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The Role and Powers of the Presidency - Term Paper Example

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Summary
This essay presents America and the American economy has a rich history, right from the pre-colonial era to the modern era. Prior to the first European visitors, such as Christopher Columbus, the Native American traded goods and services among themselves, working as hunters and gathers mainly. …
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The Role and Powers of the Presidency
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The Role and Powers of the Presidency

Download file to see previous pages... From the discussion it is clear that the American Revolution war had a major implication on the economics of the USA. As time had gone by, the settlers in the various colonies were looking to be granted freedom, especially economy freedom from the Britain and started demanding that they be given the right to elect their own government which would tax them and run their affairs. Needless to mention, the British government was not comfortable with this suggestions and refused to grant them the freedoms. The settlers retaliated with an all-out war against the British government. In retaliation, the government tried to close up all the harbors around the United States, especially the ones used for trade.According to the research findings President Andrew Jackson was trying to curb speculation on land and thus issued a circular regarding specie (gold and silver) circulation. His main intension was to reduce the value of bank notes so that to prevent the increased circulation of the bank notes in the economy. His plan was not entirely effective as it failed to entirely affect the value of the dollar and only affected the value of the same only in relation to the value of gold and silver. The effect was increased deflation of the currency. Eventually, these affected many businesses which under deflated currency could not operate normally. President Andrew Jackson learnt his lesson but it was too late for the economy, it had already slipped into a depression. ...Download file to see next pagesRead More
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