An Economic History of the United States: Connecting the Present with the Past

Description

An Economic History of the United States presents an engaging way of studying this fascinating field. Mark V. Siegler takes a thematic approach, and provides both the theoretical foundations and historical background needed to gain an in-depth understanding of the history of important economic issues in the U.S. Every chapter examines a specific topic, and the chapters are linked to each other to provide an overall view. The chronological approach is represented with a useful timeline as an appendix to show where the specific topics fi t in the chronology. Chapter topics include: long-run causes of economic growth; economic history of income and wealth inequality; slavery, segregation, and discrimination; immigration and immigration policies; and an economic history of recessions and depressions. The book: integrates classic and recent scholarship emphasizes international and comparative elements that link current economic issues in the U.S. to the longer history applies the tools of economics throughout includes helpful features, such as ‘Economic History in Action’ boxes and end-of-chapter questions. Written in a clear and accessible style, An Economic History of the United States is the ideal textbook for students who seek a thorough understanding of the subject. Cover......Page 1 Contents......Page 5 List of Figures......Page 21 List of Tables......Page 25 List of “Economic History in Action” Boxes......Page 26 Preface for Instructors......Page 27 Author’s Acknowledgments......Page 32 Publisher’s Acknowledgments......Page 34 Chapter 1 Introduction to U.S. Economic History......Page 35 1.1 What is Economics?......Page 38 1.2 The Method of Economics......Page 41 1.3 The Supply and Demand Model......Page 45 1.4 Markets and Government......Page 50 1.5 What is Economic History?......Page 52 1.6 Conclusions......Page 55 Chapter 2 Standards of Living and American Economic Growth......Page 59 2.1 Measuring Standards of Living......Page 61 2.2 The Importance of Labor Productivity......Page 68 2.3 Growth Accounting and the Proximate Causes of Growth......Page 69 2.4 Fundamental Sources of Growth......Page 74 2.5 Conclusions......Page 76 Chapter 3 European Settlement and the Columbian Exchange......Page 81 3.1 The Columbian Exchange......Page 82 3.2 North America before European Settlement......Page 83 3.4 The Voyages of Discovery and European Settlement......Page 88 3.5 The American Colonial Economies......Page 96 3.6 Conclusions......Page 98 4.1 The Economics of Institutional Development......Page 102 4.2 The American Revolution......Page 105 4.3 The Constitution......Page 108 4.4 Long-Term Institutional Changes......Page 110 4.5 Conclusions......Page 115 Chapter 5 The Financial System and Capital Accumulation......Page 120 5.1 Federal Government Finances......Page 121 5.2 Banks and Financial Intermediaries......Page 123 5.3 Money......Page 130 5.4 Securities......Page 132 5.5 Interest Rates and the Theory of Loanable Funds......Page 134 5.6 Investment, Capital Accumulation, and Economic Growth......Page 135 5.7 Conclusions......Page 137 Chapter 6 Natural Capital......Page 141 6.1 Natural Capital and Institutional Developments......Page 142 6.3 Territorial Expansion and Federal Land Policies......Page 143 6.4 Natural Capital and Market Growth......Page 149 6.5 Natural Capital, Manufacturing, and Industrialization......Page 150 6.6 Resource Curse or Blessing?......Page 154 6.7 Markets, Scarcity, and Natural Capital Depletion......Page 155 6.8 Conclusions......Page 157 7.1 Population Growth......Page 161 7.2 International and Internal Migration......Page 165 7.3 The Fertility Transition......Page 170 7.4 The Mortality Transition......Page 176 7.5 Conclusions......Page 179 Chapter 8 Transportation and Communication......Page 183 8.1 Toll Roads and Wagon Trails......Page 184 8.2 Water Transportation......Page 187 8.3 