and leverage. Critics say, in terms of government policy, that the extremely loose Unite State monetary policy brought about the credit boom. Critics also say that interest tariffs were not on the lower side. In addition to these thoughts, the discussion has taken into account both the involvement of domestic matters, US financial laws and monetary procedures, and worldwide inequity. This worldwide inequity refers to the excess of savings flowing from well-off economies to deficit economies. Generally, drawing from a broad evaluation of crisis-related research, four main, but interconnected, factors can be recognized: global imbalances, interest rates, regulation of the financial system and perceptions of risks. As argued by many critics, the property bubble was a leading reason, if not the only reason, of the sub-prime predicament and of the wider financial crisis. However, as a result of the fast boost in securitization of mortgage bonds, that was no ordinary property bubble. So far it was not only home lenders that were uncovered to the steadiness of the United States real estate market but financiers all across the globe.
Responsibility, constitutional authority, and the policy opinion of the some holders of the key positions that crafted policies for repairing the U.S. economy
Under president’s Barrack Obama's leadership, the United States has encountered the greatest deficit that has ever occurred. It also experienced a credit demoting from the rating bureau of standard and poor. Nonetheless, during the Obama reign the national deficit went up at a much lower rate than in the former president’s Bush reign. Most critics attribute the deficits to rising profits and welfare settled out on account of the recession he inherited and has not succeed to end along with lessening tax receipts. The US president Barrack Obama management’s $787 billion incentive package can be summarized in one clear statement: If the incentive functions to bring out the U.S. economy out of its sharp 2008-2009 recession, and eases the unemployment levels, then it will be arbitrated as an accomplishment. The president has also irreverently separated the nation on class lines (Baker, 2007). President Obama has taken to playing the populist card over and over again. He thumps Wall Street and insurance companies at any time convenient to progress his programs (Baker, 2007). He also has been keen to recognize campaign contributions and consult with these very same corporations and banks in secrecy so as to progress his political plan. President Obama's disruptive approach to ruling has destabilized the Americans as a people and paralyzed their political ethnicity (Simon, 2001).
The aching, relevant question was: if it was politically achievable for President Obama to push Congress into accepting an economic incentive law in 2009 or 2010. The leading incentive law passed on a house ballot of 244-188, eleven Democrats and all Republicans voted no. The bill squeezed by a filibuster-proof 61-36 Senate vote, but only after making important conciliations to draw three Republican yes votes. Every Senate Democrats supported the bill, apart from those not present because of ill health. This was the role played by the American Congress in the 2008-2009 economic crises. With public assurance dropping in Obama's reign in mid 2009 on economic issues, plus with the leading incentive bill failing to control unemployment, moderate democrats could not be relied on to firmly hold additional incentive legislation (Bezemer, 2009).
The question at hand was whether the congress would make into law a second incentive package in 2009 or 2010. The Secretary of the Treasury is an affiliate of the presidential cabinet. This individual refers to the acting leader of the Ministry of Treasury, and is concerned with all monetary and financial subjects directly involving the government. This person is the chief economic advisor of the head of state. He has a leading role in preparing economic guidelines of a country. The secretary of the Treasury during the 2008-2009 recessions was famous for having been given the work despite not having settled tens of thousands of his taxes. The created the sarcasm that in his new role, he manages the Internal Revenue Service but cannot settle his own debts. The secretary was formerly head of the Bank of Federal Reserve in New York. One of his duties as the secretary of Treasury was dictating how the outstanding $350 billion of Troubled Asset Relief Program (TARP) funds would be shared. Other sophisticated tasks included supporting or not the rescue of the American automobile manufacturing. It also included the reorganization of banks, insurance companies and financial institutions. His major role in the recession was to assist in recovering of the mortgage market plus relations with foreign governments that are concerned with similar predicaments. The secretary of Treasury was also responsible for advising the American president to adapt the incentive bill into law.
Critique of the policies implemented
If people could summarize the cause of the 2008-2009 economic crises, in one word, it would term as greed. Over the years, credit lenders were contented to loan money to individuals who could not pay for their mortgages. Credit lenders did that for the reason that there was nothing to lose. These creditors were clever to put out higher interest tariffs and create more funds on sub-prime mortgages. If the borrowers failed to pay, they apprehended the house and put it to the marketplace (Andrews, 2009). On top of that, they passed the risk on to credit insurers and packages of these mortgages as credit-backed securities. That was easy money. Critics did not like the plan of government bailout. This was with the reasoning that the government was using the peoples’ funds to aid out hungry bankers. Unfortunately, that was the only choice people had right then. They only hoped that those hungry lenders would not leave scot-free. They made a lot of funds that led to the recession and they should cater for their greediness, at least the government should force them to pay up. In the critics’ opinion, the government should force conversion of poor mortgages into three decades set rate mortgages. The interest rate on these transformed loans should be higher than usual. In this manner, it would be more affordable to many borrowers plus creating a lesser default rate. The creditors will make less cash, but in the critics view, they already made excess money. The borrowers are not totally innocent either, that is why they ought to pay a little more as well (Burtless, 2009).

