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econ 2200 study guide

econ 2200 study guide - 1 Describe the goals and activities...

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1. Describe the goals and activities of the major agrarian protest organizations. How successful was each organization in achieving its goals? The Grangers: not a political party, they did lobby state legislatures for regulations in RR rates and other facility rates. Very successful in getting these regulations passed in some Western states. Led to the first U.S. regulatory commission. Also set up cooperatives for farmers to buy goods at cheaper prices, since they felt they were being overcharged. Ex: Greenback Movement/Greenback-Labor Party: wanted the govt. to re-issue greenbacks (federal issued fiat currency). Greenbacks were not backed by any precious metal and they were last used during civil war. They work bc people are willing to accept it in exchange for goods or services. We have fiat currency. Greenbacks also wanted reflation. This would ease debt burdens & increase the price of farm products. In the end, reflation did not occur. The Alliances: a social organization of farmers. Advocated reflation (increasing $ supply). Also wanted govt. regulation and control of “big business” and “monopolies”. Wanted govt. ownership of the railroad and communication facilities (telegraphs). Wanted govt. to provide low interest loans for farmers using agricultural surplus and land as collateral. Much like new deal. Populist Party: supported reflation, but w/silver. Supported govt. regulation and control of big business and monopolies. Supported govt. ownership of banks, railroads, and communications. Also supported fed. Govt. running firms in each industry in order to regulate and benchmark prices. They would complete this w/private sector 2. What is “reflation,” and why did certain organizations support this policy? Implementing inflation so that the price of the goods that farmers were selling would increase. Put Greenbacks in economy would do this. Why did many farmers believe that they would benefit from reflation? It would ease debt burdens & increase the price of farm products. Only have short-term relief. Do you think farmers really would have benefited in the ways you described? Reflation did not occur in end. 3. In some western states, the Grangers successfully lobbied for laws that established price ceilings on freight and warehousing rates. Describe the Supreme Court’s evolving opinion of the constitutionality of such laws. Munn vs. Illinois stated that the govt. could regulate such business activities. But the Wabash case overturned that bc it violated the Interstate Commerce Clause. What regulatory agency was established following the Court’s decision in the Wabash case? Interstate Commerce Commision 4. What role did the federal government play in addressing the concerns of farmers in the late-19 th century? Developed Dept. of Agriculture & Discuss both bureaucratic and legislative efforts that are described in your text.
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5. Use Tables 17.1 and 17.2 to describe late-19 th century growth in both the labor force and output
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econ 2200 study guide - 1 Describe the goals and activities...

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