Economic Policies
Laissez-faire
"Let the people do as they choose" "Hands Off"
"Let the people do as they choose" "Hands Off"
Government does NOT make rules or regulations on business or interfere with the economy.
Does not set prices
Does not dictate wages
Does not tell businesses how to operate
Does not take taxes from businesses (let's owners keep what they make)
Does not set prices
Does not dictate wages
Does not tell businesses how to operate
Does not take taxes from businesses (let's owners keep what they make)
Morrill Tariff
Tariffs - taxes imposed by a government on goods and services imported from other countries
In 1860 American tariff rates were among the lowest in the world, the average rate being around 18%.
The Morrill Tariff immediately raised this average to 37%, and by 1865 had risen to 47%.
This meant average tariff rates nearly tripled in just five years.
Tariffs - taxes imposed by a government on goods and services imported from other countries
In 1860 American tariff rates were among the lowest in the world, the average rate being around 18%.
The Morrill Tariff immediately raised this average to 37%, and by 1865 had risen to 47%.
This meant average tariff rates nearly tripled in just five years.
Federal Land Grants & Sales
By the 1870s, the federal land grant system gave railroad companies more than 120 million acres of public land, an area larger than New England, New York, and Pennsylvania. Several companies received enough land to cover most of the cost of building their railroads.
In addition, the Federal Government sold off thousands of acres of public land vast with minerals (oil, coal, etc) to private industries for cheap.
By the 1870s, the federal land grant system gave railroad companies more than 120 million acres of public land, an area larger than New England, New York, and Pennsylvania. Several companies received enough land to cover most of the cost of building their railroads.
In addition, the Federal Government sold off thousands of acres of public land vast with minerals (oil, coal, etc) to private industries for cheap.
Final Question
What do you think the US Government was trying to accomplish through these policies and actions?
What do you think the US Government was trying to accomplish through these policies and actions?