HIUS 360
RESEARCH PAPER ASSIGNMENT INSTRUCTIONS
OVERVIEW
The research paper will allow you to synthesize the content from the history of American
entrepreneurship that you learned and examined in this course. It will allow you to demonstrate
your ability to form historical interpretations and logical arguments based on evidence gathered
from primary and secondary source materials.
INSTRUCTIONS
You will write a 3-4-page research-based paper that focuses on the topic selected and approved
as part of your research design assignment. This topic is on a subject of historical significance in
American economic or business history before 1960. This paper is to be written in the current
Turabian format utilizing the Turabian template. The title page and bibliography are not included
in the 3-4-page requirement. The paper must include at least 5 total sources (3 primary sources
and 2 scholarly secondary sources).
The goal is for you to practice the skills you learned during this course and to exhibit an
understanding of the knowledge you have gained of American economic and business history.
Your paper must include the following:
1. A discernable introduction and conclusion paragraph.
2. A clear thesis that answers a historically significant question.
3. Be based on primary sources with significant support for secondary interpretations. The
sources must be a good mix of evidence, and the secondary sources must be drawn from
both books and articles.
4. A strong narrative that systematically marshals the evidence to support the thesis.
5. Significant engagement with professional interpretations of the background or specific
topic you researched.
6. You will use the Turabian Notes – Bibliography citation style. Consult the LUO Online
Writing Center for formatting considerations regarding margins, fonts, and spacing. You
must use footnotes with the Turabian footnote citation style within the paper. Then, you
must use the Turabian bibliographic format for the bibliography. Do not include access
dates or URLs unless the source exists only in digital space.
LIBERTY UNIVERSITY
<Insert if Applicable or Delete> SCHOOL OF <INSERT SCHOOL>
A Template in Notes-Bibliography Style for All Students Using Turabian
Format in Assignments that DO Require Headings and Subheadings
Submitted to Dr. <Insert Name> ,
in partial fulfillment of the requirements for the completion of
<Insert Course Prefix and Number – Section Number>
<Insert Course Title>
by
<Insert Student Name>
<Month Date, Year Submitted>
Contents
Introduction ...............................................................................................................................1
The Great Depression ................................................................................................................1
New Deal ..................................................................................................................................3
Conclusion ................................................................................................................................4
1
Introduction
The United States of America has gone through many economic challenges, and various
struggles have been made to make sure the country sets itself free from these challenges. In 1861-
1865 the slave labor-system was abolished by then president Abraham Lincoln, and the
government pushed for the adoption of a protective tariff. During this period, the administration
became clearer on the economic activities and this laid groundwork for the formation of economic
policies. The civil war also laid the foundation for the modern US economic, industrial economy.
The government involvement in the economy was more significant during the new deal of the
1930s. In 1929 the stock market crashed and brought the most serious economic meltdown in the
country. Then came the great depression (1929-1940), when the economy went into meltdown,
and the economic structures were badly affected. This paper discusses some of the most
challenging times the country has gone through in its economic history. This includes the great
depression (1929-1933) and the New Deal (1933-1939).
The Great Depression
The great depression affected and devastated the US economy, where a 3rd of the banks
botched, and joblessness rose 25%. Families were also affected where most people became
homeless. Housing prices went up, and the majority of the citizens were struggling to find homes.
International trade almost collapsed, which meant they were no goods being exchanged from
different world destinations. Throughout the initial five years of the depression, the economy came
down by 50%, and in 1929 the gross domestic product was $105 billion. This recession sent many
2
industries and firms into bankruptcy, and the rate of unemployment was at 29%, something that
had not to be experienced before
1
.
The misery impacted government by shuddering assurance in unencumbered free
enterprise, and when president Herbert Hoover came into power, he advocated for laissez-faire
economics, and it had been unsuccessful. Franklin Roosevelt was voted and he promised that
administration expenditure would end the depression. It also affected people's social lives, and
some left their homes in search of better jobs. The price for agricultural produce also went down
and dropped to its lowermost subsequently the civil war. There was great unemployment, and 15
million people were joblessness, and this is the main joblessness level ever recorded in America.
There was an introduction of the new deal program, which helped reduce unemployment, and by
(1941) it had reached 10%
2
.