Conclusion
Although there have been a number of discussions concerning the risk of a double-dip recession, the incentive packages have had in great economic expansion. Most interpreters, including the International Monetary Fund (IMF) and the World Bank are not forecasting a return to an unenthusiastic global figure. However, the risk of a further weakening was still present and development was not expected to go on as strongly in 2010 as observed in the last half of 2009. Europe seemed to be at larger risk of a double-dip than the United States. Hence, an early removal of the incentives would endanger the promising recovery and may perhaps drive economies back into recession. This would further prolong the effects of the predicament for a couple of years to come, mostly on labor market and social fields. This work can assist in locating priorities and revealing good practices. These practices include the field of assessment and co-ordination of planned events and enlarged global co-operation. It can also assist in discussions of ways to settle necessary short-term incentive measures and tactics of promoting long-term economic and sustainable development.

References
Andrews, L. (2009). ‘Doubts about Obama’s economic recovery plan rise along with unemployment’. New York Times, July 6th.
Baker, G. (2007). ‘Welcome to the Great Moderation’, The Times, January 19th.
Bezemer, D. (2009). ‘‘No One Saw This Coming’: Understanding Financial Crisis through Accounting Models’, Groningen: Groningen University Press, June 16.
Burtless, G. (2009). Faulty Economic Forecasts or Faulty Policy Evaluation? The Difference is Important. Washington: Brookings Press, July 20.
Simon, J. (2001). The long and large decline in U.S. output volatility’, Brookings Papers on Economic Activity. New York: Palgrave Macmillan. Vol. 1, pp. 135-164.

Similar Documents

Free Essay

American History

...Wahid Tony Bechwati June 13, 2012 Sociology 1 Movie Analysis American History X is a film about the social topic of racism and how one community is fueled by it all. The thought-provoking thing about this film is the way in which racism is portrayed. First off it is evident that, though racism is always a difficult subject to deal with, American History X presents it without any hesitations and is very blunt about the subject. Second, the film's “god” for racism, Derek Vinyard, played by Edward Norton, is not a stupid redneck racist as films often portray them, but is in fact well-spoken and smart, although he clearly holds beliefs that are horribly wrong. Finally, the film shows that it is not only the white, neo-nazi racists who are fools for being involved in this, but all those who hold hatred in their hearts. Through these methods, the film gives and inspires this idea upon the viewer, in an extremely convincingly way, that hatred and racism will destroy a person and those closest to them. It is immediately revealed to the audience at the start of the movie that there will be no holding back and there will be no beating around the bush about the realism of this intense racial theme that the movie is trying to show. The film tells the story of two brothers, Derek and Danny Vinyard of Venice Beach. Their father, a firefighter, is murdered by a black drug dealer while trying to extinguish a fire in South Central, and following the incident Derek turns bitter towards the...

