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

2. Warm-up: supply and demand

4. Bonus Warm-up - elasticity

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

6. Dependence on British Trade

7. 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

9. 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

10. Critical issue: North, South, tariffs?

11. 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

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

13. Progressivists fighting Standard Oil

14. Critical issue: Federal bank? 1791-1811 First Bank of the United States 1816-1836 Second Bank of the United States 1913, Woodrow Wilson, Federal Reserve system

15. Critical issue: The Great Depression

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

18. Critical issue: Oil shocks, stagflation

21. Bureau of Economic Analysis, www.bea.gov Postwar period – critical indicators

24. Unemployment 1948-2008

27. Main indexes, 1975-2006

28. Dow Jones Index (Today: 6726)