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Betts, D. American Economic History
HIST 3327/ECO 3327 D.C. BETTS AMERICAN ECONOMIC HISTORY American Economic History applies economics to history and history to economics. The methods of economics are used to explore historical issues, and historical examples are used to understand the process of economic development. Within this framework, the course will pursue three goals. First, it will make you better aware of the historical dynamics that propelled the contemporary economic system to its present position. Second, it will illus- trate how the main body of economic knowledge can be enriched by the study of history. Third, it will highlight the importance of markets in the allocation of society's resources throughout history. Indeed, there are many problems in economics for which history is the only true source of data. There are few courses in which the student gets the opportunity to sharpen his/her analyti- cal skills on a greater variety of applied problems than in economic history. The text for the course is G. Walton and H. Rockoff, HISTORY OF THE AMERICAN ECONOMY, Sixth Edition. In addition, the following books have been ordered for your convenience: D. Galenson, WHITE SERVITUDE IN COLONIAL AMERICA R.W. Fogel and S. Engerman, TIME ON THE CROSS, Vol. 1 R. Ransom and R. Sutch, ONE KIND OF FREEDOM P. Temin, DID MONETARY FORCES CAUSE THE GREAT DEPRESSION? All required readings from books are on reserve in Fondren Library and are marked with an asterisk. Articles can be purchased from Kinkos as a set or are available in the periodical section of the library. Abbreviations used: AHR - American Historical Review EEH - Explorations in Economic History JEH - Journal of Economic History JEL - Journal of Economic Literature JIH - Journal of Interdisciplinary History WMQ - William and Mary Quarterly TOPICS AND READINGS The Methodology of Economic History *TEXT, Chp. 1 R.W. Fogel, "The Limits of Quantitative Methods in History," AHR (April, 1975), pp. 329-350. D. McCloskey, "Does the Past Have Useful Economics?" JEL (June, 1976), pp. 434-461. The Colonial Economy *TEXT, Chps. 2,3 *Galenson, WHITE SERVITUDE, Chps. 1,2,7,8 M. Egnal, "The Economic Development of the 13 Colonies, 1720 to 1775." WMQ (April, 1975), pp. 191-222. Mercantilism and the American Revolution *TEXT, Chps. 4,5,6 M. Egnal and J. Ernst, "An Economic Interpretation of the American Revolution," WMQ (January, 1972), pp. 3-32. J. Reid, "Economic Burden: Spark to the Revolution?" and "Comment" by S. DeCanio, JEH (March, 1978), pp.81-100. C. Nettles, "British Mercantilism and the Economic Development of the Colonies," JEH (Spring, 1952), pp. 105-114. Achieving American Independence 1789-1814 *TEXT, Chps. 8,9 Packet, "Railroads" E. Haites and J. Mak, "Ohio and Mississippi Transportation 1810- 1860," EEH (Winter, 1970), pp. 151-180. Westward Expansion and the Transportation Revolution *TEXT, Chps. 10,11 P. Temin, "Steam and Waterpower in the Early 19th Century," JEH (June, 1966), pp. 187-205. Banks and Money Before the Civil War *TEXT, Chp. 12 H. Scheiber, "The Pet Banks in Jacksonian Politics and Finance, 1833-41," JEH (June, 1963), pp. 196-214. R. Sylla, "American Banking and Growth in the 19th Century: A Partial View of the Terrain," EEH (Winter, 71/72), pp. 197- 228. EXAM ONE Slavery and the Southern Economy *TEXT, Chp. 13 *Fogel and Engerman, TIME ON THE CROSS, pp. 1-106. Slavery and Society *Fogel and Engerman, TIME ON THE CROSS, pp. 107-264. P. David and P. Temin, "Slavery: The Progressive Institution," JEH (September, 1974), pp. 739-783. The Civil War and Recovery *TEXT, Chp. 14 *Ransom and Sutch, ONE KIND OF FREEDOM, Chps. 1,2,3,4 C. Goldin, "The Economics of Emancipation," JEH (March, 1973), pp. 66-85. G. Gunderson, "The Origins of the American Civil War," JEH (December, 1974), pp. 915-950. Economic Growth and Institutional Change *TEXT, Chps. 15,16,19 Big Business and the Modern Industrial State *TEXT, Chp. 17 C.W. McCurdy, "American Law and the Marketing Structure of the Large Corporation, 1875-1890," JEH (September, 1978), pp. 631- 649. Labor: Demography and Work *TEXT, Chp. 18 C. Goldin, "The Work and Wages of Single Women, 1870-1920," JEH (March, 1980), pp. 81-88. C. Goldin and K. Sokoloff, "Women, Children, and Industrializa- tion," JEH (December, 1982), pp. 741-774. The Great Depression *TEXT, Chp. 23 Temin, DID MONETARY FORCES CAUSE THE GREAT DEPRESSION? Chps. 1,3,6 The US and the Postwar Economy *TEXT, Chps. 27,28,30 P. Tiffany, "The Roots of Decline," JEH (June, 1984), pp. 407- 420. C. Goldin, "The Changing Role of Women," JIH (Spring, 1983), pp. 707-734. EXAM TWO Your grade in the class will be determined by two exams and a brief term paper (10-12 pages), equally weighted.D.C BETTS HIST 3327/ECO 3327 EXAM ONE - AMERICAN ECONOMIC HISTORY USE THE BLUE BOOK PROVIDED FOR ALL ANSWERS. WRITE LEGIBLY AND GOOD LUCK! 20 pts. I. Choose FOUR and define: economies of scale "backward linkages" "pet banks" social saving putting out system 30 pts. II. Answer TWO of the following: Describe the valuable lessons learned by the early colonists as they developed and essentially virgin wilderness. Discuss the role of the Constitution in rescuing the United States from economic dislocation following the American Revolution. Describe the growth of manufacturing in the United States. What was the influence of American markets and of the government? 50 pts.III. Answer TWO of the following: Compare and contrast the growth of the American economy from 1640-1790 and from 1790-1860. Be sure to identify the sources of growth in each time period. Discuss the role of improvements in transportation to economic growth. Include, in particular, the characteristics of the steamboat industry and the role of the railroads in America's "take-off." Evaluate the following statement: "The American Revolution was fought to defend the democratic ideals of a young and determined nation seeking liberty from tyranny." Which of the two leading theories was correct? Explain.D.C. BETTS HIST 3327/ECO 3327 EXAM TWO - AMERICAN ECONOMIC HISTORY ANSWER ALL QUESTIONS IN THE BLUE BOOK PROVIDED. WRITE LEGIBLY AND GOOD LUCK! 20 pts. I. Choose FOUR and briefly define: extensive growth ex ante distributive discrimination personal exploitation Robinsonian rate of exploitation 80 pts. II. Choose FOUR and discuss. It has been said that slavery was a contradiction on the verge of destroying itself. Discuss. Discuss the various interpretations of the causes and consequences of the Great Depression. What were the sources of conflict between the North and South prior to the Civil War? What was their role in precipitating the war? The sharp drop in Southern per capita income has been blamed on three aspects of Southern agriculture. Discuss. Describe the post-Civil War growth in the US. How did it affect the distribution of labor? According to the Beard-Hacker thesis, the Civil War allowed American industrialization to proceed unhindered by agrarian anticapitalists. Discuss.