1777: The colonial victory over British troops at the Battle of Saratoga persuades France to provide financial and military support that will prove vital to the success of the American Revolution.1862: The Homestead Act makes more than 600 million acres of land available to be settled, sparking the largest migration of Americans in the nation's history.1933: President Franklin Delano Roosevelt's New Deal launches a series of unprecedented laws and programs that will relieve the stress of the Great Depression and reshape American society.<span>2001: The 9/11 terrorist attacks spark a complex and controversial war against terrorism both domestically and internationally.</span>
The most important agencies include the CIA, the National Aeronautics and Space Administration (NASA), and the Small Business Administration (SBA). I hope this helps.
This economic system is called<em> socialism.</em>
Socialism is an economic system where everyone in the society equally owns the factors of production. The ownership as such is in the hands of the<em> government</em> that controls all means of production and distribution of goods.
The factors of production are : land, labor, capital and entrepreneurship.
In a socialistic economy, the land is owned by the state and private property is limited and difficult to obtain. Labor is heavily regulated and most people are employed in state-owned companies. Workers do not have many rights and they have to obey the government which also decides what is being produced and in which capacity ( planned economy ).
Socialism does not reward people for being entrepreneurial and competitive as competition is no existing and everybody reaps the same benefits of their work.
The cause of unemployment in many countries is competition in the labor market. There are few employment opportunities. It leads to a situation where every available opportunity, there are more than one qualified individual. The effect is that it causes social and economic effects. The poverty index among the unemployed is high since some people do not have a source of income.
Hope this helps. :)
