Description Please attempt to provide answers to the three questions that each run three pages in double-spaced format. Utilize a 12-point font. Like many others, I prefer “Times New Roman”. Indent your paragraphs. Do not skip unnecessary lines between paragraphs. Include a bibliography. Add a cover page “0” (suppressed) that notes at least your name, our course and this assignment as “Learning Opportunity #1”. In a spirit of creativity, you might even offer your ten-page paper a title and a cover page that utilizes fonts larger than 12 points. Questions to #1, Three pages of answers, fronts only, plus add the required sources to your bibliography on Page 10. Consider that Chapter 20 of our textbook authored by Hughes and Cain is entitled “The Giant Economy and Its International Relations”. Contained in this chapter are seven tables (20.1 to 20.7). I think that many could agree that within the timeframe running from 1821 to 1930, that the U.S. economy did indeed develop an industrial sector and this is born out in the data found in the seven tables. Your task for dealing with question #1 and generating answers: Consider the data presented in these tables and answer the posed questions in narrative format. The general question is: what do these data in the tables suggest? For example, Table 20.1 shows changes in imports and exports over time. We could readily see that as percentage value of output, the export of crude materials diminished relatively over the one hundred years’ time. Meanwhile, as percentage value of exports, finished manufactures rose from 5.7 percent of total exports in Year 1821 to 40.8 in the period between 1921-30 (see Table 20.1). Formulating your narrative answer though expressing what is found in the data in these seven tables will offer a clear sense of what took place not only in the United States economy over this time span, but you could simultaneously learn the general tendencies and features characteristic of a nation’s successful economic development based upon a broad-based industrialization. So, in the last part of your three-page answer (could be one full page or ½ page), please summarize: what can be drawn from your narrative based upon these data? More specifically, in summary format how would you characterize economic development more generally when drawing from the American experience? That is, what specifically tends to take place and is borne out by the data over time? Questions to #2. Write up a three page answer. Background: Some economic historians argue that the laissez-faire era ended with the placing of controls on the capitalistic economy in an effort to ensure increased output to supply the war efforts in Europe, especially. Finance was also affected, as funds were needed for prosecuting what form and is noted as World War One. This was more visible after 1914 in the European economies. Though the U.S. entered the war relatively late—in the Spring of 1917—still we can observe similar tendencies that offer evidence that the era of Laissez-faire ended with the US gearing up for entering the fray of World War One. In “The Command Economy Emerges: World War One,” found as Chapter 22 in our textbook (Eighth Edition), please consider three tables: 22.1; 22.2; 22.3. Use your skills and judgment as a budding economist to develop a narrative. Please consider: what are the relations between World War One and the U.S. economy? More specifically, interpret Table 22.1 and note: what appears to be going on with military expenditures over time? Interpreting Table 22.2, what appears to be going on with Federal Finances and Money Supply? Interpreting Table 22.3, what appears to be going on with Wholesale and Consumer Prices over time? Observing Table 22.4, what appears to be going on with commodity quantities and output over time? What about manufacturing (see Table 22.5)? What about the financial markets (see Table 22.6)? In the second part of this three page answer (could run 1.5 pages), please consider the section of Chapter 22 that details “The Command Economy.” What are the names and functions of the boards, offices and administrations that emerged to prosecute the war? Please cite our text and express yourself by paraphrasing the pertinent details. In a few sentences, in your judgment, do you consider the emergence of the “Command Economy” to prosecute World War One congruent with or anathema to principles of laissez-faire? In his 1924/1926 essay “The End of Laissez-Faire,” John Maynard Keynes notes the two key components of laissez-faire as “private property” and “individualism.” With the US joining and prosecuting its part of World War One, was “private property” challenged? Was “individualism” challenged? You could challenge your inner scholar and access the on-line edition of this essay and read Keynes in the original. You could cite him and add his famous essay to your bibliography. Questions to #3, Three page answer, fronts only, plus add your sources to your bibliography on Page 10. This is a three part question. Please devote one page to each part in your three page answer. Part 1. Data shown in tables of “The Great Depression,” Chapter 24 of Hughes and Cain, support the idea that the U.S. economy really suffered from and through a Great Depression during the Decade of the 1930s. Please consider the six tables and two figures found in this chapter and develop a narrative based upon the data. Make an effort to draw from the tables that indeed the U.S. economy suffered from a Great Depression during the decade of the 1930s. In general, an “economic depression” is defined as a deep and enduring contraction in economic activity (often implying negative output growth). To note: as output contracts below pre-crisis levels, unemployment rates run relatively high over a long term. Declines in interest rates are also typical during an economic depression, along with increases in federal budget