US History: An Economic Perspective

US History: An Economic Perspective

By:Institute for Humane Studies


By:Institute for Humane Studies

Online:< http://cnx.org/content/col12216/1.2/ >

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This selection and arrangement of content as a collection is copyrighted by Institute for Humane Studies. It is licensed

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Collection structure revised: May 2, 2018

PDF generated: May 2, 2018

For copyright and attribution information for the modules contained in this collection, see p. 20.

Table of Contents

1 How Mercantilism Started the American Revolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Interstate Commerce & the Constitution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 The Rise and Fall of the National Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Economic Causes of the Civil War . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 The Gilded Age, Robber Barons, and the Rise of Big Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Progressivism and the New Deal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 The Causes and Repercussions of the Great Depression . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 The Post WWII Boom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 America's Transition to a Global Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Attributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

iv

Available for free at Connexions <http://cnx.org/content/col12216/1.2>

Chapter 1

How Mercantilism Started the American

Revolution1

Figure 1.1: "US Economic History 1 � How Mercantilism Started the American Revolution" by theInstitute for Humane Studies

Description

In colonial America, trade was governed by mercantilist policies. But what was mercantilism? In thisvideo, Professor Brian Domitrovich of Sam Houston State University de�nes mercantilism and explains howmercantilist policies imposed by the British Empire drove the colonists to declare independence.Watch on YouTube

https://www.youtube.com/watch?v=aWxvfkFbKy02

1This content is available online at <http://cnx.org/content/m64394/1.3/>.2https://www.youtube.com/watch?v=aWxvfkFbKy0


1

2CHAPTER 1. HOW MERCANTILISM STARTED THE AMERICAN

REVOLUTION


Chapter 2

Interstate Commerce & the Constitution1

Figure 2.1: "US Economic History 2 � Interstate Commerce & the Constitution" by the Institute forHumane Studies

Description

In the years following the American Revolution, trade disputes and tari�s between states threatened tobreak apart the newly founded United States. Professor Brian Domitrovich of Sam Houston State Universityexplains how these disputes led the founders to replace the Articles of Confederation with the Constitution.Watch on YouTube

https://www.youtube.com/watch?v=vDG3-hBxbNk2

1This content is available online at <http://cnx.org/content/m64405/1.4/>.2https://www.youtube.com/watch?v=vDG3-hBxbNk


3

4 CHAPTER 2. INTERSTATE COMMERCE & THE CONSTITUTION


Chapter 3

The Rise and Fall of the National Bank1

Figure 3.1: "US Economic History 3 � National Banks' Rise and Fall" by the Institute for HumaneStudies

Description

Does the United States need a national bank? This question was at the heart of one of the most notablepolitical battles in the early United States. Professor Brian Domitrovich of Sam Houston State Universityexplains the history of the national bank and explains why even today economists debate whether there isa need for a national bank.Watch on YouTube

https://www.youtube.com/watch?v=fX-5ivox9ZE2

1This content is available online at <http://cnx.org/content/m64403/1.4/>.2https://www.youtube.com/watch?v=fX-5ivox9ZE


5

6 CHAPTER 3. THE RISE AND FALL OF THE NATIONAL BANK


Chapter 4

Economic Causes of the Civil War1

Figure 4.1: "US Economic History 4 � Economic Causes of the Civil War" by the Institute for HumaneStudies

Description

While slavery was the dominant issue that led to the Civil War, economic policies also created tensionbetween the North and the South. Professor Brian Domitrovich of Sam Houston State University explainshow tari�s and the American System, a federal infrastructure plan, contributed to the growing animositybetween the North and South.Watch on Youtube

https://www.youtube.com/watch?v=cTCCIj8tOSI2

1This content is available online at <http://cnx.org/content/m64406/1.4/>.2https://www.youtube.com/watch?v=cTCCIj8tOSI


7

8 CHAPTER 4. ECONOMIC CAUSES OF THE CIVIL WAR


Chapter 5

The Gilded Age, Robber Barons, and

the Rise of Big Business1

Figure 5.1: "Economic Growth in the Gilded Age � US Economic History 5" by the Institute forHumane Studies

Description

In the 1870s and 1880s, the US economy grew faster than ever before and quickly became the largesteconomy in the world. Professor Brian Domitrovich of Sam Houston State University explains how bigbusiness owners, known as robber barons, immigration, and the engineering revolution all contributed tothis incredible economic growth.Watch on Youtube

https://www.youtube.com/watch?v=iPLZyoVxUI42

1This content is available online at <http://cnx.org/content/m64398/1.4/>.2https://www.youtube.com/watch?v=iPLZyoVxUI4


9

10CHAPTER 5. THE GILDED AGE, ROBBER BARONS, AND THE RISE OF

BIG BUSINESS


Chapter 6

Progressivism and the New Deal1

Figure 6.1: "Progressivism & the New Deal � US Economic History 6" by the Institute for HumaneStudies

