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American Economic History

ISBN: 9780321011435 | 0321011430
Edition: 5th
Format: Hardcover
Publisher: ADDISON WESLEY LONGMAN INC
Pub. Date: 1/1/1998

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SummaryTable of Contents
The Fifth Edition of American Economic History is preceded by the superb reputation of earlier editions, and of Hughes in particular, known for his writing style. Cain has carefully revised and updated the text while maintaining the elegant writing style. The presentation is nontechnical and rich in economic theory and quantitative techniques.
Prefacexiii(3)
Acknowledgmentsxvi(2)
Introductionxviii
Part One THE COLONIAL PERIOD, 1607-17831(82)
1 OVERSEAS EMPIRE
... MORE		3(21)
European Expansion and Discovery
3(3)
England Overseas
6(18)
2 COLONIAL DEVELOPMENT
24(19)
Towns and Seaports
24(4)
Regional Specialization
28(8)
The Common-Law Heritage
36(7)
3 AMERICA ON THE EVE OF REVOLUTION
43(19)
Population Sources and Growth
43(4)
Wealth and Income
47(3)
Was There a Money Shortage in Colonial America?
50(12)
4 GAINING INDEPENDENCE
62(21)
Expansion and the Western Lands
62(2)
British Trade Policy
64(4)
How Did Britain Affect American Economic Growth?
68(3)
The End of Colonial Dependence
71(3)
The War for Independence
74(2)
How Much Did It Cost to Belong to Britain?
76
Photo Essay: Fur Trappers and Traders
66(17)
Part Two THE NATIONAL PERIOD AND CONSTITUTIONAL CRISIS, 1783-186183(168)
5 WESTWARD EXPANSION
85(18)
The Constitutional Settlement of 1789-1791
85(3)
The Land Ordinances of 1785 and 1787
88(6)
Territorial Gains, 1790-1853
94(1)
Disposal of the Public Lands
95(8)
6 POPULATION AND LABOR FORCE
103(24)
Size and Natural Increase
103(3)
Immigration Before 1860
106(5)
The End of White Servitude and the Continuation of Black Slavery
111(2)
Labor in American Society Before 1860
113(4)
Population Expansion and Overall Economic Growth
117(1)
Income and Wealth Distribution by 1860
118(9)
7 LAW AND THE RISE OF CLASSICAL AMERICAN CAPITALISM
127(14)
The Colonial Property Rights Heritage
128(1)
Real Property Rights
128(1)
Basic Legal Developments
129(3)
Law, Income, and Wealth Transfers
132(2)
Eminent Domain
134(1)
Incorporation
135(1)
The Supreme Court and Economic Growth Before 1860
136(5)
8 TRANSPORTATION, INTERNAL IMPROVEMENTS, AND URBANIZATION
141(22)
The Internal Improvement Era
142(1)
Roads, Canals, Steamboats, and Railroads
143(10)
Urbanization
153
Photo Essay: Canals and Railroads
145(3)
Photo Essay: Early Roadways and Waterways
148(6)
Photo Essay: Boomtown
154(9)
9 AGRICULTURAL EXPANSION: THE CONFLICT OF TWO SYSTEMS ON THE LAND
163(19)
Settlement and Population
164(5)
Cotton as a Foreign-Exchange Earner
169(1)
Agricultural Labor: Dependence on Slavery
170(3)
Western Expansion of Northern Agriculture
173(5)
The Compromise Fails
178
Photo Essay: Two Agricultural Cultures
177(5)
10 THE DEBATE OVER SLAVERY
182(18)
Why the Controversy?
182(1)
The Slave Family
183(3)
Was Slavery Doomed Without Civil War?
186(5)
Why Did Slavery Persist?
191(1)
Problems of the Slave "Business Firm"
192(3)
Retrospect
195(5)
11 THE EARLY INDUSTRIAL SECTOR
200(24)
The Direction of Change in Manufacturing
200(8)
Energy Sources
208(3)
Industrial Location
211(4)
Contrasts Between the North and South
215(1)
Manufacturing and the Tariff Question
216
Photo Essay: Towns and Cities
212(12)
12 THE FINANCIAL SYSTEM AND THE INTERNATIONAL ECONOMY
224(27)
Currency and Banking Developments
224(9)
Other Intermediaries
233(1)
The Financial Link: U.S. and World Economics
234(5)
The Financial System and the Business Cycle
239(3)
The Balance of Payments and the Cycle
242(4)
Retrospect
246
Photo Essay: The California Gold Rush
236(5)
Photo Essay: The China Trade
241(10)
Part Three THE RISE OF AN INDUSTRIAL SOCIETY, 1861-1914251(174)
13 ECONOMIC EFFECTS OF THE CIVIL WAR
253(20)
Measures of the War's Costs
253(1)
Financing the Civil War
254(4)
Did the War Aid Industrialization?
258(2)
Comparative Recovery: The North and the South After the War
260(8)
Conclusion
268
Photo Essay: The Real Financial Costs of War
255(18)
14 RAILROADS AND ECONOMIC DEVELOPMENT
273(17)
Completion of the Rail Network
274(3)
Railroads and Economic Growth
277(3)
Railroads and the Attack on Big Business
280(4)
Photo Essay: Railroad Expansion
284(6)
15 POST-CIVIL WAR AGRICULTURE
290(19)
