305 Outlines and Supplemental Notes

305 Outlines and Supplemental Notes - Outlines of the...

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Outlines of the Lectures and Supplemental Notes American Economic History Fall 2011 Professor Rockoff last update: Tuesday, August 16, 2011 Below are brief introductions and outlines of each lecture. Some of the outlines include more detailed notes concerning points that are not covered in the textbook. From time to time during the semester I will update these outlines so they correspond to what was discussed in class this semester. 1. The American Economy in Historical Perspective (9/2/2011) It is important to learn the basic periods of American History and to begin putting events, as we study them, into their time slot. That means you will have to memorize when things happened. The dates of many of the periods are only approximate, hence the question marks. 1. The American Economy in Historical Perspective (January 18) It is important to learn the basic periods of American History and to begin putting events, as we study them, into their time slot. That means you will have to memorize when things happened. The dates of many of the periods are only approximate, and may be used by different writers in different ways, hence the question marks. Colonial Period Revolutionary War (1775-1783) Federalist Era (1789-1801)? (Especially with the Federalist party and the establishment of the federal government in mind) Early National Period (1783-1828)? Antebellum Era (1829-1860)? Sometimes just 1840-1860. Civil War (1861-1865) Reconstruction (1865-1877) (Especially with efforts to reform the South in mind.) Postbellum Era (1866-1900)? The Gilded Age (1870-1900)? (Especially with the excesses of the wealthy in mind) Progressive Era (1900-1917)? (Especially with political reform in mind) World War I (1917-1918) Interwar Period (1919-1939) World War II (1941-1945) 1
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2. Mercantilism (Tuesday, September 06, 2011) 1. Definition of Mercantilism State intervention in the economy should be aimed at achieving a balance of trade surplus; a “favorable balance of trade.” Colonies that could be exploited: Raw materials from the colony; manufactured product from the mother country. 2. What were the ultimate goals of the mercantilists? 1. Military power A war chest of gold and silver from a favorable balance of trade. Economic self-sufficiency within the empire. 2. Full-employment Export market jobs An inflow of gold and silver would lower interest rates and raise investment. Sir James Steuart, who wrote The Principles of Political Oeconomy, was a prominent mercantilist. 3. Examples of mercantilism Navigation Acts Enumeration Hat Act Iron Act 4. The critique of mercantilism and the birth of modern economics Adam Smith wrote the Wealth of Nations attacking mercantilism and advocating Laissez-faire. 5. Measuring the costs and benefits of Enumeration
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This note was uploaded on 09/25/2011 for the course ECONOMICS 305 taught by Professor Hughrockoff during the Spring '11 term at Rutgers.

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305 Outlines and Supplemental Notes - Outlines of the...

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