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47 Cards in this Set
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List the 5 propositions for Economic Reasoning Walton and Rockoff give in Chapter 1. Give an example from one of your readings from this class that illustrates these principles in action
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1) Choices matter 2) choices impose both costs and benefits 3) incentives matter 4) institutions matter 5) evidence matters. The Spanish made choices to travel west, it had costs of human life and ecology. Their incentive was to trade with China and make money. We have evidence of these travels through the study of biology and ecology. Institutions made it possible for Columbus to get the money he needed to conduct his expedition.
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List the three additional principles of Economic history I added to the first 5 in class. Give one example from economic history of one of these principles in action.
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1) efficient institutions tend to be stable, but stable institutions not necessarily efficient. 2) Natural resources are helpful but not necessary 3) Technology in economics allows us to produce more with fewer resources
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What four institutions do Walton and Rockoff argue provide “. . .a partial list of the institutional determinants that allow modern economies to flourish.”
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1) Rule of law with limited government and open political participation 2) clearly defined private property rights 3) reliable and freely accessible open markets, 4) individual freedom where education and health available valued by all.
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Describe in a couple of sentences the 3 different approaches that Spain, France, and Great Britain took toward colonization in the new world.
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Britain started mass immigration with permanent settlements and a policy of removal/extermination of the Indians. The French wanted to trade and have open exchange and cooperation with the Indians, but no mass immigration. The Spanish wanted to conquer, exploit/extract, and Christianize the Indians, or enslave them.
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List the 4 key navigation events that occurred in the 35 years between 1488 and 1522.
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In 1488 the Portuguese get around the Cape of Good Hope. In 1492 Columbus sailed the ocean blue, in 1497 the Portuguese get to India, and in 1522 Magellan circumnavigates the globe happens.
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What treat divided the world established the line between Spanish and Portuguese colonies worldwide, when was it signed, and how is it reflected in the way North and South American look today?
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The Treaty of Tordesilles. It gave the Portuguese Brazil.
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List four reasons why Western European powers were able to expand overseas to America, Africa, India and East Asia starting in the late 15th Century.
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There was “substantial commercial growth, greater security of persons and property. Growing security in exchanges and transactions opened up whole new trades. Also, population was booming. Europeans were advancing politically, commercially (sea), and militarily.
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What was the primary motivation for Europeans (including Columbus) wanting to establish trade with China and other parts of East Asia.
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To open the new trade route by getting past the Islamic states and the Italian city states, and of course to make money.
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List 4 reasons that slavery was established in America. (Note, for purposes of this review, “America” includes North and South America).
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1) Disease favored West African laborers, 2) there was a labor shortage, the South had labor intensive crops (rice, sugar, tobacco), 3) Economies of scale favor it for the large cash crops. 4) Institutions perpetuate it (headright system of land for slave purchase). Also a reduction in “turnover costs”, the slaves weren’t able to leave you at an important time or switch employers for higher pay.
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Describe at least 3 features of Indentured Servitude. How was it distinct from slavery? What statistic did we mention in class that indicates how important indentured servitude was for immigration to the British Colonies in North America.
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1) It was a contract exchanging labor service for a period of time (usually 4 years) in return for passage, room and board. 2) It was distinct from slavery because at the end of your contract you were free to do as you pleased, and might have “freedom dues” 3) Before 1750, 350,000/500,000 immigrants were indentured servants 4) There opportunities might be greater in America, and certainly the ability to own land
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Into what 3 general economic regions do Walton and Rockoff divide the 13 American colonies? List two key economic industries found in each. What are the two principle reasons these regions developed distinct economies?
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New England: Shipbuilding and fur Mid-Atlantic: Small farms, foodstuff, agriculture South: Large cash crops, slavery CLIMATE AND GEOGRAPHY These regions developed differently because of their particular soil types, resources, and climate
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Describe the rate of population growth in the 13 colonies between 1620 and 1780. What percentage of the population of these colonies was under the age of 21 by the 1770s? At the time of the Revolution, what percentage of the white population of the 13 colonies is foreign-born. What percentage of the black population at that time is foreign-born? Finally, from what European country is the largest ethnic group of Americans descended today?
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1/10 is foreign born at Revolution, 2.5/10 blacks is foreign born. Germans are the largest ethnic group. Between 1620 and 1780 the population grew from 1,000 to 2,728,000. By the 1770’s, 57% under the age of 21.
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In class I noted that a fundamental truth about the establishment of the United States is that it is a child a Great Britain. What does this mean? Give three reasons why I argue it is true.
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The 13 colonies were of course founded by the British. Three reasons why we are the children of Britain is that we instituted English law, many of their customs, their language, and of course capitalism.
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Nobel Lauriat Paul Krugman has noted that “Adam Smith should be presumed innocent until proven guilty.” What does this mean in the context of studying economic history?
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He is a liberal Keynesian, but he writes that we should assume classical theory as the default to explaining economics until we find evidence to the contrary.
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List 4 of the characteristics of Mercantilism. Why was the Spanish experience so influential in encouraging other European states to adopt mercantilism.