deficits. Part 2. Based on our textbook, what could you identify as the core policies and specific programs that emerged in the two forms of the Franklin Roosevelt’s “New Deal” (consider Chapter 25 titled: “The New Deal”) that sought to mitigate the protracted downturn known as the “Great Depression”? Part 3. Based upon the data presented in the seven tables found in Chapter 26, titled: The Prosperity of Wartime” found in Hughes and Cain, please cite the ways in which the war economy of the first half of the 1940s displays evidence that the Great Depression had indeed ended. Please refer to the relevant data in selected tables. In a few ending sentences, in your judgment and based upon the data, did use of deficits and debt play a role in the rapid wartime recovery? Assuming you generated three page answers, then the bibliography should be listed as Page 10. Render your LO#1 title pages as “O” which could be suppressed. This is how I hope that you would cite data in a table. First you develop a narrative that explains what you are finding in the table. After explaining what is in the table, then you refer the reader to the table. For example, a standard approach is to note after the last word in the sentence ... the upswing in economic activity (see Table 20.1). An opening sentence could go like this. In Chapter 22 of their textbook, American Economic History, authors Jonathan Hughes and Louis Cain offer data for the periods before and after World War One. In the United States, military expenditure remained fairly constant from 1914 until 1917. However, for Years 1918 and 1919 total military expenditure increased substantially when compared to the previous years. Starting in Year 1920, we could note the start of a significant decline in total military expenditure (see Table 22.1). That is a standard way to present data found in a table and then to note the specific table. Then have Hughes and Cain’s text listed in the bibliography. An example from Chapter 16 In the United States, immigration reached a high point in the period 1901-1910, with respect to immigrants per one thousand of U.S. population (see Table 16.6). Please consider that it is typical and encouraged in this course to write an entire paragraph borrowing from a table, and at the very end to note the table. Bibliography (present your bibliography double-spaced) Hughes, Jonathan and Cain, Louis. American Economic History, Eighth Edition. New York: Addison-Wesley, 2011. Website: Keynes, John Maynard. The End of Laissez-Faire. https://www.panarchy.org/keynes/laissezfaire.1926.... (note date and time that the file was accessed) like, 29 January 2023, 11:30 a.m. Here are some of the best ways to mess up and bomb out with your Learning Opportunity #1. Content: By not citing the literature sources noted in the questions. Style: Failure to indent paragraphs. Failure to cite an author without noting a first name, initially. Continuing to cite an author by repeating the first name. Not placing the citation as close to the authors’ names as is feasible. Skipping extra lines between paragraphs. Presenting excessively long paragraphs. Typically, two plus paragraphs should appear on each page. Not citing as taught. This means that all borrowed ideas need to be artfully rooted in a citation. More specifically, no paragraph containing borrowed ideas is allowed to go without tying it to the literature from which the thoughts are borrowed. Failing to use commas correctly. Messing up the bibliography by not indenting the lower line(s), and not double spacing. Grading Scale. At the end of the term I total up the points accumulated from the Learning Opportunities. Students can earn up to 100 points, but seldom do so. A = 94 and above A– = 90-93 B+ = 87-89 B = 84-86 B– = 80-83 C+ = 77-79 C = 74-86 C– = 70-73 D+ = 67-69 D = 64-66 D– = 60-63 F = less than 60 P = greater than 59 NP = less than 59 Some tips on Social Science writing to consider: Below, consider an excerpt from our text, authored by Jonathan Hughes and Louis Cain in their American Economic History, Eighth Edition. Boston, MA: Pearson, 2011. Sentence from Chapter 23, page 441. World War I was the first in a sequence of crises that posed challenges to the performance of the American economy over the course of the twentieth century. Paraphrasing involves carrying forward ideas found in an author’s text without taking three or more words together. The word “that” often designates a paraphrase is about to start. When borrowing an idea, best to artfully cite your author, year, and page number. Try: Hughes and Cain (2011, 441) teach us that the First World War needs to be considered as the initial crisis in a series of crises that challenged the U.S. economy during the 20th century. According to Hughes and Cain (2001, 441), the First World War needs to be considered as the initial crisis in a series of crises that posed challenges to the U.S. economy during the 20th century. Be sure to place the comma after the clause and citation: otherwise, one point off. or, clarify your thinking with two ideas in two sentences. “In addition,” is useful. In the view of Hughes and Cain (2011, 441), the First World War needs to be considered as the initial crisis in a series of crises. Along with other crises, this war posed profound challenges for U.S. economy over the course of the 20th century. In this course, a correct manner for citing is to offer the citation as close to the author’s name as possible. This is characteristic of the Harvard Short Style that we use in this course. An incorrect manner for citing would involve including the citation after a pronoun, or offering the citation removed from the author’s name. Please note this. Social science writing relies heavily on a few key sentence structures that can be relied upon repeatedly and artfully mixed. Simple: Hughes and Cain stress challenges posed by the First World War. subject verb object Consider