Words: 678 - Pages: 3

Premium Essay

American History X

...American History X is clearly a film dealing with racism. The interesting thing about this film is the way in which the subject is treated. First of all, it is obvious that, though racism is always a difficult subject to deal with, American History X presents it without any reservations or dumming down. Second, the film's figurehead for racism, Derek Vinyard (Edward Norton), is not an unintelligent redneck racist as films often portray them, but is in fact well-spoken, charismatic and intelligent, although he clearly holds ideals that are terribly wrong. Finally, the film shows that it is not just the white, neo-nazi racists who are fools to be involved in this, but all racism is foolish. Through these methods, the film shows the viewer, extremely convincingly, that hatred and racism will destroy a person and those around him. It is immediately revealed to the audience at the outset of this movie that there will be no holds barred and no playing down the realism of this intense racial hatred. When the film flashes back to the reason for Derek's incarceration, we see Danny wake up his brother to tell him that some black guys are trying to steal or wreck his truck, and Derek immediately jumps out of bed, grabs a gun, and shoots one of them, wounds another and fires at the third as he drives away. Then, in one of the most brutal scenes in film history, Derek forces the remaining, wounded man to put his face on the curb and Derek kicks the back of his head, smashing in the man's...

Words: 355 - Pages: 2

Free Essay

American History X

...make matters worse. The movie “American History X” is an admirable alterable attempt to inform us about these types of malicious ignorance that plague our society. The impeccable acting, artistic cinematography, occasional adrenaline-pumping score, and slightly faulted, though award-worthy script, all combine to create an over all exceptional film. American History X should not be immediately dismissed as an archetypal account of a controversial issue, it provides much more that what an audience would expect from a movie of this nature: it is an innovative drama about the unfortunate consequences of racism in a family that is surprisingly yet, frightening realistic it. The racial identity that plays in to American History X also plays out to what the authors of Omi and Winant describe in there novel “Racial Formation and plays into act with Michael Rogin, “The Sword Became a Flashing Vision”: D.W. Griffith’s Birth of a Nation. Finally, the film shows that it is not just the white neo-racists who are fools to be involved in this, but that all racism is foolish. Through these methods, the film shows the viewer, extremely convincingly, that hatred and racism will destroy a person and those around them. The dynamic that greatly contributes to the efficiency of American History X, is the illustrious acting. Edward Norton flawlessly plays Derek Vineyard, the main character in the movie, who is angered but the murder of his father by two African-American people who then, therefore turns...

Words: 2252 - Pages: 10

Free Essay

American History X

...Running head: American History X American History X Brandon Morris Embry Riddle Aeronautical University When it comes to moral concerns in regards to race, I felt that American History X was the most compelling. American History X is a film about the racial struggles and beliefs of two brother in Venice Beach, California. After losing their firefighting father (who displays racial tendencies) while putting out a fire in a drug den by black drug dealers, the brothers plunge into the Neo-Nazi world and begin creating their own gang. The older brother, named Derek, is sent to jail for three years, while the younger brother, named Danny, struggles with what is right and wrong. During his time in jail Derek befriends a black gang member, with whom he is forced to work with, all while being disillusioned by the Arian Nation. During this time, Danny on the other hand is growing more and more attached to the ideals and morals of the Neo-Nazi gang. Danny is doing poorly in school, getting in trouble, and is even threatened with expulsion. Upon his release from jail Derek sets out to save his younger brother. After a long talk to explain the errors of his ways and the errors of the Neo-Nazi ideals, Danny decides to leave all that hate behind him. During school that day, Danny runs into a black teen he had a scuffle with the previous day. The black teen shoots and kills him, and Derek is left to deal with his decisions that led Danny down the path that killed him. The moral issue...

