About This Chapter
Impact of Historical Events on the Economy - Chapter Summary
In this chapter, our instructors review the seminal events in the history of the United States and the effects each had on the nation's economy. You will learn about the birth of the nation and its economy as it moved from agricultural to industrial. You'll be introduced to early Southern society, slavery and the cotton plantations. This chapter will show you how Northern society led the states in commerce.
You'll learn about the highly disruptive Civil War and its economic impact. As you progress through this chapter you'll study the Wall Street Crash of 1929 and its profound repercussions including the worst unemployment ever experienced in the United States. After completing this chapter, you should be able to:
- Explain how the U.S. economy began and how it evolved
- Identify the broad impact of Southern life, slavery, and the cotton plantations
- Discuss the economic impact of the Civil War on daily life in the North and South
- Explain the Great Depression and its causes
- Recognize the role played by President Franklin D. Roosevelt in turning the economy around
- Utilize historical sources to understand the economy
The teaching approach in this lesson involves a variety of different learning tools that make the process simple and easy to understand. You will find brief video lessons that you can watch and re-watch if you need to, all taught by instructors who are subject-matter experts in their fields.Video tags will route you quickly to the portions of the video you want to review. Self-assessment quizzes will help you gauge your level of mastery of the content. Transcripts of the video lessons will give you another way to taking in important information. There are key terms that can take you to specific places in the text lessons.
1. The Evolution of Economy: Changes from the Agricultural and Industrial Revolutions
Explore how the economy has evolved from the agricultural era into a postindustrial society during the second agricultural revolution and the industrial revolution; how changes in technology and settlements impacted the workforce and economic power; and the primary, secondary, and tertiary economic sectors.
2. Life in the South: Ordered Society and Economy of the Southern States
While the North was urbanizing and industrializing, the South became more committed to its rural, leisurely lifestyle and its agricultural economy built on slave labor. Limited industry did exist, but cotton was king!
3. Economic Developments in the North: A Commercial Revolution
In the Antebellum Era, the Northern part of the United States was revolutionized by a series of innovations, triggering a shift from an agricultural to a commercial economy. These economic changes sharpened the differences between North and South.
4. Slavery in America: Cotton, Slave Trade and the Southern Response
The United Sates was conceived on the idea of freedom and the rights of all people, but early on, an institution took hold that was the exact opposite of that idea. In this lesson, find out the roots of slavery in the States, how it took hold, how slaves lived, and how they resisted the bonds of slavery.
5. How the Civil War Affected the Economy and Everyday Life in the North and South
With the strongest and most productive demographic of society away fighting in the Civil War, the task of running homes, communities, and the nation fell to those who stayed behind. The war on the home front changed their lives forever.
6. The Great Depression: The Wall Street Crash of 1929 and Other Causes
October 29, 1929, marked the beginning of the Great Depression in the United States. Learn about this event, including the factors that contributed to the collapse of the American economy.
7. America During the Great Depression: The Dust Bowl, Unemployment & Cultural Issues
The Great Depression was a period of economic hardship for a majority of Americans. Learn about the devastating conditions created by the Depression and the American response to the tragedy.
8. Franklin D. Roosevelt and the First New Deal: The First 100 Days
President Franklin Roosevelt's first New Deal program represented an aggressive legislative campaign to relieve American suffering and end the Great Depression. Learn more about the first 100 days of the New Deal.
9. Franklin D. Roosevelt and the Second New Deal
President Franklin Roosevelt's second New Deal represented a more conservative approach to battling the Great Depression. Learn more about the program, including its legislation and legacy.
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Other chapters within the MTTC Economics (007): Practice & Study Guide course
- Economic Concepts & Terminology
- Impact of Geography on Economics
- Structure of Local & Federal Governments
- Government & Economic Systems
- Democratic Values & Society
- Government Impact on Economics
- Basics of Measuring the Economy
- Scarcity, Opportunity Cost & Production Possibilities
- Producers & Production in Microeconomics
- Supply, Demand & Market Equilibrium
- Price Determination & Elasticity
- Economic Market Structures
- Business Types & Decision Making
- Understanding Economic Growth and Productivity
- Inflation & Adjustment in Economics
- Unemployment Basics
- Understanding Inflation & Unemployment
- Overview of Aggregate Demand & Supply
- Understanding Macroeconomic Equilibrium
- Scarce Economic Resource Markets Basics
- Fiscal & Monetary Policies
- Contractionary & Expansionary Gaps
- Money & the Market
- The Central Bank & Monetary Policy
- Types of Economic Advantage
- Foreign Exchange & Trade Balance
- Overview of Inflows, Outflows & Restrictions
- International Economic Development
- Consumer Decisions in Economics
- Consumer Protection Laws & Agencies
- Savings & Investments for Personal Finance
- Effective Teaching Strategies
- Instructional Teaching Strategies
- Assessment Strategies for Teachers
- Types of Student Assessments
- Technology Uses in the Classroom
- MTTC Economics Flashcards