Alicia Stoddard

ePortfolio Project
Econ 1740-425
Jeff Davis
12/11/2016

After completing my Economic History of the U.S. course, I was able to

relate some of the key concepts in our history to life today. The course was
very enjoyable since I love history. It was fascinating to me to see how so
many things beyond our countrys foundation also started around that time. I
will be covering some concepts from the textbook that still happen today as
well as how this course has changed my method of thinking about
economics.
Redemptioners, who were mainly Germans who could not pay their
way to America, were able to travel on credit through ship captains. Some
immigrants were able to pay a portion and borrowed from ship captains for
the rest. After arrival, they were allowed a short time to pay the captains
back, either borrowing from friends or relatives, or they could self-contract
for their services. This concept outlines the importance of credit to our
countrys history. Many people still travel today on credit, but rarely I hear
about them offering labor to pay for it upon arrival.
As the colonies grew in population, the inhabitants were able to figure
out what worked agriculturally by trial and error. What agriculture would

thrive often depended on the region that they were in. The various colonies
were able to support each other by trading for goods that they could not
harvest in their own areas. This reminds me of modern day farmers markets,
where communities get together to exchange and sell their goods. I believe
that the success of colonial trade instilled this type of community and
marketing for years to come.
Another concept from our text that still plays a big part in our lives
today is the U. S. Constitution, which was declared in effect beginning March
4, 1789. Two years later, the Bill of Rights was passed and also put into
effect. The Constitution outlines our government to this day. The framework
that our founding fathers created was strong enough to withstand time and
their hope for the future of their country. For instance, no modern law can be
passed if it goes against the U. S. Constitution or the constitution of the state
that tries to pass a law.
As the country expanded to the west, the government tailored land
sales to the rich; in 1787, there was a minimum purchase requirement of 640
acres at $1 per acre in cash, which was unachievable to any of the average
pioneers. After the Land Act of 1796, the minimum of 640 acres was still the
same but the price per acre was raised to $2 per acre. The only concession
was that half of the funds could be deferred for a year on credit. This is very
similar to modern mortgages or land purchases; many people cannot afford
to pay cash for a house or land up front. They need to save up for a down
payment and use credit to defer the payment over time. I was happy to read

that 12 years after the Land Act of 1796, the minimum required acreage was
reduced to 40, and an average pioneer could purchase the land for $50,
which was about 2 months wage. I wish this was still true today.
Another interesting concept during the western expansion was
squatters rights. Since the price for land was so steep, many settlers were
unable to purchase land, so they settled in and started working pieces of
land that were not their own. They often built cabins and small farms,
working the land and producing successful harvests even though it was
illegal. Once the land was sold, the squatters argued that by occupying
and improving the land, they had rights, often referred to as cabin rights or
tommyhawk rights. The government sent federal troops to try to drive
squatters from unsurveyed land, but it didnt have long-term success. Over
time, the government viewed this lawbreaking as less and less serious. There
are modern day squatters, except they dont have the rights that it seems
the pioneer squatters had. Many foreclosed and abandoned homes have
squatters that move into them, often trashing places rather than improving
them the way the pioneers had. I was surprised while reading about the
squatters in the textbook because I didnt realize that concept had been
around so long.
As our nation began to progress, we entered the age of industry.
Factories were popping up in urban areas, creating jobs as an alternative to
agriculture. It was a time when men worked alongside machines, whereas
today many machines have replaced men. The industrial age was

revolutionary to our society in that we were able to mass-produce textiles,

farming equipment and canned food. This progression in our society had a
huge impact on urbanization. Even cities today, such as, Detroit, Cleveland
and Pittsburg, grew due to the industrial factories that were established.
Even as industry grew, the makeup of the workforce gradually
changed. This gradual change became rapid with the start of the First World
War. With the men going to war to fight, it left many positions that needed to
be filled to keep our country going. That brought a lot of women and children
into the factories to work. After the war and the men came home to their
positions, many women stayed in the factories because their employers
could pay them less. Even in modern times, it is a sad fact that women in
many of the same positions as men get paid less.
As factories and mills were able to mass produce goods, the use of
department stores and having everything available in one store was born
from the convenience and time-saving qualities. The evolution of department
stores carries on even today. Sears, for instance, is a company that was
founded in 1893 that is still in existence. The evolution of stores allowed for
adverting to evolve; originally, advertising directly targeted retailers rather
than consumers. Post-Civil War, advertising became widely accepted
nationally. Truly national firms brand names and trademarks became wellknown among consumers. Many of these stores relied on advertising and
catalogs to market their goods. By doing so, these companies have been

able to prosper over the years, and advertising still plays a huge part in
modern companies success.
Overall, I learned quite a bit about how the economy of U.S. history
played a role in shaping our country. Before taking this course, I thought
economics was all about the numbers and less about the stories of how our
world is shaped, but I was wrong. After taking this course, I was able to
understand that economics is still trial-and-error based. When it came to our
countrys history, we made a lot of mistakes, but we learned a lot from them,
such as the first few times we tried to colonize and were unsuccessful. We
didnt give up and kept trying.