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Phillips, W. American Economic History
University of South Carolina ECON 329 Professor Phillips American Economic History Spring 1991 Final Grade will be based on two exams and a final. The exams are essay questions, but `Phillips rule' requires at least two diagrams per answer. The two regular exams will consist of two essays chosen from three possible topics. The final will consist of three essays chosen from five topics. No make-up exams will be given without prior notice and approval, and make-up exams will not have any choice as to the subject of the essays. Readings: Walton & Rockoff, History of the American Economy, 6th edition Readings on Reserve in the BA library. COURSE SYLLABUS TOPIC DATES & READINGS(*-optional) I. The Founding of the American Colonies: Migration and Labor Supply(January 14th-23rd) Walton, chapters 2 & 3 Reserve reading 7 (Galenson) II. The American Revolution: the Navigation Acts and Taxation(January 25th-February 4th) Walton, chapters 4,5*,6,7 Reserve reading 12 (Thomas) III. Westward Expansion: Land Policy and Transportation(February 6th-13th) Walton, chapters 8,9,15,16 Reserve readings 1 & 3 (David, Fogel) (First Exam--February 15th) IV. Antebellum Monetary Economics: Banking and the Panic of 1837 (February 18th-March 1st) Walton, chapters 12, 10*,11* Reserve reading 11 (Temin) V. Slavery and the South: Efficiency and Exploitation(March 4th-8th, spring break, March 18th-20th) Walton, chapter 13, 14(pp. 279- 283) Reserve readings 4 & 2 (Fogel&Engerman, David&Temin) VI. The Postbellum South: Sharecropping and the New South(March 22nd-29th, Easter, April 3rd) Walton, chapter 14(pp. 283-97) Reserve readings 8 & 14 (Ransom & Sutch, Wright) (Second Exam--April 5th) VII. Postbellum Monetary Economics: the Gold Standard and the Federal Reserve (April 8th-10th, no class April 12th, April 15th-17th) Walton, chapters 19, 17*,18* Reserve readings 9 & 5 (Rockoff, Friedman) VIII. The Great Crash & the Great Depression: Keynesians and Monetarists(April 19th-29th) Walton, chapters 22,23, 21* Reserve readings 13, 6, 10 (White, Friedman & Schwartz, Temin) (Comprehensive Final Exam--Tuesday, May 7th, 9am-12pm) Reserve Reading List Professor Phillips ECON 329--American Economic History 1. David, Paul, "The Mechanization of Reaping in the Antebellum Midwest," in Technical Choice, Innovation and Economic Growth (Cambridge, 1975), chapter 4, pp. 195-219. 2. David, Paul & Temin, Peter, "Slavery: The Progressive Institution?" in Paul David et. al., Reckoning with Slavery (New York, 1976), chapter 5, pp. 165-230. 3. Fogel, Robert, Railroads and American Economic Growth (Baltimore, 1964), chapter 6, pp. 207-24. 4. , and Engerman, Stan, Time on the Cross: The Economics of American Negro Slavery (Boston, 1974), chapter 6, pp. 191-257. 5. Friedman, Milton, "The Crime of 1873," Journal of Political Economy, 98(Dec. 1990), pp. 1159-78. 6. , and Schwartz, Anna, The Great Contraction, 1929- 1933 (Princeton, 1963), pp. 3-36. 7. Galenson, David, White Servitude in Colonial America (Cambridge, 1981), chapter 9, pp. 141-68. 8. Ransom, Roger & Sutch, Richard, One Kind of Freedom: The Economic Consequences of Emancipation (Cambridge, 1977), chapter 9, pp. 171-99. 9. Rockoff, Hugh, "The `Wizard of Oz' as a Monetary Allegory," Journal of Political Economy, 98(Aug. 1990), pp. 739- 60. 10. Temin, Peter, Did Monetary Forces Cause the Great Depression? (New York, 1976), chapter 6, pp. 169-78. 11. , "The Economic Consequences of the Bank War," Journal of Political Economy, 70(April 1968), pp. 257-74. 12. Thomas, Robert P., "A Quantitative Approach to the Study of the Effects of British Imperial Policy on Colonial Welfare: Some Preliminary Findings," Journal of Economic History, 25(1965), pp. 615-38. 13. White, Eugene N., "The Stock Market Boom and Crash of 1929 Revisited," Journal of Economic Perspectives, 4(Spring 1990), pp. 67-83. 14. Wright, Gavin, Old South, New South: Revolutions in the Southern Economy since the Civil War (New York, 1986), chapter 2, pp. 17-50. ECON 329Professor Phillips American Economic HistoryFebruary 15, 1991 Answer two of three essays. Include at least 2 diagrams per answer. 1. Discuss the economics of migration and indentured servitude. Explain why some American colonies relied heavily on indentured servants, while other colonies used different sources of labor. 2. Which do you feel provides a better economic explanation of the American Revolution: the Navigation Acts or the issue of `No Taxation without Representation'? Explain the economic effects of each, and why you feel the impact of these policies was large or small. 3. Discuss American land policy during the westward expansion. What were the economic motivations behind the `conservative' and `liberal' positions? Show how the model of perfect competition can be used to explain a land boom. ECON 329Professor Phillips American Economic HistoryApril 5, 1991 Answer two of three essays. Include at least 2 diagrams per answer. 1. Describe the Private Bank Note System that operated in the United States before the Civil War, and the "Eastern" and "Western" points of view on money and banking. Do you feel that the Panic of 1837 was inevitable, given the kind of monetary system the United States had, or was it instead due to other factors? 2. Was the American Slavery System in the South profitable? Was it efficient? How can an economist measure the economic exploitation of slaves in a pecuniary sense? What about non-pecuniary factors? 3. Did losing the Civil War seriously damage the Southern economy, or would it have stagnated anyway if slavery had continued? Be sure to discuss the impact of cotton demand, sharecropping, and the South's investment in education and infrastructure. UNIVERSITY OF SOUTH CAROLINA ECON 329--Spring 1991 Professor Phillips American Economic History Final Exam Answer three of five essays. Include at least 2 diagrams per answer. 1. Discuss the economics of an indentured servant's contract. Why was indentured servitude used in the American colonies, and why was it more popular in some colonies than others? 2. Were the canals and/or the railroads crucial to American economic development? Discuss how lowered transportation costs can help an economy, and how one might measure the `social savings' of a particular transportation improvement. 3. Did the cost and destruction of the Civil War hurt the Southern economy? Discuss other factors that may explain why the South continues to lag behind the North in economic development. 4. Why did the New England textile industry move to the Southern Piedmont region in the late 1800s? When the Southern cotton mills were established, why did the owners choose to build `company towns' for their workers, rather than rely on private housing markets? 5. What were some important causes of the Great Depression of 1929-39? Which was more important: exogenous factors that could not have been prevented, or economic policy errors such as those emphasized by the Keynesians and the Monetarists?