History of the American Economy with Economic Applications

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ISBN: 9780324259698 | 0324259697
Cover: Hardcover
Copyright: 5/3/2004

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One of the first U.S. economic history books on the market, this classic text ties America?s past to the economic policies and debates of today and beyond. Presenting economic events chronologically for ease of understanding and to provide continuity, the authors equip students with a firm foundation in the evolution of American economic history.

Preface

xiii

Growth, Welfare, and the American Economy

(23)

Americans 1900--2000

(9)

A Study with a Purpose

(14)

Part One The Colonial Era: 1607--1776

(98)

Founding the Colonies

(24)

European Background to the Voyages of Discovery

(1)

Portugal and the First Discoveries

(1)

Portugal and Spain: Expanding Empires

(2)

The Latecomers: Holland, France, and England

(1)

First British Settlements in North America

(1)

Early Reforms

(6)

Demographic Change

(12)

Colonial Economic Activities

(18)

Land and Natural Resource Abundance, Labor Scarcity

(1)

Capital Scarcity

(1)

The Dominance of Agriculture

(6)

The Extractive Industries

(3)

The Manufacturing Industries

(4)

Occupational Groups

(4)

The Economic Relations of the Colonies

(19)

English Mercantilism and the Colonies

(2)

Exports, Imports, and Markets

(1)

Overseas Shipping and Trade

(4)

Intercolonial Commerce

(1)

Money and Trade

(2)

Money, Debts, and Creditors

(1)

Trade Deficits with England

(8)

Economic Progress and Wealth

(19)

Growth and Change in the Colonial Economy

(8)

Technological Change and Productivity

(4)

Speculations on Early Growth Rates

(1)

Per Capita Wealth and Income, 1774

100

(1)

The Distribution of Income and Wealth

101

(5)

Three Crises and Revolt

106

(16)

The Old Colonial Policy

106

(3)

The New Colonial Policy and the First Crisis

109

(2)

More Changes and the Second Crisis

111

(1)

The Third Crisis and Rebellion

111

(11)

Part Two The Revolutionary, Early National, and Antebellum Eras: 1776--1860

122

(140)

Hard Realities for a New Nation

124

(16)

The War and Economy

124

(3)

The Constitution

127

(3)

American Independence and Economic Change

130

(1)

A Quantitative Analysis of Economic Change

131

(2)

War, Neutrality, and Economic Resurgence

133

(7)

Land and the Early Western Movements

140

(22)

The Acquisition of the Public Domain

140

(7)

The Migrations to the West

147

(6)

The Southwestern Migration and Cotton

153

(4)

The Far Western Migration

157

(5)

Transportation and Market Growth

162

(22)

The Antebellum Transportation Revolution

162

(2)

The Routes of Western Commerce

164

(1)

Steamboats and the Natural Waterways

165

(5)

Public Versus Private Initiative on the Natural Waterways

170

(1)

The Canal Era

170

(4)

The Iron Horse

174

(1)

Roads

175

(2)

The Antebellum Interregional Growth Hypothesis

177

(1)

Ocean Transport

178

(6)

Market Expansion and Industry in First Transition

184

(19)

Early Changes in U.S. Manufacturing

184

(7)

Prerequisites to Factory Production

191

(4)

Productivity Advances in Manufactures

195

(1)

Protection From Foreign Competition

196

(7)

Labor During the Early Industrial Period

203

(19)

The Growth of the Population and the Labor Force

203

(1)

The Changing Labor Force Distribution and Composition

204

(4)

The Impact of Immigration

208

(1)

The Wages of Male Labor in Manufacturing

209

(3)

Growing Inequality of Income

212

(1)

The Early Union Movement

213

(4)

Political Gains for Common Working People

217

(5)

Money and Banking in the Developing Economy

222

(19)

The American Monetary Unit

222

(1)

The Bimetallic Standard

223

(1)

Bank Notes as Paper Money

224

(1)

The First Bank of the United States

225

(3)

The Second Bank of the United States

228

(4)

Economic Fluctuations and the Second Bank

232

(2)

Experiments in State Banking Controls

234

(2)

The Economic Consequences of the Gold Rush

236

(5)

The Entrenchment of Slavery and Regional Conflict

241

(21)

African Slavery in the Western Hemisphere

241

(1)

First U.S. Constraints on Slavery

242

(4)

Plantation Efficiency

246

(6)

Economic Exploitation

252

(2)

Economic Entrenchment and Regional Incomes

254

(1)

Political Compromises and Regional Conflict

255

(7)

Part Three The Reunification Era: 1860--1920

262

(152)

War, Recovery, and Regional Divergence

264

(21)

The Economics of War

265

(3)

The Civil War and Northern Industrialization

268

(2)

Economic Retardation in the South

270

(5)

The Legacy of Slavery

275

(10)

Agriculture's Western Advance

285

(22)

The Expansion of Land under Cultivation

286

(1)

Federal Land Policy

286

(2)

The Impact of Federal Land Policy

288

(2)

Growth and Change in Agriculture

290

(3)

Hard Times on the Farm, 1864--1896

293

(5)

Agrarian Political Organizations

298

(3)

