Economics 113 Slides J. Bradford Delong http://bradford-delong.com - - PowerPoint PPT Presentation

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Economics 113 Slides J. Bradford Delong http://bradford-delong.com - - PowerPoint PPT Presentation

Nov 16, 2022 240 likes •592 views

Economics 113 Slides J. Bradford Delong http://bradford-delong.com brad.delong@gmail.com @delong 2017-01-30 key: Last Time: British North America Settler Population of British North American Colonies 1610: 350 1650: 50,000

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SLIDE 1

Economics 113 Slides

  • J. Bradford Delong

http://bradford-delong.com brad.delong@gmail.com @delong 2017-01-30 key:

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SLIDE 2

Last Time: British North America

  • Settler Population of British North

American Colonies

  • 1610: 350
  • 1650: 50,000
  • 1700: 250,000
  • 1750: 1,170,000
  • 1780: 2,780,000
  • 1810: 7,240,000
  • 1840: 17,000,000
  • 1860: 31,000,000
  • Union: 22 million (21 million free

white; 0.4 million free black; 0.4 million slave)

  • Confederacy: 9 million (5 million free

white; 0.1 million free black; 3.9 million slave)

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SLIDE 3

To Your iClickers!

250,000 at the start of the 1700s to 31 million 150 years later: what’s that growth rate, approximately?

  • A. 5.2%/year
  • B. 0.52%/year
  • C. 52%/year
  • D. 3.4%/year
  • E. none of the above
  • 1610: 350
  • 1650: 50,000
  • 1700: 250,000
  • 1750: 1,170,000
  • 1780: 2,780,000
  • 1810: 7,240,000
  • 1840: 17,000,000
  • 1860: 31,000,000
  • Union: 22 million (21

million free white; 0.4 million free black; 0.4 million slave)

  • Confederacy: 9 million (5

million free white; 0.1 million free black; 3.9 million slave)

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SLIDE 4

Need-to-Know: Powers of 2

  • Rule of 72: T2 = 72/g
  • Rule of 720: T1000 = 720/g
  • Powers of 2
  • What the powers of 2

are…

  • 1, 2, 4, 8, 16
  • 32
  • 1024, 512, 256, 128, 64
  • 20 = 1
  • 25 = 32
  • 210 = 1024
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SLIDE 5

Three Important Strains

  • “Virginia”—tidewater plus

piedmont

  • “Kentucky”
  • “New England”—Puritan,

followed by commercial

  • Two more:
  • Slave society: Georgia and

Carolina, plus Caribbean slave colonies

  • Middle colonies: Maryland,

Pennsylvania, New Jersey, and New Amsterdam (York)

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SLIDE 6

Immigration: Virginia

  • A quarter of white population

“free”

  • Three quarters indentured
  • But how do you hold on to

the indentured?

  • Ferocious mortality: 1620-40

VA population 7K —> 14K with 25K indentured servants

  • Slaves: 300 in 1650 —> 13000

in 1700 —> 150000 (40%) by 1750

  • What did VA export? Tobacco

(and corn)

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SLIDE 7

Settlement: New England

  • Building a utopia…
  • Godly and prosperous…
  • Timber, fish, shipbuilding, shipping…
  • In return for British manufactured

goods…

  • And Caribbean and other colonial

staples…

  • 20,000 migrants by 1640—

thereafter natural increase

  • Not young, unskilled young men on

the make…

  • Not indentured servants…
  • Healthier and closer to gender

balanced…

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SLIDE 8

Catch Our Breath…

  • Comments?
  • Questions?
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SLIDE 9

Big Ideas

  • Structured repetition
  • All of our big ideas live in the future still, except for

two

  • Which big ideas have we brushed so far?
  • A. American nationalism and American

exceptionalism

  • B. American exceptionalism and American slavery
  • C. The tyranny of geography and American

nationalism

  • D. Social democracy and Gilded Ages
  • E. None of the above
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SLIDE 10

BIG IDEAS

  • Which of these do you think will turn out to be most important in this

course?

  • A. Narrative: We are animals that live by it—hence by studying

history…

  • B. American nationalism: There are three:
  • A. The City Upon a Hill: “Let it be as it was in New-England…”
  • A. A place where we can live freely…
  • B. “But here was Old Kentucky!”
  • C. American exceptionalism: The American project has been

astonishingly successful—in Trotsky’s words: “the furnace where the future is being forged…”

  • D. American slavery: But the American project has been much

worse than shadowed by plantation slavery and its echoes down the centuries…

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SLIDE 11

BIG IDEAS II

  • Which of these do you think will be most important?
  • A. Immigration: One big contributor to the success of the

American project has been immigration…

  • B. Liberty: American society has generated a large—in

comparative context—but unevenly distributed quantum

  • f liberty…
  • C. Opportunity: American society used to deliver an

unusually large quantum of opportunity—but not any more…

  • D. Prosperity: American society has delivered an

unprecedented and unequalled quantum of prosperity

  • E. Public Interest: Growth: The story of industrialization

requires focusing on growth-oriented industrial policy…

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SLIDE 12

BIG IDEAS III

  • Which of these do you think will be most important?
  • A. Public Interest: Distribution: The story of industrialization

requires focusing on societal well being-oriented industrial policy

  • B. Gilded Ages: The story of opportunity and prosperity is the

story of our two Gilded Ages: their rise, fall, and rise

  • C. Social Democracy: The apogee of American success is the

mid twentieth century era of social democracy

  • D. Structural Transition: Society has moved from agriculture

to industry to post-industrial services, and is now moving on to ?…

  • E. The Tyranny of Geography: Much of what has gone wrong

with America can be traced to regional geography—and to the cultures that entrenched themselves in that geography…

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SLIDE 13

Catch Our Breath…

  • Comments?
  • Questions?
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SLIDE 14

Toward Revolution

  • The conquest of New

France

  • New Orleans (1718-64

French; 1764-1803 Spanish; 1803 French)

  • Royal Proclamation of

1763

  • “Navigation Acts”
  • Taxation? Representation?

