Department of Economics Fall Semester 1999
College of Saint Benedict / Saint John's University
Louis Johnston
Economics 315
American Economic History
COURSE DESCRIPTION
This course is a survey of United States economic history from colonial times to the present. Emphasis will be placed on the factors explaining economic growth and on the changing distribution of gains and losses associated with growth.
The course is organized chronologically and selectively. Certain topics and themes will be stressed while other topics will be discussed only briefly or even ignored. This is not a reflection on the importance of those topics; rather, it reflects the need to cover a great deal of material in a single semester.
PREREQUISITES
Economics 111 is required for this course. Any additional courses in economics and history will also be helpful.
MY OFFICE AND OFFICE HOURS
Office: Engel 262
Phone: 363-2574
E-mail: LJohnston@csbsju.edu
Office Hours: 4 p.m. to 5 p.m. on class days
NOTE: If you cannot stop by during these hours, please feel free to make an appointment.
TEXTBOOK
Gary M. Walton and Hugh Rockoff. History of the American Economy. Eighth Edition. Dryden Press, 1998.
The book is available at the CSB bookstore.
CLASS PARTICIPATION
Economics is a subject which you must practice in order to learn. I will encourage this process by basing 10% of your course grade on class participation.
The format of the class is a blend of lecture and discussion, so class participation is essential. This means that you should come to class prepared to ask questions and to take part in the discussion. I will use the Socratic method, i.e. I will choose a student at random and ask her/him questions concerning the day's material. I don't do this to be hostile, but simply to keep people on their toes and to encourage students to keep up with the class material.
STUDENTS WHO ARE CALLED ON AND WHO ARE NOT IN CLASS WILL RECEIVE FEW POINTS (IF ANY) FOR CLASS PARTICIPATION. Thus, if you know that you will be absent from class, please tell me in advance so that I can note this and not call on you.
QUIZZES
There will be three quizzes. They will be given on September 23, October 14, and November 23. These will be 30 minute, in-class, closed-book quizzes, consisting of terms and essay questions. The three quizzes together will count for 35% of your course grade.
The first quiz will cover material from September 1 through September 21, the second quiz will cover material from September 23 through October 12, and the third quiz will cover material from October 14 through November 19.
EXAMS
There will be a final exam. It will be given on December 17 at 2 p.m. and will count for 25% of your total grade. It will be a comprehensive exam.
PAPER ASSIGNMENTS
You will write two papers during the semester. The two papers together will count for 30% of your total grade.
Each paper is to be a thoughtful, critical essay on a particular question in U.S. economic history. Your essay is to be based on the assigned readings; therefore, you should assume that the reader is familiar with this material and you should not waste time or space simply summarizing the readings. Rather, you must first identify the major historical and conceptual issues underlying the question; this may involve some summary of the readings, but this should constitute no more than one-third of your paper. Next, you must present a critical evaluation of the various hypotheses advanced in the readings. This implies that you must analyze the readings, examining their strengths and weaknesses with regard to the question you are answering. Finally, you must offer your own judgement on the larger question itself.
Each of your essays must be at least 3 and no more than 5 typewritten pages, double-spaced. No bibliography is necessary; however, plagiarism will be severely punished. If you directly quote or paraphrase material from the readings, use a parenthetical reference. (Example: "It is unfortunate that history is often presented in forms that seem irrelevant to our everyday lives (Walton and Rockoff, p. 1)." )
You must write on any two of the following five questions. Each paper is due at the beginning of the class. Late papers will be severely penalized.
1. (Due date: September 21) What was the pattern of regional specialization in antebellum America, and how did it contribute to or retard economic growth before the Civil War?
2. (Due date: October 20) Was nineteenth century agrarian unrest primarily economic in origin? If so, why, and if not, why not?
3. (Due date: October 28) What were the immediate and underlying causes of the development of large corporations in the U.S. from 1870 to 1914?