Rail Transportation......Page 189 8.4 Highways and Automobiles......Page 193 8.5 Air Transportation......Page 195 8.6 Communication......Page 196 8.7 Conclusions......Page 200 Chapter 9 Agriculture......Page 205 9.1 Farm Output......Page 206 9.2 Growth in the Factors of Production......Page 211 9.3 Productivity Growth......Page 213 9.5 Agricultural Policies......Page 221 9.6 Conclusions......Page 224 Chapter 10 Manufacturing and Industrialization......Page 229 10.1 Early Manufacturing and the Emergence of Factories......Page 231 10.2 The Rise of Big Business......Page 238 10.3 The Interwar Years......Page 242 10.4 Decades of Dominance......Page 244 10.5 The Decline of Manufacturing?......Page 245 10.6 Conclusions......Page 246 Chapter 11 Education......Page 251 11.1 Education and Government......Page 252 11.2 Education in the American Colonies......Page 254 11.3 The Common School Movement......Page 255 11.4 The American High School......Page 259 11.5 Higher Education......Page 261 11.6 Educational Reforms Since World War II......Page 264 11.7 Conclusions......Page 268 Chapter 12 Labor and Labor Markets......Page 273 12.1 Labor Markets......Page 274 12.2 Labor Force Participation Rates......Page 276 12.3 Labor Unions......Page 280 12.4 Working Conditions and the Nature of Work......Page 284 12.5 Unemployment......Page 287 12.6 Conclusions......Page 290 Chapter 13 The Distribution of Income and Wealth......Page 294 13.1 Measuring Inequality......Page 295 13.2 Labor Markets and Earnings Inequality......Page 297 13.3 Income and Wealth Inequality in Historical Perspective......Page 300 13.4 Poverty......Page 308 13.5 Economic Mobility......Page 311 13.6 Conclusions......Page 313 14.1 The Economics of Discrimination......Page 317 14.2 African-American Convergence......Page 323 14.3 Hispanic and Asian Americans......Page 332 14.4 Gender Convergence......Page 333 14.5 Conclusions......Page 337 Chapter 15 Immigration and Immigration Policies......Page 341 15.1 The Determinants of International Migration......Page 342 15.2 U.S. Immigration Patterns and Policies......Page 345 15.3 The Economic Impacts of Immigration......Page 353 15.4 Conclusions......Page 357 Chapter 16 The Growth of Government......Page 361 16.1 Demand-Side Theories of Government......Page 363 16.2 Supply-Side Theories of Government......Page 368 16.3 Wars, Crises, and the Ratchet Effect......Page 370 16.4 Federal, State, and Local Government Expenditures and Revenues......Page 373 16.5 Deficits and Debt......Page 376 16.6 Conclusions......Page 379 Chapter 17 Regulation and Antitrust Policies......Page 382 17.1 Market Power and Deadweight Losses......Page 383 17.2 Antitrust Policies......Page 387 17.3 Regulation of Natural Monopolies......Page 395 17.4 Deregulation......Page 396 17.5 Conclusions......Page 398 Chapter 18 Recessions, Depressions, and Stabilization Policies......Page 400 18.1 Measurement and Properties of Economic Fluctuations......Page 401 18.2 The Causes and Cures of Economic Fluctuations......Page 403 18.3 The Great Depression......Page 410 18.4 The Great Inflation......Page 415 18.5 The Great Recession......Page 417 18.6 Conclusions......Page 421 Chapter 19 Negative Externalities and Common Resources......Page 425 19.1 Negative Externalities and the Common-Pool Problem......Page 426 19.2 History of Environmental Policies......Page 431 19.3 Recent Environmental Issues......Page 436 19.4 Conclusions......Page 442 Chapter 20 Social Spending and the Welfare State......Page 445 20.1 Social Assistance Programs......Page 446 20.2 Pensions and Social Security......Page 455 20.3 Health Care......Page 459 20.4 Social Spending and Economic Growth......Page 461 20.5 Conclusions......Page 462 Chapter 21 Connecting the Present with the Past and Future......Page 467 21.1 Economic Growth......Page 468 21.3 Economic Fluctuations......Page 469 21.5 Conclusions......Page 470 Appendix: Chronology of Important Events......Page 472 Index......Page 487