ECON 2200 Lecture Notes - Lecture 6: Comparative Advantage, Factor Endowment, Plough
16 Dec 2016
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Factors leading to diversification and the demise of debt peonage (p. 259-260) Growth of commercial banking in the south, especially after 1900. Improved roads & transportation; growth of mail order-houses. Urbanization and manufacturing growth, especially in the north (black migration) The reunification era: agriculture & the farm protest movement (part ii, chap 15: expansion & federal land policy: please cover on your own p. 263-267. Privatizing of government land & the liberalization of u. s. land policy. The impact of the homestead act & amendments to the act. The 3 principle goals of u. s. land policy. The distribution of public lands & fraudulent acquisitions of land. Changing views on the efficiency of u. s. land policy. In last half of 19th century, u. s. agriculture continued to grow in output. Average annual growth rate (agricultural output) = 2. 5% Diminished in terms of contribution to gdp: Output of both agricultural and manufactured products was growing, but manufacturing output was growing more rapidly.