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The Spanish had done a great job of building up their specie, specifically silver. Four characteristics of this are 1) creating a trade surplus to increase state power 2) skilled artisans need to be kept at home 3) things that can be done better in British colonies should be done there 4) Build a strong merchant marine force for internal trade and possibly war.
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What British laws promoted mercantilism in the American colonies? List 3 rules established by these laws.
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The Early Navigation Acts were established. These said that 1) All trade with the colonies needs to be done with English built vessels 2) Foreigners must trade with England directly and not the colonies 3) There were enumerated goods which could only be sold to England such as tobacco and sugar
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How great an impact did the Navigation acts of 1660-1663 have on trade between the 13 colonies and Great Britain. Why?
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They had little impact. They were all about trading only with England. They had little impact because they were hard to enforce, most of our trade was already with England, and we had a comparative advantage in producing agriculture and in resources.
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On page 71 of your text Walton and Rockoff note that “A paper currency that was widely acceptable stands as one of the great legacies of the colonists.. . .It is noteworthy that paper money at that time was uniquely American. Although invented and used in ancient China, paper money was not used anywhere in the world after 1500 until it was reintroduced by the mainland colonists.” How did mercantilist policies drive this development?
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Britain had a trade surplus with us, they were taking all of our gold and silver specie, so we didn't have a gold/silver standard so we went ahead and printed our own money.
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What is the principle way new colonial policies that were implemented after 1763 differ from those that had come before 1763. What happened in 1763 that prompted these changes?
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They basically decided that they were going to actually enforce the policies that they had already had for a long time. This was a result of the French and Indian War, the British had spent a lot of money protecting us so they wanted us to pay a little, and the English were tired of seeing the colonists as free riders.
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Walton and Rockoff describe the events that led to the American Revolution as a series of three crises. What event or events sparked each crisis? Is there a common theme that runs through all three crises?
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The French/Indian War cost a lot of money, the colonists paid very little. They needed to raise money. They enacted the Sugar and Stamp Acts. These were still modest taxes, but they were now more strongly enforced, but then abandoned. Then they started the Townshend Duties, which were strictly enforced. Vehemently imposed but eventually mostly abandoned, except for the tea tax. The tea act created a monopoly and cut out the middle men. This was greatly opposed and finally the Intolerable Acts enacted. This was harsh, closing Boston Harbor, allowing Brits to be tried outside the colonies, gave the Governor dictatorial rights and provided for quartering of troops. The theme through this is that rules were enacted and then mostly backed off on, and eventually by the time they were most strictly enforced it had become completely unacceptable and a conflict was inevitable.
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What do Walton and Rockoff mean, when, on p. 107, they write “The major issue appears to have been who was to determine the policy, rather than what the policy itself was to be.” (p. 107) Give two examples they use to support this hypothesis.
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We wanted self determination, meaning we wanted representation. Two examples of this are land policy in the West which was shutdown, and money, whether or not the colonists could start their own banks and issue paper money. They wanted a say in the laws being enforced on them.
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At the end of Chapter 6, Lawrence Harper is quoted: “Any modern parents’ magazine could have told George III’s ministers that the one mistake not to make is to take a stand and then yield to howls of anguish.” Explain what this means in the context of British policy that led to the American Revolution. Provide two historical examples that support this idea.
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The English would enact a policy or rule such and then the colonists would howl their disapproval. Then the English would either ditch the tax altogether or lower it. An example of this was the tax on molasses which was reduced from 3 to 1. Another is the Stamp Act, which was greatly disliked and pretty much ditched except for one part of it. You can't make rules, back off repeatedly, and then finally strictly enforce something without greatly antagonizing the "child"
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Explain what Mann means when he says “. . .globalization may be primarily a biological phenomenon.
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We used to be Pangea, a giant continent. Geological forces split us all up, and the two halves became very different, with different plants and animals. The world was two ecological domains, but this Columbian Exchange brought these two worlds back together.
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What does Mann mean when he says that the Columbian exchange “. . .reknitted the seams of Pangea?”
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Well now with international trade and interaction the world and specifically much of its ecology and biological life was now reunited.
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What does “ecological release” mean. Give one example of it from the Mann reading.
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This occurs when a species of something is not native to another brought is brought there. For example, African scale insects that ate bananas were introduced in Hispaniola, where there are no natural enemies, and thus there population expanded greatly. And also fire ants loved their **** so they were cool with it too and increased.
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What did Legazpi and Urdaneta accomplish that Columbus failed to accomplish? Where and when did they accomplish it?
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“the two Spaniards’ contribution…that together Legazpi and Urdaneta achieved what Colon failed to do: establish continual trade with China by sailing west. Another way to state their accomplishment would be to say they were to economics what Colon was to ecology: the origin, however inadvertent, of a great unification” (19).
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What is the product the Spanish show up with that finally encourages the Chinese to trade with them?
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“And the barbarians had something that was extremely desirable in China: silver” (22). In return the Chinese took every ounce they could of silver. After Spain began trading with the Chinese in the Philippines a new distinctly modern era had begun.
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What American agricultural products get transferred to China? Describe briefly the impact this has on China.