Depression affected banks, and by the year 1933, 4,000 banks had botched. As a
consequence, the investor lost over $140 billion to the tiers, and people were surprised to find that
most of the banks invested in the stock exchange and had used their payments to finance in the
stock market, and they rushed to withdraw their money. Most of these withdrawals affected the
banks that had not invested in the stock market. This led to the fall of the banking industry. The
stock market lost over 90% of its worth amid 1929 and 1932. The market took 25 years to recover,
and the majority of people lost assurance in the stock market and withdrew their money. Even
1
Lebergott, S. (2016). American economy. [Place of publication not identified]: Princeton
University Pres.
2
Gilpin, R. (2016). The political economy of international relations. In The Political Economy of
International Relations. https://doi.org/10.2307/40202522
3
people who had not invested in the stock market lost their money and business; individual investors
and banks were all wiped out of the business
3
.
New Deal
The new deal is several projects and programs instituted during the great depression that
was aimed at restoring prosperity in the US by President Franklin D. Roosevelt when he took
office in 1933. The new deal ensured security measures enacted in 1935 and 1939, providing the
old aged with benefits together with the widow's and unemployed with compensation. There was
also insurance introduced for the disabled. The industries were also supposed to introduce
maximum work hours as well as minimum wages.
World War 11 (1939-1945) also impacted the economy of the United States of America as
military spending. Sometimes taxes are raised to enable the government to get money to support
the military in the war. The Second World War through debt and higher taxes, and by the end of
the war, US debt had risen to 120% of the Gross Domestic Product. Control of the government
on trade and raw materials from various countries meant that some businesses were affected,
especially for lack of raw materials. The stock exchange was also affected and dropped, but as
soon as victory was foreseeable, the stock market rose again and went higher than it was at the
beginning of the war
4
. Higher tax rates also financed the Korean War (1950-1953), and as in World
War 11, investment and consumption stalled. There was inflation, and the government issued price
controls and wage controls to curb inflation.
3
Walton, G., & Rockoff, H. (2014). History of the American economy.
4
American Institutes For Research. (2013). How Career and Technical Education Can Help
Students Be College and Career Ready: A Primer. American Institutes For Research.
4
Conclusion
American Economic History before 1960 seems to have had very difficult times, but due
to government intervention, the country overcomes those challenges. Great Depression seems to
have been the most challenging period for the Americans, but through government intervention
and the Americans' resilience, they were able to overcome. The consequences of wars are
economic recessions, which leads to unemployment, high living standards, and disruption of the
people's social setting. Recessions affect businesses, banks, and individual investors negatively,
and the government is called upon to institute proper monetary measures that will ensure the
country does not go into recession.
r
by R R
Submission date: 18-Jan-2021 05:01AM (UTC-0500)
Submission ID: 1489453117
File name: American_economy.docx (14.58K)
Word count: 866
Character count: 4552
American
economy
Introduction
The
United
States
of
America
has
gone
through
many
economic
challenges,
and
various
struggles
have
been
made
to
make
sure
the
country
sets
itself
free
from
these
challenges.
In
1861-1865
the
slave
labor-
system
was
abolished
by
then
president
Abraham
Lincoln,
and
the
government
pushed
for
the
adoption
of
a
protective
tariff.
During
this
period,
the
administration
became
more
clearer
on
the
economic
activities
and
this
laid
groundwork
for
the
formation
of
economic
policies.
The
civil
war
also
laid
the
foundation
for
the
modern
US
economic,
industrial
economy.
The
government
involvement
in
the
economy
was
more
significant
during
the
new
deal
of
the
1930s.
In
1929
the
stock
market
crashed
and
brought
the
most
serious
economic
meltdown
in
the
country.
Then
came
the
great
depression
(1929-
1940),
when
the
economy
went
into
meltdown,
and
the
economic
structures
were
badly
affected.
This
paper
discusses
some
of
the
most
challenging
times
the
country
has
gone
through
in
its
economic
history.
The
great
depression
(1929-1933)
The
great
depression
affected
and
devastated
the
US
economy,
where
a
3rd
of
the
banks
botched,
and
joblessness
rose
25%.
Families
were
also
affected
where
most
people
became
homeless.
Housing
prices
went
up,
and
the
majority
of
the
citizens
were
struggling
to
find
homes.
International
trade
almost
collapsed,
which
meant
they
were
no
goods
being
exchanged
from
different
world
destinations.