Description

Between the 1890s and 1930s, the Progressive and New Deal reformers urged the government to regulatethe economy more heavily in order to make it more e�cient and equitable. Professor Brian Domitrovich ofSam Houston State University explains the economic policies these reformers ushered in, such as the ClaytonAntitrust Act of 1914, the New Deal, and the establishment of the Federal Reserve.Watch on YouTube

https://www.youtube.com/watch?v=BYUMdC7CDJ02

1This content is available online at <http://cnx.org/content/m64400/1.4/>.2https://www.youtube.com/watch?v=BYUMdC7CDJ0


11

12 CHAPTER 6. PROGRESSIVISM AND THE NEW DEAL


Chapter 7

The Causes and Repercussions of the

Great Depression1

Figure 7.1: "The Great Depression: Causes & Repercussions � US Economic History 7" by theInstitute for Humane Studies

Description

Between 1929 and 1940, the United States faced the worst economic crisis in its history, the Great Depression.Professor Brian Domitrovich of Sam Houston State University explains di�erent theories about what causedthe Depression and how successful the government's response to the crisis was.Watch on YouTube

https://www.youtube.com/watch?v=JMSO8Yhnktw2

1This content is available online at <http://cnx.org/content/m64396/1.4/>.2https://www.youtube.com/watch?v=JMSO8Yhnktw


13

14CHAPTER 7. THE CAUSES AND REPERCUSSIONS OF THE GREAT

DEPRESSION


Chapter 8

The Post WWII Boom1

Figure 8.1: "Post-WWII Boom: Transition to a Consumer Economy � US Economic History 8" bythe Institute for Humane Studies

Description

Unlike the many war ravaged countries around the world in 1945, American cities and industries were intactafter WWII, and the United States became the sole powerhouse of the global economy. Professor BrianDomitrovich of Sam Houston State University explains how the United States transitioned to a consumereconomy from the 1940s through 1960s.Watch on YouTube

https://www.youtube.com/watch?v=Ic5InvM8yQM2

1This content is available online at <http://cnx.org/content/m64388/1.4/>.2https://www.youtube.com/watch?v=Ic5InvM8yQM


15

16 CHAPTER 8. THE POST WWII BOOM


Chapter 9

America's Transition to a Global

Economy1

Figure 9.1: "America's Transition to a Global Economy (1960s-1990s) � US Economic History 9" bythe Institute for Humane Studies

Description

Since WWII, the United States has become an increasingly global economy. Professor Brian Domitrovich ofSam Houston State University explains how policies like the Marshall Plan and NAFTA helped transitionthe US to a global economy and the struggles it has faced.Watch on YouTube

https://www.youtube.com/watch?v=dJYWDZa8cr42

1This content is available online at <http://cnx.org/content/m64392/1.4/>.2https://www.youtube.com/watch?v=dJYWDZa8cr4


17

18 INDEX

Index of Keywords and Terms

Keywords are listed by the section with that keyword (page numbers are in parentheses). Keywordsdo not necessarily appear in the text of the page. They are merely associated with that section. Ex.apples, � 1.1 (1) Terms are referenced by the page they appear on. Ex. apples, 1

A abraham lincoln, � 4(7)adam smith, � 1(1)Alexander Hamilton, � 3(5)american history, � 3(5), � 4(7), � 5(9),� 6(11), � 7(13), � 8(15), � 9(17)american revolution, � 1(1)american system, � 4(7)andrew carnegie, � 5(9)Andrew Jackson, � 3(5), � 4(7)Articles of Confederation, � 2(3)

B baby boom, � 8(15)bank failure, � 7(13)bank of the united states, � 3(5)big business, � 5(9)bretton woods, � 9(17)british empire, � 1(1)

C civil war, � 4(7)clayton antitrust act, � 6(11)colonial, � 1(1)colony, � 1(1)commerce clause, � 2(3)compromise of 1850, � 4(7)constitution, � 2(3), � 3(5)consumer economy, � 8(15)consumer goods, � 8(15)

D deindustrialization, � 9(17)democratic party, � 4(7)depression, � 7(13)

E economic boom, � 8(15)economics, � 1(1), � 2(3), � 3(5), � 4(7), � 5(9),� 6(11), � 7(13), � 8(15), � 9(17)engineering revolution, � 5(9)

F fdr, � 7(13)federal reserve, � 3(5), � 6(11), � 7(13)federal trade commission, � 6(11)force bill, � 4(7)franklin roosevelt, � 7(13)french and indian war, � 1(1)

G gi bill, � 8(15)gilded age, � 5(9)globalization, � 9(17)great depression, � 7(13)

H henry clay, � 4(7)hepburn act, � 6(11)history, � 1(1), � 2(3), � 3(5), � 4(7), � 5(9),� 6(11), � 7(13), � 8(15)horizontal integration, � 5(9)

I imf, � 9(17)immigration, � 5(9)in�ation, � 8(15)infrastructure, � 4(7)international gold standard, � 9(17)international monetary fund, � 9(17)interstate commerce, � 2(3)interstate commerce act, � 6(11)interstate highway, � 8(15)

