Topic 1: Intro and the Colonial Economy
What is economic history?
A study of the environment that brought about specific historic outcomes.
Clinometric - use of economic theory and statistical measurement in the study of
economic history (Find fa
Study Sheet for the Final Exam
Below is a list of possible topics that could be on the exam and the details I find the most important. It
is not a comprehensive list of
4. Spill overs to wool
i. Could use similar tech. and organizational improvements
Harder to handle and clean than cotton so production prices were higher
5. Learning by doing in textiles
1833 -1839 Labor productivity increase 6.67%/yr
VI. Importance of Power
Mechanization relied more and more on inanimate sources or power in the 19th C.
Late 1840s and 1850s at Lowell, Mass. Water turbines developed to achieve 90
to 95% efficiency.
Proprietors of locks and canals owned wat
6. The master/slave relationship
i. Exploitation (choice to raise a slave from birth) [Fogel & Engerman]
Expropriated portion of a slaves productivity = discounted lifetime earing
discounted lifetime costs
0-9 Earnings cost is negative
V. General health of slaves
- diet primarily corn and pork
- average height adult male slaves 66.5 and 67 inches
1 inch shorter than free males in U.S.
*not as well fed as free workers.
Taller than British laborers, Russian factory workers
Adult slave w
IV. Southern agriculture did not mechanize. The owners just bought more slaves when
they wanted to expand. Mental working and mechanical skills were less developed
than in the North
V. Savings was put into slaves not the bank. Capital for industry was sca
ECONOMIC HISTORY OF THE UNITED STATES: COLONIAL TIMES TO 1865
Dr. Janine L.F. Wilson
Office Hours: T and W 5pm-6pm
Office Location: 1107 SSH
Who was doing what (colonizing the new world)
o Northern European already began their sold establishment of commercial
success good rule of law.
o Amsterdam was center for shipping finance and trade. Focused on trading
posts and not "colonizing" The me
193.1938 Group Assignments
Group 1: South Asia I
Vaculin, Shelby N.
Verma, Deepshika C.
Blaz, Siska R.
Dador, Ma. Cathrina Fatima
Diosana, Allan J.
Ferguson, Joshua H.
ECON 220 Exam 3 Study Guide Spring 2015
Note 1: Students must present a picture identification card (Student ID card, drivers license, passport, etc.) before they will be
allowed to take the exam. Once the exam starts, students who need to leave for any r
THE JOURNAL OF TRAUMA
Vol. 20, No. 7
Copyright 1980 by The Williams & Wilkins Co.
Printed in U. S. A.
C. WAYNE CRUSE, M.D., PHILLIP K. BLEVINS, M.D., AND EDWARD A. LUCE, M.D.
This report revi
This article that I have found in the Economist website is relevant to our class
because it talks about how the United States infrastructure benefits our economy. This
article is interesting because Warren Buffe
American Economic History since the Civil War
Professor Alan L. Olmstead (752-8491)
SSH Room 1127
Office Hours: Wed. 3-4
TA: Rowena Gray
SSH Room 121
Office Hours: Monday 1-2
III. Why did not the south begin to industrialize until a generation after the Northeast?
A. 1. Before 1890, North Carolina
Better class of worker was not easily drawn from the farm to the factory.
2. Samuel Slater mechanized spinning mill i
B. Industrialization Began in North East b/c of the relatively inexpensive labor of
women and children available in that area (Goldin & Sokoloff)
1. Hay, dairy goods & grains were produced in the North. Children and women
had relatively low productivity c
B. Farm Technology
i. Until mid 1830s farming doen with simple hand tools, plow pulled by horse or
ii. 1820s wooden plows displaced by cost iron plows (less animal power)
iii. 1840s John Deere steel plows in use
iv. 1830s 40s Mechanical threshers remo
I. Labor Force (who comprised the labor force?)
1610-1620, 1630-1640: 20% per year population growth (Doubling every 3 1/2
Boatloads coming from England.
after 1640between 2.5% and 4% per year population growth (doubling every
a. Characteristic and quality of the labor force
1. Indentured servants
End because: decline in shipping costs
-> Leftward shift of indentured labor supply
-> Slave labor shift downs
rising wages in England
-> Leftward shift of indentured labor supp
a. Industry (limited by crown , finished iron production not allowed, inter
colonial trade in domestically produced textiles was prohibited.)
a. Shipping and shipbuilding
(5-10% of labor force employed by this industry)
1631 - a 30 ton sloop completed in
1. Winners in the colonies resulting from Nav. Acts.
A. New Englands shipping and shipping industry.
B. Various colonial producers were subsidized.
Indigo producers depended on subsidies for survival
2. Losers in the colonies resul
II. The Aftermath of the French and Indian War (1756 63)
Territorial disputes between British and French and Native American Tribes. British
doubled their debt as a result of the war and looked to the colonies for help
A.British Point of View
1. Boston Tea Party
Tea Act of 1773 direct shipment of tea without using colonial
East India Company was given a monopoly on the tea trade.
*Fear that British would take colonial merchants out of their place in
A. Little in term of economic demands on the country relative to Civil War and
1. 20,000 of the 800,000 potential soldiers were part of the army. 10,000
2. Patriots: middle class lawyers, merchants and planters who le
B. The Presence of the U.S. in the World Market
1. 1784 1789
- Trade with Brits almost to pre- war levels
- Increase trade with French W. Indies
-> 1790 exports of the U.S. exceeded pre war levels by 30%
Tobacco replaced by flour as biggest expor
Development and Expansion of Agriculture and the Development of a Transportation
I. Western Expansion
A. Land Acquisition
1. Treaty of Paris, 1783
2. Louisiana Purchase, 1803
Bought from France
- Only wanted access to Mississippi Rive
B. What should be done with the enormous 1.2 billion acres of land?
i. Sold for full value (high price, big lots)
Extracting high revenues from land would:
Strengthen Federal government by adding to the public treasury.
E. Economists debates regarding polices
1. Fogel and Rutner believe giving away load was a good thing
W1 is the equilibrium wage at A, before the western frontier is broadened with land
With the assumption that [everyone is employed] in ei
A. Importance of transportation cost
Assume farmer at point B does not make enough of a profit selling his stuff
in the city to cover the cost of transporting his goods, assume farmer at point
Therefore, transportation cos
E. River Transportation
1815- 1860 area fed by the Mississippi, Ohio, Missouri Rivers become agricultural
heartlands as a result of the productivity growth in river
i. Keel boats - hauled upstream by human muscle power, floated