History of the American economy

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Title page Copyright page Brief Contents Contents Preface Acknowledgments About the Authors Chapter 1: Growth, Welfare, and the American Economy Americans 1900–2017 A Study with a Purpose Nation Building Critical Skills for Personal Development The Long Road Out of Poverty An Institutional Road Map to Plenty Part 1 The Colonial Era: 1607–1776 Chapter 2: Founding the Colonies European Background to the Voyages of Discovery European Roots and Expanding Empires Portugal and the First Discoveries Portugal and Spain: Expanding Empires The Latecomers: Holland, France, and England First British Settlements in North America Perilous Beginnings Early Reforms Bringing in Settlers Demographic Change Underpopulation Despite High Rates of Population Growth Population Growth in British North America The Racial Profile Imperial European Rivalries in North America Chapter 3: Colonial Economic Activities Land and Natural Resource Abundance, Labor Scarcity Agriculture and Regional Specializations The Southern Colonies The Middle Colonies New England The Extractive Industries Furs, Forests, and Ores Sea Products The Manufacturing Industries Household Manufacture and Craftshops Mills and Yards Shipbuilding Occupational Groups Chapter 4: The Economic Relations of the Colonies English Mercantilism and the Colonies The Early Navigation Acts Exports, Imports, and Markets Overseas Shipping and Trade Intercolonial Commerce Money and Trade Commodity Money Coins, Specie, and Paper Money Trade Deficits with England Interpretations: Money, Debt, and Capital Chapter 5: Economic Progress and Wealth Growth and Change in the Colonial Economy Productivity Change in Agriculture Productivity Gains in Transportation and Distribution Technological Change and Productivity Wealth Holdings in the Colonies Per Capita Wealth and Income, 1774 The Distribution of Income and Wealth Chapter 6: Three Crises and Revolt The Old Colonial Policy The New Colonial Policy and the First Crisis More Changes and the Second Crisis The Third Crisis and Rebellion Support in the Countryside Economic Exploitation Reconsidered Part 2 The Revolutionary, Early National, and Antebellum Eras: 1776–1860 Chapter 7: Hard Realities for a New Nation The War and the Economy The Constitution American Independence and Economic Change A Quantitative Analysis of Economic Change War, Neutrality, and Economic Resurgence Chapter 8: Land and the Early Westward Movements The Acquisition of the Public Domain Disposing of the Public Domain The Northwest Land Ordinance of 1785 The Northwest Ordinance of 1787 The Later Land Acts, 1796–1862 The Migrations to the West The Northwestern Migration and Hogs, Corn, and Wheat Agricultural Specialization and Regional Dislocation The Southwestern Migration and Cotton The Far Western Migration Chapter 9: Transportation and Market Growth The Antebellum Transportation Revolution The Routes of Western Commerce Steamboats and the Natural Waterways Competition, Productivity, and Endangered Species Public versus Private Initiative on the Natural Waterways The Canal Era The Iron Horse Roads Turnpikes The Antebellum Interregional Growth Hypothesis Ocean Transport Chapter 10: Market Expansion and Industry in First Transition Early Changes in U.S. Manufacturing The Decline of Household Production Craftshops and Mills The Emergence of U.S. Factories The Lowell Shops and the Waltham System Iron and Other Factories The Rise of Corporate Organization Leading Industries, 1860 Prerequisites to Factory Production Machines and Technology Standardized Interchangeable Parts Continuous Process and Assembly Lines Power and Energy Factor Proportions and Borrowing and Adapting Technology Productivity Advances in Manufactures Protection from Foreign Competition Chapter 11: Labor during the Early Industrial Period The Growth of the Population and the Labor Force The Changing Labor Force Distribution and Composition Factories and Workers The Rhode Island and Waltham Systems The Impact of Immigration The Wages of Male Labor in Manufacturing English–American Wage Gaps Skilled–Unskilled Wage Ratios Growing Inequality of Income The Early Union Movement Legal Setbacks and Gains Organizational Gains Political Gains for Common Working People Suffrage Public Education