J j.p. morgan, � 5(9)James Madison, � 2(3), � 3(5), � 4(7)john calhoun, � 4(7)

K keynes, � 7(13)keynesianism, � 7(13)

M marshall plan, � 9(17)mcculloch v. maryland, � 3(5)mercantalist, � 1(1)merchantalism, � 1(1)missouri compromise, � 4(7)molasses act, � 1(1)multimedia, � 1(1), � 2(3), � 3(5), � 4(7),� 5(9), � 6(11), � 7(13), � 8(15), � 9(17)

N nafta, � 9(17)national bank, � 3(5)national industrial recovery act, � 6(11)navigation acts, � 1(1)new deal, � 6(11), � 7(13)nira, � 6(11)


INDEX 19

north american free trade argreement, � 9(17)

O oil embargo, � 9(17)opec, � 9(17)

P post-war, � 8(15)postwar prosperity, � 8(15)progressive, � 6(11)public stock corporations, � 5(9)

R robber barons, � 5(9)rockefeller, � 5(9)roger taney, � 3(5)

S schechter case, � 6(11)secession, � 4(7)sherman antitrust act, � 6(11)slavery, � 4(7)smoot-hawley tari�, � 7(13)stag�ation, � 9(17)stamp act, � 1(1)standard oil, � 5(9)standard oil company, � 6(11)stock market, � 7(13)

stock market crash, � 7(13)suburbanization, � 8(15)sugar act, � 1(1)

T tari�, � 1(1), � 2(3), � 4(7)tari� of abominations, � 4(7)tax, � 1(1), � 2(3)theodore roosevelt, � 6(11)thomas je�erson, � 3(5)townsend acts, � 1(1)trade, � 2(3)trade war, � 2(3)

U us bank, � 3(5)

V vertical integration, � 5(9)video, � 1(1), � 2(3), � 3(5), � 4(7), � 5(9),� 6(11), � 7(13), � 8(15), � 9(17)

W war bonds, � 8(15)william taft, � 6(11)woodrow wilson, � 6(11)world war ii, � 8(15)


20 ATTRIBUTIONS

Attributions

Collection: US History: An Economic PerspectiveEdited by: Institute for Humane StudiesURL: http://cnx.org/content/col12216/1.2/License: http://creativecommons.org/licenses/by/4.0/

Module: "US History: An Economic Perspective- How Mercantilism Started the American Revolution"Used here as: "How Mercantilism Started the American Revolution"By: Institute for Humane StudiesURL: http://cnx.org/content/m64394/1.3/Page: 1Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/

Module: "US History: An Economic Perspective- Interstate Commerce & the Constitution"Used here as: "Interstate Commerce & the Constitution"By: Institute for Humane StudiesURL: http://cnx.org/content/m64405/1.4/Page: 3Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/

Module: "US History: An Economic Perspective- The Rise and Fall of the National Bank"Used here as: "The Rise and Fall of the National Bank"By: Institute for Humane StudiesURL: http://cnx.org/content/m64403/1.4/Page: 5Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/

Module: "US History: An Economic Perspective- Economic Causes of the Civil War"Used here as: "Economic Causes of the Civil War"By: Institute for Humane StudiesURL: http://cnx.org/content/m64406/1.4/Page: 7Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/

Module: "US History: An Economic Perspective- The Gilded Age, Robber Barons, and the Rise of BigBusiness"Used here as: "The Gilded Age, Robber Barons, and the Rise of Big Business"By: Institute for Humane StudiesURL: http://cnx.org/content/m64398/1.4/Page: 9Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/


ATTRIBUTIONS 21

Module: "US History: An Economic Perspective- Progressivism and the New Deal"Used here as: "Progressivism and the New Deal"By: Institute for Humane StudiesURL: http://cnx.org/content/m64400/1.4/Page: 11Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/

Module: "US History: An Economic Perspective- The Causes and Repercussions of the Great Depression"Used here as: "The Causes and Repercussions of the Great Depression"By: Institute for Humane StudiesURL: http://cnx.org/content/m64396/1.4/Page: 13Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/

Module: "US History: An Economic Perspective- The Post WWII Boom"Used here as: "The Post WWII Boom"By: Institute for Humane StudiesURL: http://cnx.org/content/m64388/1.4/Page: 15Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/

Module: "US History: An Economic Perspective- America's Transition to a Global Economy"Used here as: "America's Transition to a Global Economy"By: Institute for Humane StudiesURL: http://cnx.org/content/m64392/1.4/Page: 17Copyright: Institute for Humane StudiesLicense: http://creativecommons.org/licenses/by/4.0/



What is mercantilism? How did economics contribute to rising tensions between the North and the South inthe years before the Civil War? What caused the Great Depression? In this video course designed speci�callyto help students study for the AP US History exam and SAT Subject Test, Professor Brian Domitrovichof Sam Houston State University explains key events in US economic history and surveys di�erent (andsometimes opposing) viewpoints on each event.

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US History: An Economic Perspective