In Chapter 25 “Who Desegregated Major League Baseball: Jackie Robinson or Adam Smith”, Branch Rickey of Brooklyn signed Jackie Robinson, an African American, to play Baseball ignoring the tradition of not hiring blacks (Schug and Wood 240). The hiring could be linked to Adam Smith’s arguments on invisible hand, profit-orientation and people response to positive and negative incentives (Murrin et al. 70).
Due to competition, the market value began determining what people produced while profits and gains established voluntary exchange and economic interactions (Wittkopf, Jones and Kegley 13). The hiring set the stage for racial and gender equality struggle. This new innovations in Baseball league business influenced monophony and limitation of powers yielded by business cartel.
Economics is noted to have illuminated American history contributing to limited productive resources and people had to choose substitute goods and services to satisfy their needs. During pre and Post independent America, government’s role in the nation’s economy and markets increased with focus on benefits and minimizing costs. As America’s economy diversified and faced dynamism in its markets, government policies changed over different periods of its history (Knox par. 3).
Special interest groups in the economy have influenced government policies as they pursued economic efficiency and other social goals. The increased market interactions and incentives led to the American Revolution where they fought for independence in 1765 (Breen 47).
British North American citizens in 1776 found themselves fighting one another despite being politically free people (Schug and Wood 18). After their victory, the Independent America had the opportunity to establish their system of governance and a road map to economic prosperity (Maddison 26). The revolution was based on set ideas and interests that forged a revolutionary movement leading to historic victory and the emergence of a new nation spanning from 1754 to 1820s. Government practices and institutions established after the revolution and independence form the foundation of the American political system entrenched in the U.S Constitution and the Bill of Rights (Wohl Publishing par. 1).
Unit Three
America experienced increased economic expansion and reforms from 1801 to 1861 characterized by industrial revolution and massive immigration. Immigration and slavery issues created different ideologies that led to regional tensions. As market economies evolved and several interest groups emerged, the reforms influenced prices and overall market interactions (Maddison 55). The regional tensions led to the American Civil War in 1860s and after the war was over, the reconstruction had significant impact on the American society. During this period people responded predictably to both negative and positive incentives as a result of the civil war and reconstruction. Reforms and reconstruction involved establishment of market economy institutions (Wittkopf, Jones and Kegley 38).
This unit constitutes historical events contributing to emergence of America as an industrialized nation during 1870 to 1900. The key notable government policies included the Federal Indian Policy and the United States foreign policy after the Civil War (Walton and Rockoff 52).
This period in American history was characterized by the use of new technologies, increased industrial investments that stimulated economic growth and improved living standards. American economic transformations contributed to the rise of corporations, mechanized farming and heavy industry mechanization (Schug and Wood 48). Increased complexities in the economy and use of hard money introduced economics concepts of inflation and fluctuations into American society.
The United States continued to develop industrially while experiencing massive immigration. The industrial development and massive immigration led to growth and development of national unity ideas, cultural diversity and new social patterns (“History of the United States Forming a new nation (1784-1819)” par. 2). People responded to positive and negative incentives reflecting their social, economic and political contexts.
The government needed to address post-war times and The Great Depression through transformation of America federalism. The effects redefined U.S foreign policy on global affairs, racial equality, gender equality and extension of civil liberties (Baylis, Smith and Owens 28). The U.S government has also increased its efforts to ensure that civil liberties are extended to all its citizens irrespective of race or gender (Murrin et al. 86).
This unit encompasses the period from 1968 to the present representing the contemporary United States social, cultural and economic development (Schug and Wood 336). Post-war America was characterized by fluctuations in various aspects of the economy including income, employment and prices (“An Outline of American History: Postwar America” par. 2). Costs imposed on the overall economy and individuals were due to unemployment as well as the expected and unexpected inflation. Employment, prices, and output during this period are largely affected by the Federal government budgetary policies. The United States economy continues to be complex as world markets open and globalization increases. Additionally, established institutions are also evolving in the dynamic U.S market economies.
As the nation became industrialized, the 19th century monopolies began to disappear (“The American Presidency: Expansion and Reform” par 4). The disappearance of these monopolies could be linked to increased competition among producers; cost reduction and prices; and the strategy of producing only what consumers are willing and able to buy (Schug and Wood 165). There was increased competition among buyers and sellers in America.
Therefore, innovation among the U.S entrepreneurs became an important aspect of the nation’s economic growth. With the introduction of money, it significantly affected overall economy prices and inflation. It is also evident that the government’s role in the market economy increased because of various government policies.
Works Cited
An Outline of American History: Postwar America 1994. Web.
Baylis, John, Steve Smith, and Patricia Owens. The globalization of world politics: an introduction to international relations, New York: Oxford University Press, 2013. Print.
Breen, Timothy Hall. The marketplace of revolution: How consumer politics shaped American independence, New York: Oxford University Press, USA, 2004. Print.
Knox, Lucy Flucker. Letter to Henry Knox, May 1777. MS. The Gilder Lehrman.
Collection, The Gilder Lehrman Institute of American History, New York. Web.
Maddison, Angus. The world economy volume 1: A millennial perspective volume 2: Historical statistics. Kolkata, India: Academic Foundation, 2007. Print.
Schug, Mark, and William Wood. Economic Episodes in American History, Morristown, NJ : Wohl Publishers, 2011. Print
Murrin, John M., Paul E. Johnson, James M. McPherson, Alice Fahs, and Gary Gerstle. Liberty, equality, power: a history of the American people, Boston: Cengage Learning, 2011. Print.
The American Presidency: Expansion and Reform 2014. Web.
History of the United States Forming a new nation (1784-1819). n.d. Web.
Walton, Gary, and Hugh Rockoff. History of the American economy, Boston: Cengage Learning, 2013. Print.
Wittkopf, Eugene, Christopher Jones, and Charles Kegley Jr. American foreign policy: Pattern and process, Boston: Cengage Learning, 2007. Print.
Wohl Publishing. 2012. Table of Contents: Economic Episodes in American History. Web.