The doctrine of divine right can be dangerous for both church and state . For the state it suggest that secular authority is conferred , and can therefore be removed by the church and for the church it implies that minds have a direct relationship to hot and may therefore and dictate to ecclesiastical rulers .
The Twenty-first Amendment (Amendment XXI) to the United States Constitution repealed the Eighteenth Amendment to the United States Constitution, which had mandated nationwide Prohibition on alcohol.
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Many aspects of Roman Law and the Roman Constitution are still used today. These include concepts like checks and balances, vetoes, separation of powers, term limits, and regular elections. Many of these concepts serve as the foundations of today's modern democratic governments.
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Thomas Malthus Theory of Population Growth and David Richardo's views on wages both agreed that food production increases as population increases, however, that the increase in population will overwhelm the abundance of food, and thus lead to diminishing returns. Both men believed in the principle of political economy. Both argued that there was a need to control the population in a time of abundance. They believed that if the population is not well managed, the abundance may be misused, and thus, the increased population will bear the brunt of the mismanagement.
The author included the information about 1920 and 1925 because that was the time the U.S economy expanded rapidly, The Roaring Twenties. Until 1925 there wasn’t legal requirement to separate the operations of commercial and investment banks, the investment banking was consisted of <em>JP Morgan & Co, Kuhn, Loeb & Co, Brown Brothers and Kindder, Peabody & Co</em>. Their funds could be used to fund the underwriting business of the investment baking side.
In 1929 everyone was putting their savings into stocks, not only the wealth part but the poor part too and because of that the stock market reached the peak in August 1929. But than the production declined causing unemployment and with that the stock prices were much higher than their actual value. The economy was struggling, the debt was rising and the banks had and excess of large loans that couldn’t be liquidated.
In the 1930s over 9,000 banks failed because people didn’t trusted them to put their saving. The Great Depression the official unemployment rate was 25% and the stock marked declined 75% since 1929. But in 1933 now with Rooselvet’s administration he took immediate action about the economic woes first announcing that all banks would close, Bank Holiday. The Congress would pass reform legislation and reopen the banks. In “<em>first 100 days</em>” Roosevelt’s administration stabilized the industrial and agricultural production and created jobs and also created the Federal Deposit Insurance Corporation (FDIC) to protect depositors’ accounts and the Securities and Exchange Commission (SEC) to regulate the stock market and prevent what happened in 1929.
The big change between the crises in the 20s and 30s were all about who was in charge, President Hebert Hoover didn’t take much lead about the crises but Roosevelt did.