Quartering? Royal governors?

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SLIDE 15

Thomas Jefferson’s View

  • The family psychodrama
  • f Thomas Jefferson
  • “Why do we hear the

loudest yelps for liberty from the masters of negroes?”

  • Virtuous Roman farmers
  • The corruption and fall of

the Roman Republic

  • Britain’s Augustan Age
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SLIDE 16

Benefits of Revolution?

  • To revolutionaries—young men on

the make…

  • To supporters of revolution…
  • Costs to supporters…
  • Costs to others…
  • Tories…
  • Amerindians…
  • Slaves…
  • How can we draw a plus out of

this?

  • Effects of American Revolution
  • n European political

development…

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SLIDE 17

Artemas Ward, 1727-1800

  • Serious rabble-rouser…
  • Artemas begat Thomas
  • Thomas begat Andrew
  • Andrew begat another

Andrew

  • Andrew begat Isabel (Carter)
  • Isabel begat Elinor (Lord)
  • Elinor begat William
  • William begat Fonya

(DeLong)

  • Fonya begat me
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SLIDE 18

Artemas Ward

  • Serious rabble-rouser
  • Lexington and Concord
  • The man the spot
  • Military experience in the French and

Indian War

  • Substantial administrative and logistical

experience

  • Politically very reliable
  • Became C-in-C:
  • Organizer of the army
  • Decision to fortify Bunker Hill
  • Battle of Bunker Hill June 17, 1775
  • Superseded on July 3, 1775
  • Entire army marched down to New York in the

summer of 1776

  • August-December 1776: Battle of Long

Island, etc.: from 24K down to 2K in the main field army

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SLIDE 19

Catch Our Breath…

  • Comments?
  • Questions?
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SLIDE 20

The Nation Built Before 1860

  • Immigration and population

growth

  • Internal improvements
  • Erie Canal
  • Steamships
  • Railroads
  • Northern agriculture dominates
  • The cotton gin and staple

exports

  • Banks and finance
  • Manufactures
  • “Interchangeable parts”
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SLIDE 21

Internal Improvements

  • North America was settled

from the wrong end

  • The Erie (and Other) Canals…
  • A “national road”
  • Clearing snags and dredging

sandbars

  • Steamboat: Robert Fulton
  • Other “internal

improvements”

  • Paid for by tariffs
  • And land sales
  • The coming of the railroad
  • Allegheny Portage Railroad
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SLIDE 22

Allegheny Portage Railroad

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SLIDE 23

Demography: The Cold North

  • Population flows to the north…
  • Representatives “including 3/5
  • f all other persons”
  • 1800: 76-65
  • 1830: 141-99
  • 1860: 155-85
  • Senators:
  • 1800: 16-16
  • 1830: 24-24
  • 1860: 38-30
  • Why does the northern

population dominate?

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SLIDE 24

The Cotton Gin

  • Jefferson freed

10% of his slaves— including some who were not his direct genetic descendants

  • “But, as it is, we

have the wolf by the ear, and we can neither hold him, nor safely let him go. Justice is in

  • ne scale, and self-

preservation in the

  • ther…”
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SLIDE 25

Price of Slaves

  • 1807 prohibition of

legal slave imports

  • 1794 invention of the

cotton gin by Eli Whitney

  • Real commodity

prices falling at about 1.2%/year

  • Prices 3x as high in

1860 as in 1800

  • What about values?
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SLIDE 26

To Your iClickers…

1.2%/year fall in price over 60 years is:

  • A. a doubling
  • B. a quadrupling
  • C. a halving
  • D. a decrease in

price of 72%

  • E. none of the above
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SLIDE 27

To Your iClickers…

Thus owning a slave in 1860 was how many times a bigger economic deal than

  • wning a slave in

1800?

  • A. three times
  • B. one-third
  • C. six times
  • D. one-sixth
  • E. none of the above
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SLIDE 28

Manufactures

  • Steam-powered

manufactures before 1860 limited to:

  • English midlands
  • Belgium
  • Silesia
  • A few others
  • Plus New England
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SLIDE 29

Manufactures II

  • The tariff
  • “Nullification”
  • The resources
  • The culture
  • The “American

System”

  • Alexander Hamilton
  • Hamilton vs.

Jefferson

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SLIDE 30

Catch Our Breath…

  • Comments?
  • Questions?
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SLIDE 31

Map Exercise

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SLIDE 32

Body Slide

“An analogy…. The Maya Indians were interested in… Venus…. To make calculations, the Maya had invented a system of bars and dots to represent numbers… and had rules by which to calculate and predict not only the risings and settings of Venus, but

  • ther celestial phenomena…. Only a

few Maya priests could do such elaborate calculations…. Suppose we were to ask one of them how to do just one step in the process of predicting when Venus will next rise as a morning star—subtracting two numbers….. How would the priest explain?….

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SLIDE 33

Catch Our Breath…

  • Comments?
  • Questions?