Econ 182 Final

Front 1

Gold Rush

Back 1

Mass migration to the west coast sparked by the discovery of gold at sutter’s mill from 1848-1855

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Sutter's Mill

Back 2

a sawmill, owned by 19th-century pioneer John Sutter, where gold was found, setting off the California Gold Rush

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Migration law history in California

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1848-1850: None

1850: default public land, miners were trespassers

1866: An Act Granting the Right of Way to Ditch and Canal Owners over the Public Lands, and for Other Purposes:

Opened up all public mineral lands to exploration and occupation by any U.S. citizen (or person declaring intention to become a citizen), Individuals could file claims in accordance with local rules or customs. If no one filed a counterclaim within 90 days, the land could be surveyed and sold to the discoverer for $5 an acre plus survey costs. Claims were limited to 200 feet in length along the vein, with an extra 200 feet awarded to discoverers of new veins.

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Northwest Ordinance of 1787

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Created a policy for administering the Northwestern Territories, included a path to statehood and forbade expansion of slavery into the territories

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US Land Policy

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1775-1830: Sale at Auction: Prices stuck around 1-2$, but rose at the turn of the century and then fell again shortly after;

1830-1862: Preemption: Squatters could purchase land at the minimum price

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Eminent Domain

Back 6

the power of a state or a national government to take private property for public use, heavily contested regarding the idea of property rights

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Nevada’s 1875 Act to Encourage the Mining, Milling, Smelting, or Other Reduction of Ores

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Granted eminent domain powers to mining companies and was upheld by the supreme court as a necessity to the people of the state

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Berman v. Parker

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United States Supreme Court that interpreted the Fifth Amendment's Takings Clause: "nor shall private property be taken for public use, without just compensation" in the Fifth Amendment of the United States Constitution. The court voted 8-0, holding private property could be taken for a public purpose with just compensation

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Hawaii Housing Authority v. Midkiff

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a case in which the United States Supreme Court held that a state could use the eminent domain process to take land overwhelmingly concentrated in the hands of private landowners and redistribute it to the wider population of private residents

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Kelo v. City of New London

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the Court held that the general benefits a community enjoyed from economic growth qualified private redevelopment plans as a permissible "public use" under the Takings Clause of the Fifth Amendment.

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Domar Model

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Assuming that land and labor are the only two factors to produce a homogeneous product, land is abundant, free, and uniform, and that the labor supply is fixed. No diminishing returns to labor (average product of labor = marginal product of labor = wage). Implies that no one can afford to hire labor because natural tendency is small family farms, only way to hold labor is by force → slavery

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Missouri Compromise of 1820

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prohibiting the practice in the former Louisiana Territory north of the parallel 36°30′ north, except within the boundaries of the proposed state of Missouri

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Compromise of 1850

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North: California admitted as a free state, Texas gave up its claims to lands disputed with New Mexico, Slave trade in D.C. was banned, but slavery was legal.

South: Popular sovereignty in Mexican Cession lands, Texas was paid $10 million for land lost, A new, tougher Fugitive Slave Law of 1850

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Kansas Nebraska Act of 1854

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The initial purpose of the Kansas–Nebraska Act was to open up many thousands of new farms and make feasible a Midwestern Transcontinental Railroad. The popular sovereignty clause of the law led pro- and anti-slavery elements to flood into Kansas with the goal of voting slavery up or down, resulting in Bleeding Kansas

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Dred Scott v. Sanford

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1. Persons of African descent cannot be, nor were ever intended to be, citizens under the U.S. Const. Plaintiff is without standing to file a suit.

2. The Property Clause is only applicable to lands possessed at the time of ratification (1787). As such, Congress cannot ban slavery in the territories. Missouri Compromise is unconstitutional.

3. Due Process Clause of the Fifth Amendment prohibits the federal government from freeing slaves brought into federal territories.

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Rate of Exploitation (neoclassical)

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(MP-W)/MP, where MP is the marginal product of labor, W is the wage or other compensation

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Rate of Expropriation

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(PVearnings – PVexpenses)/PVearnings where PV is the present (discounted) value at birth

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The burden on children

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Most families if free allocate more expenses to developing children but since slavery forces a certain allocation, children are less nourished than otherwise, so they bear the brunt of the burden

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Sharecropping

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a system of agriculture in which a landowner allows a tenant to use the land in return for a share of the crops produced on their portion of land

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Trail of Tears

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the Cherokee nation was forced to give up its lands east of the Mississippi River and to migrate to an area in present-day Oklahoma. The Cherokee people called this journey the "Trail of Tears," because of its devastating effects

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Presidential Reconstruction 1865-1867

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Started by Lincoln, continued by Johnson, Mild and forgiving—e.g., confiscated land returned to plantation owners, Southern states had to accept 13th Amendment, but passed black codes

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Presidential Reconstruction 1867-1877

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Army sent back into South; black codes overturned, Southern states had to accept 14th and 15th Amendments, as well as 13th

