American Economic History

by Hughes, Jonathan

• ISBN13: 9780321011435
• ISBN10: 0321011430
• Edition: 5th
• Format: Hardcover
• Copyright: 1998-01-01
• Publisher: ADDISON WESLEY LONGMAN INC

Summary

The Fifth Edition of American Economic History is preceded by the superb reputation of earlier editions, and of Hughes in particular, known for his writing style. Cain has carefully revised and updated the text while maintaining the elegant writing style. The presentation is nontechnical and rich in economic theory and quantitative techniques.

Table of Contents

Preface	xiii	(3)
Acknowledgments	xvi	(2)
Introduction	xviii
Part One THE COLONIAL PERIOD, 1607-1783	1	(82)
1 OVERSEAS EMPIRE	3	(21)
European Expansion and Discovery	3	(3)
England Overseas	6	(18)
2 COLONIAL DEVELOPMENT	24	(19)
Towns and Seaports	24	(4)
Regional Specialization	28	(8)
The Common-Law Heritage	36	(7)
3 AMERICA ON THE EVE OF REVOLUTION	43	(19)
Population Sources and Growth	43	(4)
Wealth and Income	47	(3)
Was There a Money Shortage in Colonial America?	50	(12)
4 GAINING INDEPENDENCE	62	(21)
Expansion and the Western Lands	62	(2)
British Trade Policy	64	(4)
How Did Britain Affect American Economic Growth?	68	(3)
The End of Colonial Dependence	71	(3)
The War for Independence	74	(2)
How Much Did It Cost to Belong to Britain?	76
Photo Essay: Fur Trappers and Traders	66	(17)
Part Two THE NATIONAL PERIOD AND CONSTITUTIONAL CRISIS, 1783-1861	83	(168)
5 WESTWARD EXPANSION	85	(18)
The Constitutional Settlement of 1789-1791	85	(3)
The Land Ordinances of 1785 and 1787	88	(6)
Territorial Gains, 1790-1853	94	(1)
Disposal of the Public Lands	95	(8)
6 POPULATION AND LABOR FORCE	103	(24)
Size and Natural Increase	103	(3)
Immigration Before 1860	106	(5)
The End of White Servitude and the Continuation of Black Slavery	111	(2)
Labor in American Society Before 1860	113	(4)
Population Expansion and Overall Economic Growth	117	(1)
Income and Wealth Distribution by 1860	118	(9)
7 LAW AND THE RISE OF CLASSICAL AMERICAN CAPITALISM	127	(14)
The Colonial Property Rights Heritage	128	(1)
Real Property Rights	128	(1)
Basic Legal Developments	129	(3)
Law, Income, and Wealth Transfers	132	(2)
Eminent Domain	134	(1)
Incorporation	135	(1)
The Supreme Court and Economic Growth Before 1860	136	(5)
8 TRANSPORTATION, INTERNAL IMPROVEMENTS, AND URBANIZATION	141	(22)
The Internal Improvement Era	142	(1)
Roads, Canals, Steamboats, and Railroads	143	(10)
Urbanization	153
Photo Essay: Canals and Railroads	145	(3)
Photo Essay: Early Roadways and Waterways	148	(6)
Photo Essay: Boomtown	154	(9)
9 AGRICULTURAL EXPANSION: THE CONFLICT OF TWO SYSTEMS ON THE LAND	163	(19)
Settlement and Population	164	(5)
Cotton as a Foreign-Exchange Earner	169	(1)
Agricultural Labor: Dependence on Slavery	170	(3)
Western Expansion of Northern Agriculture	173	(5)
The Compromise Fails	178
Photo Essay: Two Agricultural Cultures	177	(5)
10 THE DEBATE OVER SLAVERY	182	(18)
Why the Controversy?	182	(1)
The Slave Family	183	(3)
Was Slavery Doomed Without Civil War?	186	(5)
Why Did Slavery Persist?	191	(1)
Problems of the Slave "Business Firm"	192	(3)
Retrospect	195	(5)
11 THE EARLY INDUSTRIAL SECTOR	200	(24)
The Direction of Change in Manufacturing	200	(8)
Energy Sources	208	(3)
Industrial Location	211	(4)
Contrasts Between the North and South	215	(1)
Manufacturing and the Tariff Question	216
Photo Essay: Towns and Cities	212	(12)
12 THE FINANCIAL SYSTEM AND THE INTERNATIONAL ECONOMY	224	(27)
Currency and Banking Developments	224	(9)
Other Intermediaries	233	(1)
The Financial Link: U.S. and World Economics	234	(5)
The Financial System and the Business Cycle	239	(3)
The Balance of Payments and the Cycle	242	(4)
Retrospect	246
Photo Essay: The California Gold Rush	236	(5)
Photo Essay: The China Trade	241	(10)
Part Three THE RISE OF AN INDUSTRIAL SOCIETY, 1861-1914	251	(174)
13 ECONOMIC EFFECTS OF THE CIVIL WAR	253	(20)
Measures of the War's Costs	253	(1)
Financing the Civil War	254	(4)
Did the War Aid Industrialization?	258	(2)
Comparative Recovery: The North and the South After the War	260	(8)
Conclusion	268
Photo Essay: The Real Financial Costs of War	255	(18)
14 RAILROADS AND ECONOMIC DEVELOPMENT	273	(17)
Completion of the Rail Network	274	(3)
Railroads and Economic Growth	277	(3)
Railroads and the Attack on Big Business	280	(4)
Photo Essay: Railroad Expansion	284	(6)
15 POST-CIVIL WAR AGRICULTURE	290	(19)
