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1301 Lecture 34 Econ & Mon Doct — Transcript

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0:02uh once again we're coming at you with
0:041301
0:06it's after the war or 1812.
0:09uh politically
0:10the republican party which is in control
0:13of the government
0:14uh after the war realized that their
0:16military policies from before the war
0:19and their economic policies from before
0:21the war
0:23didn't work for the war i remember the
0:25republicans under jefferson cut the
0:27military by 50 percent
0:29that hampered the war effort reliance
0:32was put on state militias well sometimes
0:34state militias would fight like the
0:36kentucky militia and the tennessee
0:38militia
0:39sometimes like they wouldn't like
0:41maryland and new york new york would not
0:44leave the state of new york the maryland
0:45militia ran in front of the british
0:47attack on washington but they defended
0:49baltimore the militia was unreliable
0:52so
0:54the republicans after the war decided to
0:56reorganize the military
0:58there was a reorganization of the
0:59militia to try to make it more reliable
1:03there was an expansion of the navy
1:05and the u.s military academy
1:08was enlarged to accept more students
1:11and and so the military was improved
1:15now as far as the economy
1:17remember hamilton's program programs
1:20from the 1790s is three programs from
1:22the 1790s to improve the american
1:25economy call for a more diversified
1:27american economy economy more industry
1:30to go along with the agriculture the us
1:32at the time mainly agricultural
1:35and the us was expanding its its
1:38industry however the republicans take
1:40over and they go back to the idea of a
1:42primarily agricultural economy and so
1:46industry
1:47didn't expand as much and that hurt the
1:50war effort
1:51well the republicans realized this
1:53mistake
1:54and
1:55they propose a new economic program
1:59sort of you'll see
2:01a new economic program which
2:03comes to be called the american
2:07system
2:10there's a republican economic policy
2:13due to the
2:15they realize that their policies from
2:17prior to the war
2:18weren't good
2:21this american system called for three
2:23things three things
2:33a high protective tariff
2:35on imported goods and we talked about
2:37tariff before tariff has a tax on
2:39imported goods
2:41second they call for
2:52call for a second bank of the united
2:54states now remember republicans opposed
2:57the original bank of the united states
3:00and the third thing to call for internal
3:03improvements
3:08[Music]
3:12what we would call infrastructure today
3:19building of
3:20roads bridges canals harbors by the way
3:23we're on page 416 in the book 416 417.
3:29now high protective tariff
3:32to protect american industry against
3:34cheap foreign products in order to
3:35create more american industry
3:39americans had to buy american products
3:41so you slap a tariff on
3:43foreign imports to make them now more
3:45expensive than american products and
3:47allow american industry and business to
3:49expand
3:52they wanted a 20 and a high tariff was
3:55passed in 1816
3:59high tariff was passed in 1816 which
4:01placed according to the book page 417
4:03placed a 20 to 25 tariff on a long list
4:08of imported goods
4:10now the north was in favor of this
4:12tariff most of the new industries coming
4:14into being were in the north
4:16the south was against it
4:19like originally the south is against a
4:21high tariff the south imports a lot of
4:23goods so obviously the cost will be more
4:25plus the south is selling a lot of
4:27cotton to europe
4:30and if there's a high tariff on european
4:33goods the europeans are going to slap a
4:35high tariff on southern cotton which is
4:37going to make the cost of that go up and
4:38they won't sell as much
4:42and then there are the internal
4:43improvements
4:44the war showed
4:46a need for a better
4:49infrastructure or transportation system
4:52within the united states it was
4:53difficult to move troops and supplies
4:56around so these things need to be
4:58improved internal improvements
5:00construction is like says on page 417
5:02under internal improvements it's the
5:04construction of roads
5:05bridges canals harbors
5:08and improve the ones that already exist
5:12so this now for the second bank of the
5:14united states
5:15this is the same
5:17proposal that hamilton made back in 1790
5:2091.