The Homestead and the End of the Frontier Era
290(6)
Expanding Agriculture and the Price Dilemma
296(2)
The Farmers' Complaint
298(2)
Closing the Frontier: A Glimpse of the Far Future
300(2)
Photo Essay: Farm Technology Moves West
302(7)
16 POPULATION GROWTH AND THE ATLANTIC MIGRATION
309(16)
Trends
309(2)
Immigration and Growth
311(6)
The Urban Magnet
317(1)
Photo Essay: Immigration and the Urban Magnet
318(7)
17 INDUSTRIALIZATION AND URBAN GROWTH
325(29)
Preliminary Observations
325(1)
The Rise of Heavy Industry
326(10)
Expansion of the Market
336(2)
Urban Growth
338(5)
Industrial Growth Under Capitalism
343
Photo Essay: Factories and Mass Production
332(5)
Photo Essay: Scale Economies in the Retailing Revolution
337(3)
Photo Essay: Early Urban Mass Transit
340(6)
Photo Essay: Invention and Innovation
346(8)
18 BIG BUSINESS AND GOVERNMENT INTERVENTION
354(18)
Legal Changes: Corporations and the Law
355(4)
The Pivotal Point: Munn v Illinois
359(3)
The Antitrust Acts
362(3)
Remarks on Government Intervention
365
Photo Essay: The Gilded Age
356(16)
19 FINANCIAL DEVELOPMENTS, 1863-1919
372(20)
Creating Financial Intermediation
372(7)
Investment Banking and the Capital Market
379(2)
The Currency Question
381(4)
What Did the Populists Want?
385(7)
20 THE GIANT ECONOMY AND ITS INTERNATIONAL RELATIONS
392(17)
Trends in Trade and Payments
392(3)
The Tariff Question Again
395(4)
The Gold Standard in 1900
399(3)
International Capital Flows
402(7)
21 LABOR AND THE LAW
409(16)
Labor's Social Position
409(7)
The Emergence of National Unions
416(3)
Antitrust Law and the Unions
419(1)
Prelude to the 1930s
420
Photo Essay: Women and Children in the Labor Force
414(4)
Photo Essay: Labor Unrest
418(7)
Part Four THE EXPANSION OF FEDERAL POWER, 1914-1945425(94)
22 THE COMMAND ECONOMY EMERGES: WORLD WAR I
427(13)
The Income Tax Amendment of 1913
427(1)
World War I: The Numbers
428(6)
The Command Economy
434(2)
The Legacy of Wartime Control
436
Photo Essay: Modern War
429(11)
23 "NORMALCY": 1919-1929
440(20)
Income Distribution
440(1)
The Expansion of the 1920s
441(6)
The Financial Sector
447(3)
The Great Crash
450(6)
Explanations
456
Photo Essay: The New Leisure
442(12)
Photo Essay: Location by Automobile
454(6)
24 THE GREAT DEPRESSION
460(23)
Perspective
460(2)
1929-1941: The Statistical Bare Bones
462(7)
Explanations of the Great Depression
469(9)
Where Things Stand
478
Photo Essay: The Great Depression
465(8)
Photo Essay: Urban Growth
473(10)
25 THE NEW DEAL
483(20)
Emergency Measures
483(1)
The First New Deal
484(6)
The Second New Deal
490(4)
What Were They Doing?
494(1)
The New Deal: A Social Revolution?
495(3)
The Legacy of the Depression
498
Photo Essay: The New Deal Out of Doors
492(11)
26 THE "PROSPERITY" OF WARTIME
503(16)
The Scope of War Mobilization
504(2)
Financing the War
506(5)
The War, Labor, and Family Income
511(2)
Consumption and Investment
513(2)
The Keynesian Lesson
515
Photo Essay: Modern War Again
508(11)
Part Five BRAVE NEW WORLD? 1945-PRESENT519(92)
27 FROM WORLD WAR II TO THE NEW FRONTIER
521(14)
The Short Peace
522(2)
The Postwar International Reorganization
524(5)
The Korean War and Eisenhower's Era of Stability
529
Photo Essay: Prosperity Again
526(9)
28 LABOR AND THE TERTIARY SECTOR
535(22)
Opportunity Cost and the Tertiary Sector
536(6)
Rise of the Tertiary Sector
542(11)
The Paradox of Tertiary Employment
553
Photo Essay: Facing the Environmental Crisis
537(4)
Photo Essay: The Information Industry
541(16)
29 INDUSTRIAL DEVELOPMENTS
557(24)
Distribution of Employment and Value Added
558(1)
Structure of Recent Industrial Growth
559(1)
The Productivity Issue
560(2)
Decline of American Preeminence in Steel and Motor Vehicles
562(10)
A Note on Industrial Retardation
572(4)
Addendum on Modern Agriculture
576
Photo Essay: Competition Forces Progress
570(11)
30 FROM THE NEW FRONTIER TO REAGANOMICS AND BEYOND: 1960-1995
581(21)
Some Background Considerations
582(2)
The Fiscal Legacy of Camelot
584(1)
The New Wave of Controls
585(3)
The Long Peacetime Inflation
588(3)
The Deluge: The 1970s
591(4)
Reaganomics: The 1980s
595(4)
Postcript: The 1990s
599
Photo Essay: International Markets
596(6)
31 DOES OUR PAST HAVE A FUTURE?
602(9)
Assets
602(3)
Liabilities
605(4)
Net Worth
609(2)
Glossary611(5)
Credits616(2)
Name Index618(8)
Subject Index626

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