Debts, Military Service, and Jail The 10-Hour Day Chapter 12: Money and Banking in the Developing Economy The “Federalist Financial Revolution" The Debt The American Monetary Unit The Bimetallic Standard Bank Notes as Paper Money The First Bank of the United States The Second Bank of the United States Economic Fluctuations and the Second Bank Experiments in State Banking Controls The Suffolk System Free Banking The Depression of 1837–1844 The Economic Consequences of the Gold Rush Chapter 13: The Entrenchment of Slavery and Regional Conflict African Slavery in the Western Hemisphere First U.S. Constraints on Slavery Northern Emancipation at Bargain Prices The Persistence of Southern Slavery Plantation Efficiency Economic Exploitation Economic Entrenchment and Regional Incomes Political Compromises and Regional Conflict Part 3: The Reunification Era: 1860–1920 Chapter 14: War, Recovery, and Regional Divergence The Economics of War Trade and Finance Policies South and North The Civil War and Northern Industrialization Economic Retardation in the South Decline in the Deep South The Inequities of War The Legacy of Slavery Chapter 15: Agriculture’s Western Advance The Expansion of Land under Cultivation Federal Land Policy The Impact of Federal Land Policy Growth and Change in Agriculture New Areas and Methods of Cultivation Hard Times on the Farm, 1864–1896 Agrarian Political Organizations The Grangers The Greenback Movement The Alliances The Populists The Beginnings of Federal Assistance to Agriculture The Department of Agriculture Agricultural Education Natural Resource Conservation: The First Stages Land, Water, and Timber Conservation Chapter 16: Railroads and Economic Change The Transcontinentals Total Construction: Pace and Patterns Productivity Advance and Slowdown Building Ahead of Demand? Land Grants, Financial Assistance, and Private Capital Unscrupulous Financial Practices Government Regulation of the Railroads State Regulation Federal Regulation Capturing the Regulators? Railroads and Economic Growth Chapter 17: Industrial Expansion and Concentration Structural Change and Industry Composition New Technologies New Forms and Sources of Energy Mass Production Economies of Scale and Industry Concentration—“The Chandler Thesis" Early Business Combinations Trusts and Holding Companies The Two Phases of the Concentration Movement Phase 1: Horizontal Mergers (1879–1893) Phase 2: The Vertical Mergers (1898–1904)—The “Chandler Thesis" The Sherman Antitrust Act The Supreme Court as Trustbuster The Federal Trade Commission Chapter 18: The Emergence of America’s Labor Consciousness Demographic Change and the Supply of Labor Birth and Death Rates Immigration Immigration: Politics and Economics Foreign Workers and American Labor Workers in the Postbellum Period Hours and Wages Women Children Unions, Employers, and Conflict, 1860–1914 The Unions and the Courts Labor’s Gains and the Unions Chapter 19: Money, Prices, and Finance in the Postbellum Era New Forms of Currency A Dual Banking System Gold, Greenbacks, or Bimetallism? Returning to the Gold Standard after the Civil War The Crime of ‘73 The Commitment to the Gold Standard The International Gold Standard The Rise of Investment Banking Financial Panics and Depressions National Monetary Commission Federal Reserve Act Chapter 20: Commerce at Home and Abroad Urbanization A Cornucopia of New Products Marketing and Selling Wholesaling Retailing Product Differentiation and Advertising The First Steps toward Consumer Protection Foreign Trade Changing Composition of Exports and Imports Changes in the Balance of Trade Tariffs for Revenue and Protection The Income Tax The United States in an Imperialist World Part 4 War, Depression, and War Again: 1914–1946 Chapter 21: World War I, 1914–1918 The Origins of the War The United States Goes to War Financing the War Attempting to Replace the Market with a Command System The War Industries Board The Food and Fuel Administrations Labor during the War The Costs of the War The Legacies of the War The Economy in the Aftermath of the War The Domestic Legacies The International Legacies: The Treaty of Versailles Chapter 22: The Roaring Twenties Social Changes in the Aftermath of War New Goods and the Rise of the Middle Class The Automobile Buy Now, Pay Later Prohibition The Labor Force in the Twenties The Paycheck Rises The Unions Immigration Is Restricted America Goes to High School On the Land Economic Distress in Agriculture First Steps toward Farm Subsidies Inequality Increases Macroeconomic Policies Fiscal Policy Monetary Policy International Developments An Age of Speculation The Ponzi Scheme The Florida Land Boom The Stock Market Boom The Crash Chapter 23: The Great Depression Dimensions of the Depression Causes of the Depression The Stock Market Crash The Banking Crises Growing Inequality of Income Economic Distortions in the 1920s?