Final exam notes_StudyGuide

Final exam notes_StudyGuide - Economics 323 Economic growth...

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Economics 323 (11/11/08) Economic growth PER CAPITA Slave trade ends in 1807 Acquisition of states completed in 1853- most land belongs to the federal government – public domain (75% federal land- 2 billion acres) States western land, annexation (texas), purchase, treaties which settle border disputes Land according the Jefferson is the basis of a republican government Competency- people own the property necessary to produce their own livelihood Fee simple (free and common socage sort of)- buy land and only owe taxes to state government Can only purchase land from the federal government Private ownership was a proven system Many people settled on land before the government surveyed Process by which people become a state? 36 sq miles per township enabling act- federal government can give the land to the states (grant land to states), but only under certain circumstances preemption law- squatters have the right warrant- allows veterans to claim lands due to military service (IOU payable in land) Economics 323 (11-13-08) Today: Walton (147-60), Gates 8,9,13,15, David Tues: Faragher, Walton (13), Thurs: Walton (10), Temin (iron), Temin (steam) Land privatization- govt sell off of land quickly- and do so where transfer is orderly and conveys sounds title System of land laws begins in 1785 under the articles Changes: concerning terms of land auction, warrant system (reward system), preemption (squatters can acquire the land on which they have squatted). Number of problems- government didn’t make money, corruption in the land system, some of the provisions were inefficient (opt size farm) Internal migration: Old states into the northwest and the southwest of the late 18 th century and early 19 th century Everyone was in one way or any other involved or affected by the land business People moving west caused an increase in wages in the east Farm businesses destroyed Mountain ranges are a substantial obstacle and thus very expensive to move Few good migration routes Going up the Mississippi was very expensive Entire plantations are moved and slaves develop new farms Slavery prohibition Typically states are admitted in pairs: one slave state and one free state
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This works until 1848 (war with mexico) utah and new mexico organized as territories with no restrictions 1854- Kansas /Nebraska act redid some things of the Missouri compromise – popular sovereignty- people in any given area can decide whether or not to have slavery Transportation revolution Country roads are pretty bad- seasonal road (mud, narrow, tree stumps, not well grated- slow and inconvenient) People tried to avoid roads and used water transport but that was expensive Keelboats to go upriver Some rivers could only be forded (get across at certain times of the year) Rate travel- 2 miles per hour on country road- usually during the day as to not ruin wagon on tree stumps at night Intercity travel measured in month Upriver even slower <2mph Turnpike routes and federal projects Much better service- regular schedules
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This test prep was uploaded on 02/01/2009 for the course ECON 3230 taught by Professor Tomlyons during the Fall '08 term at Cornell.

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Final exam notes_StudyGuide - Economics 323 Economic growth...

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