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Sweet potatoes and maize. “one of the most revolutionary events in imperial China’s history. These two crops could be grown upland and not in the wet river valleys. This caused a lot of deforestation, lots of erosion and floods. This destabilized Chinese leaders.
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What climate change hypothesis does Mann advance that resulted from the arrival of the Europeans?
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This is the “Little Ice Age”. He says the Indians in America burned down their forests a TON, but after the Columbian Exchange a lot of these Indians die and they can no longer burn, increasing tree growth, tacking CO2 from the area, dropping the temperature.
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Why does Mann write that “. . .tobacco was an instant hit around the globe – the first time people in every continent simultaneously became enraptured by a novelty.” Give two examples of this experience.
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The Pope had to ban cigars during the Mass because Priests were lighting up. Manchurians were selling their weapons to acquire tobacco.
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Describe 3 differences in how English farmers used land than how Powhatan farmers used the land. How did these differences impact the English view of the Powhatan lands?
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1)The English had domesticated animals (cattle, horses). (2) The English cleared forest, plowed land, planted single crops. (3) Powhatan would burn around trees, and then they would grow a bunch of different things all in one spot. The Indians lacked fences which was foreign to the English, and the indians also left their land fallow. The English saw this as barbaric
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What does Mann mean when he says “In this way. . .[the English] unkowningly replaced one dominant natural engineer with another. . .”
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They pretty much hunted the beavers to extinction but replaced them with the earthworm
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Why did the English finance the Jamestown colony with a join-stock company and the English national treasury.
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The English sovereigns “wanted the benefits of trade and conquest but couldn’t pay for them”. (54) This helped to spread the risk around.
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Mann quotes English cleric Richard Hakluyt: “Spain, he noted, had already converted ‘many millions of infidels [to Christianity.] And what had been Spain’s reward for this deed? God had ‘open[ed] the bottomless treasure of his riches,’ letting England’s hated dversary acquire vast stores of silver, which in turn had let it open trade with China.” What logical fallacy is made by Hakluyt when he makes this connection? Give an example of this fallacy in today’s public conversation.
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This fallacy is correlation = causation. An example would be mood changes in people during the changes in moon phases.
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What three institutions does Mann note Nobel Lauriat Douglass North credits with helping European nations “. . .mobilize resources efficiently
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The joint stock company was crucial . It helped secure property rights, open markets, democratic government (control govt. excess), and trade.
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What are the 5 virtues Mann notes that David Landes credits with helping Europe expand?
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Work, thrift, honesty, patience, tenacity
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Why, does man argue the Powhatan allowed the English to survive at Jamestown when they probably could have wiped out the English colony?
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He likely didn’t see the starving settlers as a threat. They had bad land anyways. And he tolerated them as long as they were trading valuable goods such as guns, axes, knives, mirrors, etc. (57)
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What two reasons does Mann give for why the English at Jamestown were starving although they were located on the Chesapeake Bay, one of the world’s great fisheries?
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They were afraid to leave Jamestown because of the Indians. Also, a large portion of the colonists were “gentlemen” who wouldn’t perform manual labor, and even their attendants felt the same way. (60)
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In the first 15 years of Virginia colonization, what fraction of the English immigrants died in Virginia?
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8/10
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What is the agricultural product that proves to be the financial salvation for many of the early English immigrants to Virginia?
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Tobacco
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Mann notes that in 1619, “Within weeks of each other, Jamestown had inaugurated two of the future United States’ most long-lasting institutions. .” what were these institutions?
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These two institutions were, representative democracy and slavery
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Give two reasons why Ferguson notes New Englanders were better off economically than British citizens living in Great Britain.
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“the ones who revolted against British rule were the best off of all British colonial subjects….by the 1770s, The New Englanders were about the wealthiest people in the world” (89). They also only payed 1 shilling of tax per year while Old Englanders paid 26 shillings a year. They were wealthy and paid less taxes. They also had opportunity to get their own land
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Who, does Ferguson argue, was really behind the Boston Tea Party? Why were they motivated to do this?
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The tax on tea was very low, and was actually lowered from 1 shilling to threepence per pound. It was actually organized by wealthy Boston smugglers who were going to lose out.
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What is the constitutional principle that was the “true bone of contention” between the American colonists and Great Britain?
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“It was the constitutional principle – the right of the British parliament to levy taxes on the American colonists without their consent” (91).
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According to Ferguson, what institutional feature distinguished the North American colonies from other British colonies in the Americas?
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“Particularly those in New England, that they had nurtured representative institutions” unlike South America (92).
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What does Ferguson mean when he calls the American revolt “. . .an emphatic assertion of Britishness. . .” rather than a revolt against it?
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“Yet Samuel Adam’s famous slogan ‘No taxation without representation’ was not a rejection of Britishness, but rather an emphatic assertion of Britishness” (93). They wanted the same rights, they wanted real, local representation in parliament.
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What three reasons does Ferguson give for why the American Revolution was a war the British could not win?
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(1) The British were already contending with the French, and “a full scale campaign in America would have ben hazardous in the extreme” (98). (2) Also, many people in England sympathized with the colonists. (3) The short term benefit of keeping the American colonies wasn’t huge. The Caribbean was more important then.
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