Words: 718 - Pages: 3

Premium Essay

American History X

...American History X is clearly a film dealing with racism. The interesting thing about this film is the way in which the subject is treated. First of all, it is obvious that, though racism is always a difficult subject to deal with, American History X presents it without any reservations or dumming down. Second, the film's figurehead for racism, Derek Vinyard (Edward Norton), is not an unintelligent redneck racist as films often portray them, but is in fact well-spoken, charismatic and intelligent, although he clearly holds ideals that are terribly wrong. Finally, the film shows that it is not just the white, neo-nazi racists who are fools to be involved in this, but all racism is foolish. Through these methods, the film shows the viewer, extremely convincingly, that hatred and racism will destroy a person and those around him. It is immediately revealed to the audience at the outset of this movie that there will be no holds barred and no playing down the realism of this intense racial hatred. When the film flashes back to the reason for Derek's incarceration, we see Danny wake up his brother to tell him that some black guys are trying to steal or wreck his truck, and Derek immediately jumps out of bed, grabs a gun, and shoots one of them, wounds another and fires at the third as he drives away. Then, in one of the most brutal scenes in film history, Derek forces the remaining, wounded man to put his face on the curb and Derek kicks the back of his head, smashing in the man's...

Words: 355 - Pages: 2

Premium Essay

American History X

...the middle of the road, Derek rushed to intervene and crack down killing two men in the group. He was arrested and sentenced to three years in prison. Derek in jail during the future of Danny (Edward Furlong) - younger brother Derek was always considered a hero - began to be covered by black clouds of Nazi ideology. According to his step brother, Danny joined the new fascists, assaulted immigrant Asian, African, Jewish ... days out of prison, instead of joy, Derek proved before the panic really changed my son. In those days sitting in his cell, Derek realized that the nature of those who want to revive Nazism. When forced to live with a black inmates, Derek can understand the injustices and difficulties that people of color suffered on American soil. Meanwhile, the Nazis who renewed violence always playing games with him in solitary confinement. Finally, he realized that one thing: true friendship comes from the heart, not skin color Danny was amazing to hear what Derek said he has spent in prison. He looked up the swastika flags, pictures of Adolf Hitler's Nazi bosses that the brothers had pasted on the wall is listed. Maybe they did not bring anything good for America as his constant message? Will Derek's experience has been his brother pulled out of mud sin? he film wowed the audience by recalling and contrasting methods.Alternating between the full-color image of the current black and white images of the past. Edward...

Words: 363 - Pages: 2

Premium Essay

Historians Perception In American History

...events that influence American life. Their perception, however, has had an even greater impact on society’s current views. According to the renowned historian, Arthur Schlesinger Jr., “the historian surely brings to the observation and analysis of events a perspective different from that brought by a non-historian” (10). Nonetheless, it is evident that perception is crucial when determining the public’s perception as a whole. One specific event in American history in which historians’ perception impacted the Arab and Muslim group in society was the terrorist attack that occurred on September 11, 2001. Abu-Lughod, a professor of Anthropology and Women’s and Gender Studies at Columbia University...

Words: 1775 - Pages: 8

Free Essay

American History X

...Alexis Franciscotty 04/02/2015 SOC 2100 American History X American History X is an interesting and complex film with many eye opening events. The writers of the film lead the viewer to see where racism begins at its’ source, in an individual’s upbringing. The film tells the story of Derek Vinyard through his younger brother Danny Vinyard’s narration. The story takes place in Venice Beach, California, and shows how the brothers become swept up in the neo-Nazi gang movement. Derek is first drawn into the racist underground after their father, a firefighter who was also racist, is killed by an African-American drug dealer while trying to put out a fire in a South Central neighborhood. Derek finds his place with the neo-Nazi skinheads because they create an environment where Derek feels welcome and part of something bigger and more powerful than himself. It was then that Derek’s racism grew from feelings to actions. Derek murders two African-American Crip gang members trying to steal his truck and is sent to prison. The film follows Danny’s influence by his older brother's actions and thoughts, as well as how Derek, now enlightened by his experience in prison, tries to prevent his brother from going down the same road he did. The film is full of gore, violence, and makes the message clear that hate will only lead to more hate, but it also portrays how one person’s influence and actions direct others in the same capacity. Derek’s father’s views, in theory, are what let Derek...