The Beginnings of Federal Assistance to Agriculture

301

(1)

Natural Resource Conservation: The First Stages

302

(5)

Railroads and Economic Change

307

(19)

The Transcontinentals

308

(1)

Total Construction: Page and Patterns

309

(3)

Railroad Building and Railroad Demand

312

(1)

Land Grants, Financial Assistance, and Private Capital

313

(2)

Unscrupulous Financial Practices

315

(1)

Rate Setting and Regulation in Railroad Markets

315

(6)

Railroads and Economic Growth

321

(5)

Industrial Expansion and Concentration

326

(22)

Structural Change and Industry Composition

326

(9)

Economies of Scale and Industry Concentration

335

(2)

The Two Phases of the Concentration Movement

337

(4)

Legislation and Legal Actions

341

(7)

The Emergence of America's Labor Consciousness

348

(21)

Demographic Change and the Supply of Labor

348

(3)

Immigration, Politics, and Economic Effect

351

(3)

Gains for Workers in the Postbellum Period

354

(6)

Unions, Employers, and Conflict, 1860--1914

360

(5)

Labor's Gains and the Unions

365

(4)

Money, Prices and Finance in the Postbellum Era

369

(22)

New Forms of Currency

370

(4)

Gold, Greenbacks, or Bimetallism?

374

(9)

Financial Capital, Investment Banking, and the National Debt

383

(2)

Bank Panics and the Establishment of the Federal Reserve System

385

(6)

Commerce at Home and Abroad

391

(23)

Urbanization

391

(2)

Marketing and Selling

393

(6)

Product Differentiation and Advertising

399

(1)

The First Steps Toward Consumer Protection

399

(4)

Foreign Trade

403

(3)

The Acceptance of Protectionist Doctrines

406

(2)

The United States in an Imperialist World

408

(6)

Part Four War, Depression, and War Again: 1914--1946

414

(104)

World War I, 1914--1918

416

(14)

The Origins of War

416

(1)

U.S. Involvement

417

(4)

Replacement of the Market with a Command System

421

(3)

Labor during the War

424

(2)

The Legacies of World War I

426

(4)

The Roaring Twenties

430

(22)

Social Changes in the Aftermath of War

430

(1)

New Goods and the Rise of the Middle Class

431

(5)

The Labor Force in the Twenties

436

(4)

On the Land

440

(2)

Were the Rich Getting Richer While the Poor Got Poorer?

442

(1)

Macroeconomic Policies

443

(2)

International Developments

445

(1)

The Great Bull Market

446

(6)

The Great Depression

452

(21)

Dimensions of the Depression

453

(1)

Causes of the Great Depression

454

(6)

The Role of the Financial Crisis

460

(3)

Why Didn't the Federal Reserve Save the Banking System?

463

(2)

Fiscal Policy in the 1930s

465

(1)

Partial Recovery and then a New Downturn

466

(3)

Can It Happen Again?

469

(1)

What Does the Depression Tell Us about Capitalism?

469

(4)

The New Deal

473

(21)

The First New Deal: Relief and Recovery

474

(5)

Agriculture and the New Deal

479

(6)

Labor and the New Deal

485

(3)

The Supreme Court and the New Deal

488

(1)

The Second New Deal: The Welfare State

489

(1)

The Critics of the New Deal

490

(1)

The Legacy of the New Deal

491

(3)

World War II

494

(24)

Mobilizing for War

494

(5)

Fiscal and Monetary Policy

499

(4)

Wage and Price Controls

503

(2)

Wartime Prosperity?

505

(1)

Labor Relations during the War

506

(2)

Wartime Minority Experiences

508

(1)

Agriculture during the War

509

(3)

Demobilization and Reconversion

512

(6)

Part Five The Postwar Era: 1946 to the Present

518

(89)

The Changing Role of the U.S. Government

520

(24)

The Size of Government in the Postwar Era

520

(4)

The Liberal Era, 1945--1976: Continued Expansion

524

(4)

The Conservative Era, 1976--2000

528

(2)

Agriculture

530

(5)

The Environment and the Legacy of the Conservation Movement

535

(3)

Can the Principles of Economics Explain the Growth of the Government?

538

(6)

Growth and the Business Cycle after World War II

544

(21)

The Keynesian Era

545

(9)

Monetarism and Its Descendants

554

(8)

Was the Economy More Stable after World War II Than before the Depression?

562

(3)

Manufacturing, Productivity, and Labor

565

(27)

Employment Patterns

565

(1)

Gales of Creative Destruction

566

(6)

Changes in the Organization of Industry

572

(3)

The Rise of the Service Sector

575

(1)

The Changing Role of Women in the Labor Force

576

(4)

Minorities

580

(4)

The New Immigration

584

(2)

Unions

586

(1)

Real Wage

587

(5)

Achievements of the Past, Challenges for the Future

592

(15)

The Achievements of the Past

592

(1)

Real Income Has Grown Rapidly

592

(7)

Challenges for the Future

599

(4)

Prophets of Decline

603

(4)

Subject Index

607

(9)

Name Index

616

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History of the American Economy with Economic Applications

Summary

Table of Contents

Supplemental Materials