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13th Amendment

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No slavery or involuntary servitude except as punishment

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14th Amendment

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No abridgment of rights, applies the rights to the states

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15th Amendment

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No discrimination or abridgment regarding the right to vote

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Economic Theory of discrimination

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Black workers cost less than white ones, but white workers with a taste for discrimination may not want to work with black workers and the already skilled laborers might go somewhere else. Thus the labor market tends to segregate itself and certain jobs are effectively reserved for whites and others for blacks

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Voting Rights Act of 1965

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prohibits racial discrimination in voting

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Homestead Act 1862

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encouraged Western migration by providing settlers 160 acres of public land. In exchange, homesteaders paid a small filing fee and were required to complete five years of continuous residence before receiving ownership of the land

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Morrill Land Grant College Act 1862

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grants of federal land to support agricultural and mechanical colleges

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Hamilton's Report on the Establishment of a Mint (1791)

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Intended to create a national currency, attempted to maximize amount of coinage

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National Banking Acts of 1863, 1864, and 1865

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Modeled on preexisting free banking acts, banks that switched to national charters could issue national bank notes which were backed by US government bonds. This created a uniform currency and a market for bonds needed to finance war

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Reserve System

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Mandated reserve ratio, reserve cities designated where banks deposit reserves in national banks to earn interest

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Railroad Finance and the Panic of 1873

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a financial crisis that triggered a depression in Europe and North America that lasted from 1873 until 1879, and even longer in some countries. In Britain, for example, it started two decades of stagnation known as the "Long Depression" that weakened the country's economic leadership.

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Credit Mobilier

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Directors of the union pacific railroad organized credit mobilier as a construction company in which they were shareholders, awarded company the contract to build and it charged union pacific high rates

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The Great of Upheaval 1877

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Great Railroad strike, put down by local, state, and federal troops, violence against railroads for making stuff less valuable

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The Red Queen Effect

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an evolutionary hypothesis which proposes that organisms must constantly adapt, evolve, and proliferate not merely to gain reproductive advantage, but also simply to survive

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Hatch Act of 1887

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provided financial support to states for agricultural experiment stations and created the Office of Experiment Stations to disseminate research

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Smith Lever Act of 1914

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appropriated funds for an agricultural extension service with an agent assigned to each county

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Dust Bowl

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severe drought and a failure to apply dryland farming methods to prevent wind erosion (the Aeolian processes) caused the phenomenon. Came after a period of rain that made lots of people move west

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Standard Oil

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it was the largest oil refiner in the world of its time. Its controversial history as one of the world's first and largest multinational corporations ended in 1911, when the United States Supreme Court ruled that Standard Oil was an illegal monopoly.

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Interstate Commerce Act 1887

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designed to regulate the railroad industry, particularly its monopolistic practices. The Act required that railroad rates be "reasonable and just," but did not empower the government to fix specific rates.

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Sherman Antitrust Act 1890

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prohibits certain business activities that federal government regulators deem to be anti-competitive, and requires the federal government to investigate and pursue trusts

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Markets vs. Hierarchies vs. Long Term Relationships

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Long term relationships are between markets and hierarchies

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Fordism

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systems based on industrialized, standardized mass production and mass consumption

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Chinese Exclusion Act of 1882

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a United States federal law signed by President Chester A. Arthur on May 6, 1882. It was one of the most significant restrictions on free immigration in US history, prohibiting all immigration of Chinese laborers

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Geary Act of 1892

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Extended the chinese exclusion act by 10 years

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Magnuson Act

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repealed chinese exclusion act

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Immigration Quotas

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1921 and 1924: Congress imposed quotas on immigration. Annual arrivals capped at 150,000. Each immigrant group allocated quota on the basis of its weight in the U.S. population in 1890. Did not apply to migration from Americas.

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Immigration and Nationality Act of 1965

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abolished an earlier quota system based on national origin and established a new immigration policy based on reuniting immigrant families and attracting skilled labor to the United States

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Populism

Back 50

Primarily against the gold standard and railroads

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Mortgage Bubble

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Many people wanted to move to the midwest to capitalize on the rainy season’s good farm conditions, so they took out loans in the east, which were ultimately bad loans

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Election of 1896

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William Jennings Bryan vs. William McKinley, about the gold standard, McKinley wins by a landslide

Front 53

Gold Standard

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Initially prevented the federal reserve from expanding the money supply to stimulate the economy, many place the blame for the length of the great depression on the gold standard

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Full Employment Budget Surplus or Deficit

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Poses the hypothetical question whether a given set of policies would produce a surplus or deficit if the economy was at full employment (surplus implies non expansionary policy)

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Revenue Act of 1935

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raised federal income tax on higher income levels, by introducing the "Wealth Tax". It was a progressive tax that took up to 75 percent of the highest incomes

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High School Movement

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American youth entered high schools at a rapid rate, mainly due to the building of new schools, and acquired skills "for life" rather than "for college."