Words: 862 - Pages: 4

Premium Essay

American Military History

...HY-2000 American Military History For The Common Defense: A Military History of the United States of America NOTES INTRODUCTION: Primary purpose of book is to analyze the development of military policy; examine the characteristics and behavior or the armed forces in the execution of that policy; to illuminate the impact of military policy on America’s international relations and domestic development. Policy is the sum of the assumptions, plans, programs and actions taken by the citizens of the United States, principally through governmental action, to ensure the physical security of their lives, property and way of life from external military attack and domestic insurrection (mutiny). War is a less elusive concept, since it enjoys centuries of political and judicial definition: it is the application of state violence in the name of policy. It involves the killing and wounding of people and destroying property until the survivors abandon their military resistance or the belligerents come to a negotiated agreement. War aims are the purpose for which wars are fought. Strategy, the general concept for the use of military force, is derived from war aims. In wartime strategy is normally expressed in terms of geographic areas of operations, the timing of operations, and the allocations, and the allocation of forces. Operational doctrine, which is an institutional concept for planning and conducting operations. Taking into account such factors as their...

Words: 272 - Pages: 2

Premium Essay

American History

...Last name 1 First name Last name Instructor's Name Course Number 15 February 2016 SECTION 1 Describe the economic, social and political importance of water in the historical narrative from 1500 through the 1790's. Introduction The use of water in the history of the United States impacted the everyday life of the various inhabitants presents during the vast period from early 16 century to the 1790's. Before the colonist and settlers ever migrated to this region, the natives who were the Indians were able to grow a few crops and conduct regular fishing as part of their diet. Upon the arrival of the white people, they were able to trade with them in exchange for their products like kitchenware and clothes. They were able to live sustainably because they understood the climate and the weather pattern having lived here for longer. Without their help, the immigrants would found the land very tough to inhabit and possibly they might have turn back away discouraged. Water is essential in every part of the human life, for example, cooking, cleaning, growth of crops and animal rearing. As it shapes individual livelihood, so does it shape families and communities. The white people who had experienced civilization centuries earlier were able to expel forcefully the natives and begin massively controlling the land all the way from the coast to the inland. The presence of good harbors and ports contributed to the influx of foreigners while the good productive land and adequate rainfall provided...

Words: 4483 - Pages: 18

Free Essay

African American History

...African American History Michele Matthews HIS 204 American History Since 1865 Instructor: Mark Hoffman November 13, 2013 African American History To earn their place in America’s Society, African Americans fought many battles that brought them a very long way from 1865. African Americans went through a whole lot of hardship to get where they are today. Yes it is not perfect now but every actions made a big different through history. There are many achievements African American has made since the ending of slavery. Many sat, spoke, marched, cried, fought, died, and dreamed to make footprint in history. In this paper I will discuss some very important event in African American history like our 44th President Obama back to when slavery was ended. It all started in 1865 when the Civil war ended. The African American felt their freedom was a great turning point. Once slavery ended African American made plan to expand their culture. In our textbook, it states “They had a clear vision of what freedom meant. It was not just freedom from white control, but also the opportunity to expand the institutions and autonomous culture that they made while they endured slavery” (Bowles, 2011). As they develop a new society and beliefs, the laws started to change as while. The Plessy v. Ferguson case was the birth of the Jim Crow law. In David Bishop journal, he stated “Bernstein concluded that the “Supreme Court was compelled to distort cases before it could pollute the stream...

