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Ghella [55]
3 years ago
14

What was the impact of embargo on the American society?

History
1 answer:
liberstina [14]3 years ago
8 0

Answer:

<u>American president Thomas Jefferson (Democratic-‐Republican party) led Congress to pass the Embargo Act of 1807. Effects on American shipping and markets: Agricultural prices and earnings fell. Shipping-related industries were devastated. </u><em><u>also The Embargo Act was an act stating that America would no longer participate in trade with great Britain during the British's war with the French. Why did the Embargo act happen? The Embargo Act hurt American merchants because when the act was passed, they lost a lot of their money which was in trade with Britain.</u></em>

<em><u /></em>

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In his work titled "Organization of Labor"  published in 1840, Louis Blanc wrote and I quote;<u><em> "Who would be blind enough not to see that under the reign of free competition the continuous decline of wages necessarily becomes a general law with no exception whatsoever?"</em></u>

Hence according to the economic theory of Louis Blanc, the reign of free competition leads to the decline of wages.

In the submission of Louis Blank<em> "The government ought to be considered as the supreme regulator of production and endowed for this duty with great power. This task would consist of fighting competition and of finally overcoming it.  The government ought to float a loan with the proceeds of which it should erect social workshops in the most important branches of national industry."</em>

Full text of Louis  Blanc's "Organization of Labor" (1840) was obtained from Internet History Sourcebooks of Fordham University.

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