Which era of laws? Laws have changed over time.
The economic growth rates gives information on how fast the economy is growing,and is calculated by comparing the economic output (measured as the Gross Domestic Product or GDP) of two subsequent periods.
<u>The two main determinants of GDP/economic growth are:</u>
- Productivity increases caused by more efficient use of inputs (labor, capital) and implementation of innovation.
- Accumulation of physical capital
<u>Effects of economic growth</u>
- Larger amount of goods and services are available in the country and ready for consumption
- High employments levels, as workers are necessary to manufacture that large quantity of goods and services. As GDP has grown, so have done employment figures.
- More employment brings boosts on aggregate demand and generate further growth as business will keep on trying to serve the whole demand.
- As demand grows it is quite likely that prices do so too, therefore economic growth would increase the inflation rate (not necessarily a problem if such growth is not too large and remains stable).
- Productivity increases and implementation of innovations make national firms more efficient and competitive in the international markets.
When Americans think of African-Americans in the DEEP SOUTH before the Civil War, the first image that invariably comes to mind is one of slavery. However, many African-Americans were able to secure their freedom and live in a state of semi-freedom even before slavery was abolished by war. FREE BLACKS lived in all parts of the United States, but the majority lived amid slavery in the American South. According to the 1860 U.S. Census, there were 250,787 free blacks living in the South in contrast to 225,961 free blacks living everywhere else in the country including the Midwest and the Far West; however, not everyone, particularly free blacks, were captured by census takers. In the upper south, the largest population of free blacks were in Maryland and Virginia; in the mid-Atlantic, the largest population of free blacks was in Philadelphia.
