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Copper Panic Of 1789
The Copper Panic of 1789 was a monetary crisis of the early United States that was caused by debasement and loss of confidence in copper coins that occurred under the presidency of George Washington. After the American Revolution, many states began minting their own coins largely in copper. At first the coins were widely accepted and their usage was rarely impeded, whereas several attempts by the British Empire to introduce new coins to the Americas were met with resistance. For several years there were high levels of confidence in these coins and knowledge that they were a high quality copper. As more counterfeiters began production and caused minters to have to debase their coins to remain in business, the value of copper began to fall. Several laws were passed during this time period, including the prohibiting of debased coins from being considered legal tender. The State of New York prohibited the circulation of copper coins entirely. The State of New Jersey in 1787 declar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1789 In Economics
Events January–March * January – Emmanuel Joseph Sieyès publishes the pamphlet ''What Is the Third Estate?'' ('), influential on the French Revolution. * January 7 – The 1788-89 United States presidential election and House of Representatives elections are held. * January 9 – Treaty of Fort Harmar: The terms of the Treaty of Fort Stanwix (1784) and the Treaty of Fort McIntosh, between the United States Government and certain native American tribes, are reaffirmed, with some minor changes. * January 21 – The first American novel, ''The Power of Sympathy or the Triumph of Nature Founded in Truth'', is printed in Boston, Massachusetts. The anonymous author is William Hill Brown. * January 23 – Georgetown University is founded in Georgetown, Maryland (today part of Washington, D.C.), as the first Roman Catholic college in the United States. * January 29 – In Vietnam, Emperor Quang Trung crushes the Chinese Qing force ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1789 In The United States
Events from the year 1789 in the United States. The Articles of Confederation, the agreement under which the nation's government had been operating since 1781, was superseded by the Constitution in March of this year. Incumbents Federal Government * Articles of Confederation (through March 3): ** 10th Confederation Congress * United States Constitution (beginning from March 4): **President: George Washington (no political party-Virginia) ** Vice President: John Adams (no political party-Massachusetts) ** Chief Justice: John Jay (New York) (starting October 19) ** Speaker of the House of Representatives: Frederick Muhlenberg (starting April 1) ** Congress: 1st United States Congress (starting March 4) Events January–March * January 7 – The 1789 United States presidential elections and House of Representatives elections are held. * January 21 – William Hill Brown's anonymous sentimental epistolary novel '' The Power of Sympathy: or, The Triumph of Nature'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
18th-century Economic History
The 18th century lasted from January 1, 1701 ( MDCCI) to December 31, 1800 ( MDCCC). During the 18th century, elements of Enlightenment thinking culminated in the American, French, and Haitian Revolutions. During the century, slave trading and human trafficking expanded across the shores of the Atlantic, while declining in Russia, China, and Korea. Revolutions began to challenge the legitimacy of monarchical and aristocratic power structures, including the structures and beliefs that supported slavery. The Industrial Revolution began during mid-century, leading to radical changes in human society and the environment. Western historians have occasionally defined the 18th century otherwise for the purposes of their work. For example, the "short" 18th century may be defined as 1715–1789, denoting the period of time between the death of Louis XIV of France and the start of the French Revolution, with an emphasis on directly interconnected events. To historians who expand the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Banking
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 Common Era, BCE in Assyria, India and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples gave loans, while accepting Deposit account, deposits and performing the Bureau de change, change of money. Archaeology from this period in History of China#Ancient China, ancient China and history of India, India also shows evidence of Loan, money lending. Many scholars trace the historical roots of the modern banking system to medieval and Renaissance Italy#Early Modern, Italy, particularly the affluent cities of Florence, Venice and Genoa. The Bardi family, Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe.Noble Foster Hoggson, Hoggson, N. F. (1926) ''Banking Through the Ages'', New York, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crises
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Sin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Crises In The United States
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philadelphia
Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Since 1854, the city has been coextensive with Philadelphia County, the most populous county in Pennsylvania and the urban core of the Delaware Valley, the nation's seventh-largest and one of world's largest metropolitan regions, with 6.245 million residents . The city's population at the 2020 census was 1,603,797, and over 56 million people live within of Philadelphia. Philadelphia was founded in 1682 by William Penn, an English Quaker. The city served as capital of the Pennsylvania Colony during the British colonial era and went on to play a historic and vital role as the central meeting place for the nation's founding fathers whose plans and actions in Philadelphia ultimately inspired the American Revolution and the nation's inde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Jersey
New Jersey is a U.S. state, state in the Mid-Atlantic States, Mid-Atlantic and Northeastern United States, Northeastern regions of the United States. It is bordered on the north and east by the state of New York (state), New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware River and Pennsylvania; and on the southwest by Delaware Bay and the state of Delaware. At , New Jersey is the List of U.S. states and territories by area, fifth-smallest state in land area; but with close to 9.3 million residents, it ranks List of U.S. states and territories by population, 11th in population and List of U.S. states and territories by population density, first in population density. The state capital is Trenton, New Jersey, Trenton, and the most populous city is Newark, New Jersey, Newark. With the exception of Warren County, New Jersey, Warren County, all of the state's 21 counties lie within the combined statistical areas of New York City or Delaw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five major unincorporated territories, nine United States Minor Outlying Islands, Minor Outlying Islands, and 326 Indian reservations. The United States is also in Compact of Free Association, free association with three Oceania, Pacific Island Sovereign state, sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Palau, Republic of Palau. It is the world's List of countries and dependencies by area, third-largest country by both land and total area. It shares land borders Canada–United States border, with Canada to its north and Mexico–United States border, with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the List of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York (state)
New York, officially the State of New York, is a state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the 27th-largest U.S. state by area. With 20.2 million people, it is the fourth-most-populous state in the United States as of 2021, with approximately 44% living in New York City, including 25% of the state's population within Brooklyn and Queens, and another 15% on the remainder of Long Island, the most populous island in the United States. The state is bordered by New Jersey and Pennsylvania to the south, and Connecticut, Massachusetts, and Vermont to the east; it has a maritime border with Rhode Island, east of Long Island, as well as an international border with the Canadian provinces of Quebec to the north and Ontario to the northwest. New York City (NYC) is the most populous city in the United States, and around two-thirds of the state's populat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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