5:22now the republicans are all remember the
5:24republicans didn't like it back then
5:25they said it was unconstitutional
5:28well the republicans have had a change
5:30of heart as to what is constitutional
5:31and what isn't remember the whole
5:32louisiana purchase mess
5:34nowhere in the constitution does it say
5:36the government can buy land from a
5:38foreign government jefferson found a
5:40back door around it so all of a sudden
5:41there's scruples about the
5:43constitutionality the republican
5:44scruples about the constitutionality of
5:46these things is kind of going by the
5:47wayside now that they're in power and
5:49they want to do things
5:51so second bank of the united states
5:53they propose it and it's basically the
5:55same as hamilton's proposal it's going
5:57to be a depository of federal funds
6:00it's going to be used to pay the debt
6:02it's going to be
6:05it's going to control the various state
6:07banks that are popping up around the
6:09country
6:10it's going to provide a uniform currency
6:12around the country
6:14so the bank is a good thing for the
6:16economic prosperity of the
6:18country
6:20now
6:22right
6:23just basically this this american system
6:27is basically hamilton's program warmed
6:30over
6:31but now the republicans are in favor of
6:33it now that they're in power now are the
6:35republicans being hypocrites here
6:37remember they opposed it 25 years ago
6:41or are they being realists here they
6:44realize that their policies their
6:47economic policies did not work
6:51and now they're coming around to
6:52hamilton's policies i don't know which
6:54it is
6:55but there it is now the foundation of
6:57this whole thing is the tariff the
6:59foundation of this american system is
7:02the tariff this high protective tariff
7:05it's going to protect american
7:07industries against cheap foreign
7:09products thereby allowing american
7:11industry and business to expand which of
7:14course when they expand they hire more
7:16workers those workers
7:18get paid they spend their money on
7:20various other goods so that allows other
7:23businesses to expand and come into being
7:26and then they hire workers etc it's an
7:28old snowball approach
7:30also another reason it's the foundation
7:33the tariff is the foundation
7:35money from the tariff
7:36will be deposited into the bank of the
7:38united states bank of the united states
7:40one of its purposes a depository of
7:43federal funds just like the original
7:44deck
7:46the original bank by the way had expired
7:48in 1811. the republicans did not renew
7:50it
7:51so money from the high protective tariff
7:52will be deposited into the bank of the
7:54united states
7:55and that money will be used to fund
7:59loans
8:01for new businesses and new industries in
8:04america
8:06it can also be used to borrow money to
8:08buy land out west
8:11all right so
8:12the money's going to be used to fund the
8:14economic expansion of the country
8:16plus
8:18money from the high protective tariff
8:20that is deposited into the bank of the
8:21united states will also be used to pay
8:24for the internal improvements
8:26the roads the bridges the canals the
8:28harbors and expand existing
8:31ones of those
8:33so
8:35the tariff the foundation of the whole
8:37thing
8:38money from that tariff or the tariff
8:40will protect american businesses and
8:42industries allow new ones to come into
8:43veeam money from the tariff deposited
8:46into the bank of the united states you
8:47could borrow money to start a new
8:49business in industry borrow money to buy
8:51land out west it fuels the economic
8:53expansion and money from the tariff that
8:55is deposited in the bank will also be
8:57used to fund the internal improvements
9:00of the united states
9:02so there you go the american system the
9:05republican economic policy it's
9:07hamilton's policies warmed over and like
9:10i said whether republicans are the
9:12republicans being hypocrites here
9:15or are they admitting without really
9:17saying that their economic policies were
9:19a failure
9:20and now they're changing radically well
9:23whichever it is the american system is
9:26inactive the tariff is passed 1816 also
9:29in 1816 the second bank of the united
9:32states was chartered and like the
9:33original bank had he chartered for 20
9:35years
9:37and
9:38money from the tariff deposited into the
9:40bank starts to be used for the internal
9:43improvements
9:44all right now
9:461816
9:48same year as all this is going down as a
9:49presidential election year
9:51james monroe
9:56has elected the new president he's also
9:58a republican he's also the third
10:00president in a row from virginia
10:02jefferson madison monroe another five
10:05presidents we've had now four have been
10:07from virginia
10:08so james monroe
10:10is elected now get out your post-war
10:13agreement sheets
10:15from last time those were agreement
10:17sheets
10:18and look down at number five the monroe
10:20doctrine
10:21james monroe
10:24is mainly known
10:26for this monroe doctrine by the way
10:28james monroe was re-elected president in
10:321820
10:35and all the electors voted for him
10:37except one
10:39and he really didn't have any opposition
10:42and that one elector did not vote
10:45for james monroe because that one
10:47elector believed that only george
10:49washington should be the only
10:51unanimously elected president all right
10:53so monroe is elected 1816 and 1820. he's
10:56known for one thing really the monroe
10:59doctrine one monroe doctrine this has to
11:02do with foreign affairs
11:04during the 1810s