4. (Due date: November 15) Did the Great Crash cause the Great Depression?
5. (Due date: December 8) "Economics has come of age in the 1960s" (Walter W. Heller). What did Heller mean, and was he right?
PLAGIARISM
The Department of Economics at the College of Saint Benedict and Saint John's University upholds the institutional policy on plagiarism that was developed by students and faculty in the Spring Semester 1998. Please consult the 1998 - 2000 Academic Catalog ("Academic Honesty") or the on-line student handbooks (the CSB Every Woman's Guide or the SJU J-Book) for the details of this policy. I will apply this policy in this course.
CLASS CALENDAR
September 1 Introduction to the course
Reading: Syllabus
September 3 and American Economic History: The Big Picture
September 7
Reading: Walton and Rockoff, Chapter 1
September 9 Populating the New World: Native Americans, Indentured Servants, and African Slaves
Reading: Walton and Rockoff, Chapters 2 and 3
September 13 An Overview of the Colonial Economy
Reading: Walton and Rockoff, Chapters 4 and 5
September 15 The American Revolution: Causes and Consequences
Reading: Walton and Rockoff, Chapter 6
September 17 The Constitution, Public Lands, and Population Growth in the Early Republic
Reading: Walton and Rockoff, Chapters 7 and 8
September 21 Antebellum Economic Growth and Regional Specialization
Reading: Walton and Rockoff, Chapter 9
September 23 Quiz I
September 23 and Antebellum Industrial Development and Finance
September 27
Reading: Walton and Rockoff, Chapters 10, 11, and 12
September 29 Northern Agriculture and the Transportation Revolution
Reading: Walton and Rockoff, Chapter 9
October 1 and Southern Agriculture and American Slavery
October 5
Reading: Walton and Rockoff, Chapter 13
October 7 The Economic Causes and Consequences of the Civil War
Reading: Walton and Rockoff, Chapter 14
October 12 The Southern Economy after the Civil War
Reading: Walton and Rockoff, Chapter 14
October 14 Quiz II
October 14 and Transportation, Immigration and the Development of the
October 18 Atlantic Economy
Reading: Walton and Rockoff, Chapters 16 and 18
October 20 Northern Agriculture after the Civil War
Reading: Walton and Rockoff, Chapter15
October 22 and Financial Markets from the Civil War to the founding of the Fed
October 26
Reading: Walton and Rockoff, Chapter 19
October 28 and The Rise of Big Business and the Second Industrial Revolution
November 1
Reading: Walton and Rockoff, Chapter17
November 5 The Evolution of American Labor Markets
Reading: Walton and Rockoff, Chapter 18
November 9 The International Economy and the origins of World War I
Reading: Walton and Rockoff, Chapters 20 and 21
November 9 and The Roaring Twenties?
November 11
Reading: Walton and Rockoff, Chapter 22
November 15 The Great Crash and the Origins of the Great Depression
Reading: Walton and Rockoff, Chapter 23
November 17 Government Policy and the Great Depression: Help or Hindrance?
Reading: Walton and Rockoff, Chapter 24
November 19 World War II: Aggregate Demand and the Notion of Potential Output.
Reading: Walton and Rockoff, Chapter 25
November 23 Quiz III
November 23 and The American Century: Interstate Highways, Suburbs, and
November 30 Cold War
Reading: Walton and Rockoff, Chapters 26 and 27
December 2 The International Economy and the Golden Age, 1950-1973
Reading: Walton and Rockoff, pp. 8-17 and pp. 730-732
December 6 Deindustrialization and the Rise of the Service Sector
Reading: Walton and Rockoff, Chapters 29 and 30
December 8 Macroeconomic Policy in the Post-World War II Era
Reading: Walton and Rockoff, Chapter 28
December 10 Past, Present, and Future
Reading: Walton and Rockoff, Chapter 31
December 17 Final Exam, 2 - 4 p.m.
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