a complex sentence with a gerund clause added: Gerunds are verbal nouns and are noted by adding an -ing ending to a verb. After a phrase that could also stand alone as a sentence, add a comma and then an –ing gerund. In the sentence below the verb is “stress” and the gerund is “stressing.” The gerund clause is “, Introducing a gerund and gerund clause along with a citation. Hughes and Cain (2011, 441-454) introduce the First World War, stressing its importance as an initial crisis that was followed by subsequent crises affecting the U.S. economy over the course of the 20th century. Consider another gerund and gerund clause: The crisis that came along with the First World War, in the view of Hughes and Cain (2011, 6-32), proved important, preceding a sequence of crises that posed challenges to the U.S. economy over the course of the 20th century. Then there are sentences with two independent clauses that can rely upon conjunctive adverbs to carry the ideas, such as: therefore, moreover, however, nevertheless; furthermore. Use these with a semicolon before and then followed by a comma. Hughes and Cain (2011, 441) emphasize the importance of the First World War; furthermore, their textbook stresses that this war should be considered as a first crisis that was followed by more crises that challenged the U.S. economy over the course of the 20th century. If one offers a sentence with two fully independent clauses that could stand alone as sentences, then the colon (:) is appropriate. The way that I know when the : is used correctly, I can substitute for the colon ”:” the words “in other words.” This is a sure rule of thumb. Many people use the colon improperly, and editors let it pass. Hughes and Cain (2011, 6) introduce the First World War as an initial crisis: their textbook stresses its importance for challenging the U.S. economy. For this course I prefer that you learn the art of paraphrasing. Paraphrasing typically cites text without the use of quotes. My take is that when paraphrasing one relies upon quotes when introducing an odd term. The term is presented once in quotes, and once presented, the quotes are never relied upon again in the text. Bibliographical references according to the Journal of Economic Issues and my interpretations: Hughes, Jonathan and Cain, Louis P. American Economic History, Eighth Edition. Boston, MA: Pearson, 2011. Keynes, John Maynard. The End of Laissez-Faire. www.panarchy.org/keynes/laissezfaire.1926html. (note date and time that the file was accessed) like, 29 January 2021, 11:30 a.m. Veblen, Thorstein. Absentee Ownership and Business Enterprise in Recent Times. New York: August M. Kelley [1923] 1964. When developing an idea artfully, the author introduces a new term with an indefinite article, either “a” or “an”. Once a term has been introduced with an indefinite article, then the author relies upon the definite article “the.” Example: Veblen introduces a challenging idea that the modern capitalistic system could be thought of as composed of an industrial system that is animated by business enterprise. The industrial system is suggested to include the material producing sector of an economy. Business enterprise, on the other hand is suggested to operate by a completely different logic than the industrial system. This approach can be relied upon to clarify or to confuse the presentation of ideas. Best to pay attention and learn this approach. This approach is used especially in the field of law. The old style is to use the indefinite article and then when referring back the word “said” is used. In contemporary social science writing we simply rely upon the definite article “the” in place of “said.” Use of an “en-dash” and an “em-dash”. The em-dash or ? is used in American, standard English and has the width greater than an “m” and is vastly longer than a hyphen - . Actually, a hyphen would be incorrect. Two hyphens are also incorrect. In Word, look in “advanced symbols”. Economists are not typically thought of as members of the most cultivated and literate community. The Economic Historians are the exception and typically demonstrate that Economists can be highly intellectual and super literate. So try and join the club by learning to correctly use em-dash in writing up your assignments for this course. Adding this dash suggests the economist is capable of integrating literary style into economic reasoning. Opening sentence of Moby Dick [1851] authored by Herman Melville Chapter One, Page 1 Call me Ishmael. Some years ago—no mind how long precisely—having little or no money in my purse, and nothing particular to interest me on shore, I thought I would sail about a little and see the watery part of the world. It is a way of driving .... This is the American Style using the m-dash. Note the lack of spaces on each side. From Page 350 of the Hall-Whybrow article. Example of an em-dash What Dyer and Griffen fail to emphasize?and what we seek to establish in this inquiry?is what we suggest is Veblen’s most important and enduring contribution to economic science. Namely, Veblen sought to lead economic science away from its foundation in Newtonian mechanics ,.... An em-dash can also be used towards the end of a sentence and in my view should then be considered as a phrase presented emphatically. When an em-dash is used in front of an ending phrase, typically the phrase is extra to the main idea and the preceding em-dash suggests that the phrase should be understood as more emphatic that the other parts of the sentence. Here is an example from an one of my articles in the Brazilian Journal of Political Economy, 2019 There is the broadly inquiring and sensitive Mr. Smith, the author behind his less frequently read and pondered Theory of Moral Sentiments, who focused, as the title suggests, on “sentiments”—what we interpret as related to emotions and feelings
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