11:08a lot of the
11:11european colonies spanish colonies
11:13portuguese colonies
11:15in latin america were launching
11:18independence movements
11:22the war in europe that we've been
11:23talking about for a long time that
11:25lasted 20 21 years
11:30during that war france took control of
11:33spain and portugal
11:34france under napoleon took control of
11:36spain and portugal
11:38and with that a lot of the spanish
11:41colonies and portuguese colonies began
11:44to
11:45launch independence movements following
11:47the lead of the united states from back
11:49in 1776
11:51and the united states backed these
11:54independence movements the united states
11:56saw economic opportunities the united
11:59states could trade with these new latin
12:00american nations they wouldn't be it
12:02would the us would not be
12:04uh confined to the trade to the trade
12:07policies of the colonial powers so one
12:09by one these latin american nations like
12:12brazil argentina mexico others began
12:15declaring independence
12:17backed by the united states
12:21now
12:22the war in europe ends
12:25spain and portugal others are restored
12:29and they don't like the fact that their
12:32colonies are now in the americas are now
12:34declaring independence
12:36in fact the europeans
12:38uh put together
12:40an alliance called the holy alliance
12:45this was after the napoleon had been
12:47defeated
12:50europeans put together a military
12:52organization called the holy alliance
12:54and the purpose of this holy alliance
12:56was to defeat any more revolutionary
13:00movements like what started the war in
13:02europe back in 1793 remember the war
13:04started when the french revolutionaries
13:06wanted to spread the french revolution
13:08all across europe and topple monarchies
13:11well now those monarchies don't want
13:13that to happen again so they formed this
13:15holy alliance a military group designed
13:17to put down these revolutions and there
13:19was talk
13:20in this holy alliance of sending a
13:22military force to latin america
13:24to defeat these latin american
13:26revolutions
13:28that's when the united states became
13:30involved
13:33in 1823
13:36james monroe
13:38in his state of union address puts forth
13:40his
13:41what's called monroe doctrine
13:43it was really written the monroe
13:45doctrine was actually written by the
13:47secretary of state
13:50john quincy adams we've seen him before
13:53john quincy adams it was a this was
13:54written by him but one rose the
13:56president so he gets his name on it
13:59under the monroe
14:00doctrine and this is the united states
14:04back in these latin american revolutions
14:07like i said the
14:09the people of latin america rising up
14:10like the us did back in 1776 to throw
14:13off
14:14a colonial monarchy
14:16all right i'm no doctrine there's to be
14:19follow along here there's to be no more
14:22european colonization in the western
14:24hemisphere now obviously if this holy
14:26alliance came over and took over those
14:29independent nations again they would
14:31revert to being colonies no more
14:33european colonization in the western
14:34hemisphere existing colonies could
14:36remain
14:37not all the colonies revolted and had
14:40independence moving so no more european
14:42colonization in the western hemisphere
14:44existing policy colonies can remain
14:46any attempt by europe this next one is
14:49aimed directly at this holy alliance
14:51any attempt by europe to thwart a latin
14:54american revolution would be considered
14:56a threat to the security of the united
14:58states and an act against the united
15:00states so if this holy alliance did send
15:03a military force to put down these
15:06latin american revolutions the united
15:08states would take that as an act against
15:10the united states and respond
15:12accordingly
15:15now the united states would not attempt
15:17to start rebellions in latin america
15:21and the united states would not
15:22interfere in the internal affairs of
15:24europe
15:25so
15:27if a revolution occurs in latin america
15:29the united states will back it but the
15:31united states will not start any
15:33revolutions
15:34yeah right
15:37and basically
15:38the us is telling europe you stay out of
15:40the americas and we and by virtue of
15:42point d there we will stay out of
15:44european affairs europe you stay out of
15:46american affairs and we will stay out of
15:49european affairs the monroe doctrine
15:511823 minor doctrine has no basis in
15:55international law it's u.s policy
15:58the europeans laughed at it
16:00but every now and then
16:02something will happen and it refers back
16:04to the monroe doctrine
16:06uh cuban missile crisis of 1962 would be
16:09a good example 1962 now it's 140 years
16:12after this
16:13uh there's been other incidents in latin
16:15america where the u.s has intervened and
16:18you can trace it back to the monroe
16:19doctor all right okey doke
16:28yeah okay
16:29well we'll stop it there and we'll pick
16:31it up again next time
16:34we will take up the issue of slavery
16:36next time all right so
16:40american system
16:41monorail doctrine
16:43american system just a warm over of the
16:45hamilton economic programs in 1790s but
16:47now the republicans are claiming
16:50authorship of it and putting this new
16:52name on it the american system
16:55all right
16:56okay and monroe doctrine the u.s begins
16:59to assert itself
17:00internationally
17:02look it up okay we'll see you next time
17:04bye-bye

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