Words: 554 - Pages: 3

Premium Essay

American History

...Chapter 1 Handicapped by History Brief Summary As the first chapter in this long analytical book, chapter one serves as the foundation for the rest of the novel, with a basic premise that “history textbooks make fool out of the students.” It shows how portrayal of historical figures and events in the best light for the reputation of United States leads to biased and distorted historical education. Author’s Viewpoint Loewen uses two examples—Helen Keller and Woodrow Wilson—in order to illustrate his point, and I would like to focus on the latter for this analysis. Loewen states that while Woodrow Wilson is often presented as the founder of League of Nations following World War I and the leader of progressive causes like women’s suffrage, textbooks rarely make any reference to racial segregation of federal government and his military interventions in foreign nations (22). Wilson intervened in countries like Cuba, the Dominican Republic, Haiti, and Nicaragua, and, which set up dictatorship in those nations, but surprisingly documentary evidences only emphasize his role in withdrawing the troops, which sounds ironic considering that he “wasn’t” the one who put the troops in at the first place (25). Instead, textbooks portray his intentions as building up friendship or take a step further and blame the invaded nations themselves (24). Next argument that Loewen makes is that Wilson was a racist who effectively closed the Democratic Party to African Americans, a fact that most of...

Words: 1719 - Pages: 7

Premium Essay

American History

...The American Civil War was Unavoidable The bloodiest time in history for America was during The American Civil War; a time when Americans fought against themselves for their own rights in which they believed they were entitled to. To many it would be considered shocking and absurd to say the Civil War was something that could have been avoided – and they’re right. The Civil War was an unavoidable and ultimately inevitable conflict that was essential to the evolution of our nation. The differences between the North and the South, economically, geographically, and politically, were major players on why the two divided halves of the America could not prosper together at that time; that and the fact that the previous attempts to compromise on slavery had reached an unavoidable end also made the Civil War an inevitable and undeniable conclusion to the problems brewing between the two sides. There was simply no further room for compromise. There were many differences between the North and the South. The most obvious of which is that the North was, for the most part, industrial; while the South on the other hand was economically dependent of the production of staple crops (primarily cotton). The production of cotton in the South with the advent of the cotton gin soared, causing an increase of labor required; this lead to an increased dependency on slave labor in the south. Slavery was something the North often looked down upon and also held little or no value to them. How could...

Words: 1809 - Pages: 8

Premium Essay

American History Our Hope For The Future Essay

...American History: Our Hope for the Future Today, history, as a body of knowledge, encircles not only the events of the past but also the consequences that affect our future. History shapes our lives today. It largely affects the way we think, speak, and interact with each other is all affected by history. The impact of history on society is so significant, it practically molds our future. Look around, we have running water, telephone, electricity, vehicles, and so much more inventions that make life simpler. However, if someone in the past had not thought of these inventions then our present would be completely different. History has a such an enormous impact on society because the interaction between the society and its past is an unending one. History is not simply about facts and dates, instead look at it as if it was a map. It helps provide information that dictates where we came from and where we are going. Decisions and events in history have directed events in the present. Visualize a world without the modern medicine we have today. It’s hard to believe that a few centuries ago diseases were viewed to be caused by evil spirits or it was punishment for sinners. In the 19th century, Louis Pasteur’s work led to the acceptance of the germ theory, this allowed for cures to developed to destroy many...

Words: 687 - Pages: 3

Free Essay

American History

...The decades of 19th century in American history are witness to the rival, contending forces of nationalism and sectionalism. Nationalism, a devotion to the interests and culture of ones nation, played a major role is shaping our economy. The idea of expanding America had triggered a major movement to go west. The Monroe Doctrine, which was introduced to Congress by President Monroe himself, was an outcome of this great idea of expanding the nation. The Missouri Compromise had divided the slave states and the free states once and for all. Sectionalism, placing the interests of one region ahead of the welfare of the nation as a whole, offers two great examples in which the country was split. The National Bank, which was proposed by Alexander Hamilton, brought up a lot of controversy in the south, as well as in the west. Not only did the National Bank disgruntle the southerners, but the Tariff of 1816, proposed by James Madison, did as well. Sectionalism challenged nationalism, but the latter remained strong among the American people. On December 2, 1823, President Monroe addressed a message to congress. In his message, James Monroe was informing the powers of the Old World that the American continents were no longer open to European colonization. He also stated that the outside powers shall not try to overthrow the newly independent republics in the Western Hemisphere. Any effort to extend European political influence into the New World would be considered by the United States...

Words: 938 - Pages: 4