ECONOMIC HISTORY 115

* 1^ST EXAM *

FALL 2010

Essay:  Each student will role the die on the day of the exam, this will determine the one essay question you will complete from below.  Each essay should be a minimum of 2-3 pages in length (single-spaced and hand-written).  Each essay should also refer to material addressed in both texts and lecture.

1)      Describe and demonstrate the following economic perspectives; physiocrats, mercantilists and economic liberals.  Give examples of these philosophies in colonial America.  How did these ideas lead to regional conflict among the colonies, and revolution with Britain?

2)      According to Alex De Tocqueville, Americans are characterized by a hard work ethic and an entrepreneurial spirit.  Do you agree?  Identify and describe the most significant methods and institutions used to stimulate permanent settlement in North America.  Did such behavior require “risk-taking”? Were such people likely to support Revolution?  Why or why not?   

3)      What is mercantilism?  Describe and demonstrate the most significant regulations identified and imposed upon American colonists by the British Crown.  Were these regulations unfairly restrictive or were the British justified in taxing North Americans?  Was there any way Revolution could have been avoided?

4)      Compare and contrast the regional variation that existed in the Northern, Middle, and Southern colonies in North America.  How may this variation in physical environment have affected the economic activities and political perspectives of individuals from each region?  Which region was most supportive of Revolution?  Which was most resistant?  How did colonists convince those loyal to the Crown to support Revolution?

5)      Mercantilism was designed to provide the mother country with surplus specie (favorable balance of payments), such as gold.  Compare and contrast the most significant methods of payment used in Colonial America.  How did each affect Britain’s ability to acquire gold and how did the lack of gold affect the American colonies? 

6)      Compare and contrast the institutions of slavery and indentured servitude.  Which situation was a better economic transaction?  Be sure to address the location and economic situation which necessitated the use of each type of labor.  Did this difference play a role in economic development of each region? Views of revolution?