American Economic History

by Hughes, Jonathan; Cain, Louis P.

• ISBN13: 9780321278890
• ISBN10: 0321278895
• Edition: 7th
• Format: Paperback
• Copyright: 2007-01-01
• Publisher: Addison Wesley

Summary

In simple, elegant language,HughesandCain walk students through four centuries of political, social, and economic history, with a focus on laws and institutions and an emphasis on current economic topics that reflects the latest scholarship. Rich in both quantitative techniques and economic theory,American Economic Historydemonstrates how an understanding of our past can illuminate economic issues that face society today and in the future.

Table of Contents

Preface	xiii
Acknowledgments	xvi
Introduction	xviii
PART 1 THE COLONIAL PERIOD, 1607--1783	1	(85)
Overseas Empire	5	(22)
European Expansion and Discovery	5	(3)
England Overseas	8	(19)
Colonial Development	27	(19)
Towns and Seaports	27	(3)
Regional Specialization	30	(10)
The Common-Law Heritage	40	(6)
America on the Eve of Revolution	46	(20)
Population Sources and Growth	46	(4)
Wealth and Income	50	(3)
Was There a Money Shortage in Colonial America?	53	(13)
Gaining Independence	66	(20)
Expansion and the Western Lands	66	(2)
British Trade Policy	68	(4)
How Did Britain Affect American Economic Growth?	72	(2)
The End of Colonial Dependence	74	(4)
The War for Independence	78	(2)
How Much Did It Cost to Belong to Britain?	80	(6)
Photo Essay: Fur Trappers and Traders	70	(16)
PART 2 THE NATIONAL PERIOD AND CONSTITUTIONAL CRISIS, 1783--1861	86	(176)
Westward Expansion	89	(18)
The Constitutional Settlement of 1789--1791	89	(3)
The Land Ordinances of 1785 and 1787	92	(6)
Territorial Gains 1790--1853	98	(1)
Disposal of the Public Lands	98	(9)
Population and Labor Force	107	(26)
Size and Natural Increase	107	(3)
Immigration Before 1860	110	(4)
The End of White Servitude and the Continuation of Black Slavery	114	(4)
Labor in American Society Before 1860	118	(4)
Population Expansion and Overall Economic Growth	122	(1)
Income and Wealth Distribution by 1860	123	(10)
Law and the Rise of Classical American Capitalism	133	(15)
The Colonial Property Rights Heritage	133	(1)
Real Property Rights	134	(1)
Basic Legal Developments	135	(3)
Law, Income, and Wealth Transfers	138	(3)
Eminent Domain	141	(1)
Incorporation	141	(1)
The Supreme Court and Economic Growth Before 1860	142	(6)
Transportation, Internal Improvements, and Urbanization	148	(22)
The Internal Improvement Era	149	(1)
Roads, Canals, Steamboats, and Railroads	150	(9)
Urbanization	159	(11)
Photo Essay: Early Roadways and Waterways	156	(6)
Photo Essay: Boomtown	162	(8)
Agricultural Expansion: The Conflict of Two Systems on the Land	170	(19)
Settlement and Population	171	(5)
Cotton as a Foreign-Exchange Earner	176	(1)
Agricultural Labor: Dependence on Slavery	177	(3)
Western Expansion of Northern Agriculture	180	(4)
The Compromise Fails	184	(5)
Photo Essay: Two Agricultural Cultures	185	(4)
The Debate over Slavery	189	(19)
Why the Controversy?	189	(1)
The Slave Family	190	(3)
Was Slavery Doomed Without Civil War?	193	(5)
Why Did Slavery Persist?	198	(2)
Problems of the Slave ``Business Firm''	200	(3)
Retrospect	203	(5)
The Early Industrial Sector	208	(26)
The Direction of Change in Manufacturing	208	(9)
Energy Sources	217	(2)
Industrial Location	219	(4)
Contrasts Between the North and South	223	(2)
Manufacturing and the Tariff Question	225	(9)
Photo Essay: Towns and Cities	220	(14)
The Financial System and the International Economy	234	(28)
Currency and Banking Developments	234	(9)
Other Intermediaries	243	(1)
The Financial Link: U.S. and World Economics	244	(6)
The Financial System and the Business Cycle	250	(3)
The Balance of Payments and the Cycle	253	(2)
Retrospect	255	(7)
Photo Essay: The California Gold Rush	246	(6)
Photo Essay: The China Trade	252	(10)
PART 3 THE RISE OF AN INDUSTRIAL SOCIETY, 1861--1914	262	(178)
Economic Effects of the Civil War	265	(22)
Measures of the War's Costs	265	(1)
Financing the Civil War	266	(4)
Did the War Aid Industrialization?	270	(2)
Comparative Recovery: The North and the South After the War	272	(8)
Conclusion	280	(7)
Photo Essay: The Real Financial Costs of War	267	(20)
Railroads and Economic Development	287	(17)
Completion of the Rail Network	288	(3)
Railroads and Economic Growth	291	(3)
Railroads and the Attack on Big Business	294	(10)
Photo Essay: Railroad Expansion	298	(6)
Post-Civil War Agriculture	304	(19)
The Homestead and the End of the Frontier Era	304	(6)
