How Did The Era of Good Feelings Impact Economy and Society?
After the War of 1812, Monroe was elected and dominated the era with one political party. James Monroe easily won the election with the majority of the electoral votes. His party, the Democratic-Republicans, were very influential at the time and incredibly popular. The Federalist party provided little contrary to the president and slowly vanished. The one party domination resulted in nationalistic society. It resulted in unity amongst the country. Similarly, the victory over Britain resulted in a common interest. Because of this win against Britain, America was now an independent and a self-sufficient country. The country became united, and there was much more national pride evident. He was successful in resolving the problems with foreign policy. Additionally, adding to the positive aspects of this era, was the economy. The economy was booming because banks were giving loans and the high protective tariff allowed more development.
Although the economy was doing well for a period, it slowly began to collapse. Due to inflation, paper money was increased, leading to higher prices and less valuable currency. Many were bankrupt and in debt, this lead to a depression that lasted about three years. This time became known as The Panic of 1819. The Era affected society negatively as well. During this period, the country was unified under one political party. Though, there was little political contrary, there was still tension among the people about social issues. During this time, the issue of slavery was rising. On the other hand, slavery became a prominent issue in society. The north and south had controversy in their differing opinions. It debated whether states should be slave-holding or not. The Missouri Compromise stated that Missouri would be allowed to hold slaves and that Maine would be declared as a free state. At the time, the United States twenty-two states, evenly divided between slave and free. If Missouri was admitted as a slave state, that would upset that balance, so Maine was declared free to even it out. The Monroe Doctrine and Supreme Court Case McCulloch vs. Maryland both contributed to the end The Era of Good Feelings. The period ended in the election of 1824 known as the "corrupt bargain" because of the outcome.
Although the economy was doing well for a period, it slowly began to collapse. Due to inflation, paper money was increased, leading to higher prices and less valuable currency. Many were bankrupt and in debt, this lead to a depression that lasted about three years. This time became known as The Panic of 1819. The Era affected society negatively as well. During this period, the country was unified under one political party. Though, there was little political contrary, there was still tension among the people about social issues. During this time, the issue of slavery was rising. On the other hand, slavery became a prominent issue in society. The north and south had controversy in their differing opinions. It debated whether states should be slave-holding or not. The Missouri Compromise stated that Missouri would be allowed to hold slaves and that Maine would be declared as a free state. At the time, the United States twenty-two states, evenly divided between slave and free. If Missouri was admitted as a slave state, that would upset that balance, so Maine was declared free to even it out. The Monroe Doctrine and Supreme Court Case McCulloch vs. Maryland both contributed to the end The Era of Good Feelings. The period ended in the election of 1824 known as the "corrupt bargain" because of the outcome.