—Hayek and the Austrian School The Smoot-Hawley Tariff? The Role of the Financial Crises Monetary Effects of the Financial Crises Nonmonetary Effects of the Financial Crisis Why Didn’t the Federal Reserve Save the Banking System? Roosevelt and the Gold Standard Fiscal Policy in the 1930s Partial Recovery and Then a New Downturn Climbing Out of the Abyss The Recession within the Depression Why Did the Depression Last So Long? Unintended Consequences of the New Deal? Can It Happen Again? What Does the Depression Tell Us about Capitalism? Chapter 24: The New Deal The First New Deal Relief Recovery Reform the Financial System A Safety Net for the Banking System Increased Regulation of Securities Markets The Mortgage Market The End of America’s Commitment to the Gold Standard Centralization of Monetary Authority in the Federal Reserve Board Reform of the Agricultural Sector Labor and the New Deal A New Institutional Framework for Labor Markets Why Was Unemployment So High for So Long? The Supreme Court and the New Deal The Second New Deal: The Welfare State The Critics of the New Deal The Legacy of the New Deal Chapter 25: World War II Mobilizing for War Trade-Offs Overwhelming Firepower The “Gold Rush of 1942" Fiscal and Monetary Policy Wage and Price Controls Hidden Price Increases and the Black Market Rationing Wartime Prosperity? Labor during the War Wartime Minority Experiences Rosie the Riveter African Americans Agriculture during the War Demobilization and Reconversion Would the Depression Return The GI Bill of Rights Birth of the Consumer Society Part 5: The Postwar Era: 1946 to the Present Chapter 26: The Changing Role of the Federal Government The Size of Government in the Postwar Era Total Federal Spending Federal Employment Winners and Losers in the Federal Budget The Liberal Era The “Little New Deal" The Conservative Era Reaganomics What Was Behind the Changing Ideological Tides? Long-Run Trends Wars—Hot and Cold Chapter 27: The Changing Role of the Federal Government: Consumer Safety, Agriculture, the Environment, and Housing Regulating the Market to Protect the Consumer Deregulation Agriculture Price Supports and Subsidies The Environment The Conservation Movement The Rise of the Environmental Movement Housing after World War II Chapter 28: Monetary Policy, Fiscal Policy, and the Business Cycle after World War II The Keynesian Era The Korean War and the Treasury- Federal Reserve Accord Dwight D. Eisenhower: The Conservative Approach to the Business Cycle John F. Kennedy and Lyndon Johnson: The New Economics Richard M. Nixon: Price Controls and the End of Bretton Woods Jimmy Carter: The Great Inflation Reaches a Climax Was the Economy More Stable during the Keynesian Era Than before the Depression? The Monetarist Era Paul Volcker Ronald Reagan: Supply-Side Economics From Greenspan to Bernanke at the Federal Reserve The Panic of 2008 and the Slow Recovery Chapter 29: Manufacturing, Productivity, and Labor Gales of Creative Destruction Productivity Growth The Energy Crisis Changes in the Organization of Industry Antitrust Policy The Rise of the Service Sector The Changing Role of Women in the Labor Force The Gender Gap The Baby Boom Minorities African Americans Native Americans The New Immigration Unions Real Wages Chapter 30: Achievements of the Past, Challenges for the Future Achievements of the Past Real Incomes Have Grown Rapidly Lagging Regions Have Caught Up Alternative Measures of Well-Being Show Improvement Education Levels Reached by Americans Have Increased Steadily Challenges for the Future Improving the Distribution of Income Caring for an Aging Population Winning the Race between Technology and Education Protecting the Environment The Search for a Meaningful Life Prophets of Decline Subject Index Name Index