Expanding Agriculture and the Price Dilemma	310	(2)
The Farmers' Complaint	312	(2)
Closing the Frontier: A Glimpse of the Far Future	314	(9)
Photo Essay: Farm Technology Moves West	316	(7)
Population Growth and the Atlantic Migration	323	(16)
Trends	323	(2)
Immigration and Growth	325	(6)
The Urban Magnet	331	(8)
Photo Essay: Immigration and the Urban Market	332	(7)
Industrialization and Urban Growth	339	(30)
Preliminary Observations	339	(1)
The Rise of Heavy Industry	340	(11)
Expansion of the Market	351	(2)
Urban Growth	353	(4)
Industrial Growth Under Capitalism	357	(12)
Photo Essay: Factories and Mass Production	348	(4)
Photo Essay: Scale Economies in the Retailing Revolution	352	(2)
Photo Essay: Early Urban Mass Transit	354	(6)
Photo Essay: Invention and Innovation	360	(9)
Big Business and Government Intervention	369	(18)
Legal Changes: Corporations and the Law	370	(4)
The Pivotal Point: Munn v. Illinois	374	(3)
The Antitrust Acts	377	(3)
Remarks on Government Intervention	380	(7)
Photo Essay: The Gilded Age	371	(16)
Financial Developments 1863--1914	387	(21)
Creating Financial Intermediation	387	(7)
Investment Banking and the Capital Market	394	(3)
The Currency Question	397	(3)
What Did the Populists Want?	400	(8)
The Giant Economy and Its International Relations	408	(18)
Trends in Trade and Payments	408	(4)
The Tariff Question Again	412	(4)
The Gold Standard in 1900	416	(3)
International Capital Flows	419	(7)
Photo Essay: The Tariff	418	(8)
Labor and the Law	426	(14)
Labor's Social Position	427	(6)
The Emergence of National Unions	433	(3)
Antitrust Law and the Unions	436	(1)
Prelude to the 1930s	437	(3)
Photo Essay: Women and Children in the Labor Force	430	(5)
Photo Essay: Labor Unrest	435	(5)
PART 4 THE EXPANSION OF FEDERAL POWER, 1914--1945	440	(102)
The Command Economy Emerges: World War I	443	(14)
The Income Tax Amendment of 1913	443	(1)
World War I: The Numbers	444	(6)
The Command Economy	450	(2)
The Legacy of Wartime Control	452	(5)
Photo Essay: Modern War	445	(12)
``Normalcy'': 1919--1929	457	(22)
Income Distribution	457	(1)
The Expansion of the 1920s	458	(8)
The Financial Sector	466	(3)
The Great Crash	469	(6)
Explanations	475	(4)
Photo Essay: The New Leisure	460	(10)
Photo Essay: Location by Automobile	470	(9)
The Great Depression	479	(25)
Perspective	479	(2)
1929--1941: The Statistical Bare Bones	481	(7)
Explanations of the Great Depression	488	(10)
Where Things Stand	498	(6)
Photo Essay: The Great Depression	484	(8)
Photo Essay: Urban Growth	492	(12)
The New Deal	504	(22)
Emergency Measures	504	(2)
The First New Deal	506	(5)
The Second New Deal	511	(4)
What Were They Doing?	515	(1)
The New Deal: A Social Revolution?	516	(3)
The Legacy of the Depression	519	(7)
Photo Essay: The New Deal Out of Doors	512	(14)
The ``Prosperity'' of Wartime	526	(16)
The Scope of War Mobilization	527	(2)
Financing the War	529	(5)
The War, Labor, and Family Income	534	(2)
Consumption and Investment	536	(2)
The Keynesian Lesson	538	(4)
Photo Essay: Modern War Again	530	(12)
PART 5 BRAVE NEW WORLD? 1945--PRESENT	542	(122)
Before the New Frontier: The Postwar Economy	547	(14)
The Employment Act and Economic Stability, at Last	547	(7)
Postwar International Reorganization	554	(4)
General Considerations	558	(3)
Photo Essay: Prosperity Again	556	(5)
Population, Labor, and the Tertiary Sector	561	(29)
Population	561	(3)
Labor	564	(6)
Labor Force	570	(10)
Income Distribution	580	(3)
The Paradox of Tertiary Employment	583	(7)
Photo Essay: Facing the Enviornmental Crisis	567	(6)
Photo Essay: The Information Industry	573	(17)
Postwar Industry and Agriculture	590	(32)
Distribution of Employment and Value Added	591	(1)
Structure of Recent Industrial Growth	592	(1)
The Productivity Issue	593	(4)
The Old Economy: Decline of American Preeminence in Steel and Automobiles	597	(9)
The New Economy: American Preeminence in Electronics	606	(6)
Domestic Changes in Industrial Location	612	(2)
Modern Agriculture	614	(8)
Photo Essay: Competition Forces Progress	596	(12)
Photo Essay: Electronic Calculators	608	(14)
To the New Millennium and Beyond	622	(33)
The Fiscal Legacy of Camelot	623	(1)
The New Wave of Controls	624	(4)
The Long Peacetime Inflation	628	(8)
Stagflation and ``Supply-Side'' Economics	636	(12)
The Roaring 90s	648	(7)
Photo Essay: Alternative Energy	638	(9)
Photo Essay: International Markets	647	(8)
Does Our Past Have a Future?	655	(9)
Assets	655	(3)
Liabilities	658	(4)
Net Worth	662	(2)
Glossary	664	(6)
Credits	670	(3)
Name Index	673	(8)
Subject Index	681