Outline of economic history in the United States Economic Issues in North America 5.3.2009.

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Presentation transcript:

Outline of economic history in the United States Economic Issues in North America

Warm-up: supply and demand

Bonus Warm-up - elasticity

Bonus Warm-up: Elasticity Measuring Elasticity Percentage Change in Quantity Ep = Percentage Change in Price

Dependence on British Trade

Concept: transformation: from agricultural to industrial to post-industrial from periphery to center of the world economy from limited to increasing involvement of the government

Critical issue: economic policies of the new state Alexander Hamilton v. Thomas Jefferson two opposing visions about economic future of the U.S. infant industry argument

Critical issue: North, South, tariffs?

Critical issue: Silver vs. Gold Controversy Goldbugs vs. Silverites vs. Greenback William McKinley v. William Jennings Bryan (Cross of Gold), 1896 inflation v. growth redistributive effects

Critical issue: Silver vs. Gold Controversy, 1890s - populism

Progressivists fighting Standard Oil

Critical issue: Federal bank? First Bank of the United States Second Bank of the United States 1913, Woodrow Wilson, Federal Reserve system

Critical issue: The Great Depression

Critical Issue: New Deal policies attacked from the left (saving capitalism) attacked from the right (socialism) war as the final cure

Critical issue: Oil shocks, stagflation

Bureau of Economic Analysis, Postwar period – critical indicators

Unemployment

Main indexes,

Dow Jones Index (Today: 6726)