The Homestead and the End of the Frontier Era	290	(6)
Expanding Agriculture and the Price Dilemma	296	(2)
The Farmers' Complaint	298	(2)
Closing the Frontier: A Glimpse of the Far Future	300	(2)
Photo Essay: Farm Technology Moves West	302	(7)
16 POPULATION GROWTH AND THE ATLANTIC MIGRATION	309	(16)
Trends	309	(2)
Immigration and Growth	311	(6)
The Urban Magnet	317	(1)
Photo Essay: Immigration and the Urban Magnet	318	(7)
17 INDUSTRIALIZATION AND URBAN GROWTH	325	(29)
Preliminary Observations	325	(1)
The Rise of Heavy Industry	326	(10)
Expansion of the Market	336	(2)
Urban Growth	338	(5)
Industrial Growth Under Capitalism	343
Photo Essay: Factories and Mass Production	332	(5)
Photo Essay: Scale Economies in the Retailing Revolution	337	(3)
Photo Essay: Early Urban Mass Transit	340	(6)
Photo Essay: Invention and Innovation	346	(8)
18 BIG BUSINESS AND GOVERNMENT INTERVENTION	354	(18)
Legal Changes: Corporations and the Law	355	(4)
The Pivotal Point: Munn v Illinois	359	(3)
The Antitrust Acts	362	(3)
Remarks on Government Intervention	365
Photo Essay: The Gilded Age	356	(16)
19 FINANCIAL DEVELOPMENTS, 1863-1919	372	(20)
Creating Financial Intermediation	372	(7)
Investment Banking and the Capital Market	379	(2)
The Currency Question	381	(4)
What Did the Populists Want?	385	(7)
20 THE GIANT ECONOMY AND ITS INTERNATIONAL RELATIONS	392	(17)
Trends in Trade and Payments	392	(3)
The Tariff Question Again	395	(4)
The Gold Standard in 1900	399	(3)
International Capital Flows	402	(7)
21 LABOR AND THE LAW	409	(16)
Labor's Social Position	409	(7)
The Emergence of National Unions	416	(3)
Antitrust Law and the Unions	419	(1)
Prelude to the 1930s	420
Photo Essay: Women and Children in the Labor Force	414	(4)
Photo Essay: Labor Unrest	418	(7)
Part Four THE EXPANSION OF FEDERAL POWER, 1914-1945	425	(94)
22 THE COMMAND ECONOMY EMERGES: WORLD WAR I	427	(13)
The Income Tax Amendment of 1913	427	(1)
World War I: The Numbers	428	(6)
The Command Economy	434	(2)
The Legacy of Wartime Control	436
Photo Essay: Modern War	429	(11)
23 "NORMALCY": 1919-1929	440	(20)
Income Distribution	440	(1)
The Expansion of the 1920s	441	(6)
The Financial Sector	447	(3)
The Great Crash	450	(6)
Explanations	456
Photo Essay: The New Leisure	442	(12)
Photo Essay: Location by Automobile	454	(6)
24 THE GREAT DEPRESSION	460	(23)
Perspective	460	(2)
1929-1941: The Statistical Bare Bones	462	(7)
Explanations of the Great Depression	469	(9)
Where Things Stand	478
Photo Essay: The Great Depression	465	(8)
Photo Essay: Urban Growth	473	(10)
25 THE NEW DEAL	483	(20)
Emergency Measures	483	(1)
The First New Deal	484	(6)
The Second New Deal	490	(4)
What Were They Doing?	494	(1)
The New Deal: A Social Revolution?	495	(3)
The Legacy of the Depression	498
Photo Essay: The New Deal Out of Doors	492	(11)
26 THE "PROSPERITY" OF WARTIME	503	(16)
The Scope of War Mobilization	504	(2)
Financing the War	506	(5)
The War, Labor, and Family Income	511	(2)
Consumption and Investment	513	(2)
The Keynesian Lesson	515
Photo Essay: Modern War Again	508	(11)
Part Five BRAVE NEW WORLD? 1945-PRESENT	519	(92)
27 FROM WORLD WAR II TO THE NEW FRONTIER	521	(14)
The Short Peace	522	(2)
The Postwar International Reorganization	524	(5)
The Korean War and Eisenhower's Era of Stability	529
Photo Essay: Prosperity Again	526	(9)
28 LABOR AND THE TERTIARY SECTOR	535	(22)
Opportunity Cost and the Tertiary Sector	536	(6)
Rise of the Tertiary Sector	542	(11)
The Paradox of Tertiary Employment	553
Photo Essay: Facing the Environmental Crisis	537	(4)
Photo Essay: The Information Industry	541	(16)
29 INDUSTRIAL DEVELOPMENTS	557	(24)
Distribution of Employment and Value Added	558	(1)
Structure of Recent Industrial Growth	559	(1)
The Productivity Issue	560	(2)
Decline of American Preeminence in Steel and Motor Vehicles	562	(10)
A Note on Industrial Retardation	572	(4)
Addendum on Modern Agriculture	576
Photo Essay: Competition Forces Progress	570	(11)
30 FROM THE NEW FRONTIER TO REAGANOMICS AND BEYOND: 1960-1995	581	(21)
Some Background Considerations	582	(2)
The Fiscal Legacy of Camelot	584	(1)
The New Wave of Controls	585	(3)
The Long Peacetime Inflation	588	(3)
The Deluge: The 1970s	591	(4)
Reaganomics: The 1980s	595	(4)
Postcript: The 1990s	599
Photo Essay: International Markets	596	(6)
31 DOES OUR PAST HAVE A FUTURE?	602	(9)
Assets	602	(3)
Liabilities	605	(4)
Net Worth	609	(2)
Glossary	611	(5)
Credits	616	(2)
Name Index	618	(8)
Subject Index	626