Throughout
the
initial
five
years
of
the
depression,
the
economy
came
down
by
50%,
andin
1929
the
gross
domestic
product
was
$105
billion.
This
recession
sent
many
industries
and
firms
into
bankruptcy,
and
the
rate
of
unemployment
was
at
29%,
something
that
had
not
to
be
experienced
before.
The
misery
impacted
government
by
shuddering
assurance
in
unencumbered
free
enterprise,
and
when
president
Herbert
Hoover
came
into
power, he advocated
for
laissez-faire
economics,
and
it
had
been
unsuccessful.
Franklin
Roosevelt
was
voted
and
he
promised
that
administration
expenditure
would
end
the
depression.
It
also
affected
people's
social
lives,
and
some
left
their
homes
in
search
of
better
jobs.
The
price
for
agricultural
produce
also
went
down
and
dropped
to
its
lowermost
subsequently
the
civil
war.
There
was
great
unemployment,
and
15
million
people
were
joblessness,
and
this
is
the
main
joblessness
level
ever
recorded
in
America.
There
was
an
introduction
of
the
new
deal
program,
which
helped
reduce
unemployment,
and
by
(1941)
it
had
reached
10%.
Depression
affected
banks,
and
by
the
year
1933,
4,000
banks
had
botched.
As
a
consequence,
the
investor
lost
over
$140
billion
to
the
tiers,
and
people
were
surprised
to
find
that
most
of
the
banks
invested
in
the
stock
exchange
and had
used
their
payments
to
finance
in
the
stock
market,
and
they
rushed
to
withdraw
their
money.
Most
of
these
withdrawals
affected
the
banks
that
had
not
invested
in
the
stock
market.
This
led
to
the
fall
of
the
banking
industry.
The
stock
market
lost
over
90%
of
its
worth
amid
1929
and
1932.
The
market
took
25
years
to
recover,
and
the
majority
of
people
lost
assurance
in
the
stock
market and
withdrew
their
money.
Even
people
who
had
not
invested
inthe
stock
market
lost
their
money
and
business;
individual
investors
and
banks
were
all
wiped
out
of
the
business.
New
Deal
The
new
deal
is
several
projects
and
programs
instituted
during
the
great
depression
that
was
aimed
at
restoring
prosperity
in
the
US by
president
Franklin
D.
Roosevelt
when
he
took
office
in
1933.
The
new
deal
ensured
security
measures
enacted
in
1935
and
1939,
providing
the
old
aged
with
benefits
together
with
the
widow's
and
unemployed
with
compensation.
There
was
also
insurance
introduced
for
the
disabled.
The
industries
were
also
supposed
to
introduce
maximum
work
hours
as
well
as
minimum
wages.
World
War
11
(1939-1945)
also
impacted
the
economy
of
the
United
States
of
America
as
military
spending.
Sometimes
taxes
are
raised
to
enable
the
government
to
get
money
to
support
the
military
in
the
war.
The
second
world
war
through
debt
and
higher
taxes,
and
by
the
end
of
the
war,
US
debt
had
risen
to
120%
of
the
Gross
Domestic
Product.
Control
of
the
government
on
trade
and
raw
materials
from
various
countries
meant
that
some
businesses
were
affected,
especially
for
lack
of
raw
materials.
The
stock
exchange
was
also
affected
and
dropped,
but
as
soon
as
victory
was
foreseeable,
the
stock
market
rose
again
and
went
higher
than
it
was
at
the
beginning
of
the
war.
Higher
tax
rates
also
financed
the
Korean
War
(1950-1953),
and
as
in
World
War
11,
investment
and
consumption
stalled.
There
was
inflation,
and
the
government
issued
price
controls
and
wage
controls
to
curb
inflation.
Conclusion
American
Economic
History
before
1960
seems
to
have
had
very
difficult
times,
but
due
to
government
intervention,
the
country
overcomes
those
challenges.
Great
Depression
seems
to
have
been
the
most
challenging
period
for
the
Americans,
but
through
government
intervention
and
the
Americans’
resilience,
they
were
able to
overcome.
The
consequences
of
wars
are
economic
recessions,
which
leads
to
unemployment,
high
living
standards,
and
disruption
of
the
people's
social
setting.
Recessions
affect
businesses,
banks,
and
individual
investors
negatively,
and
the
government
is
called
upon
to
institute
proper
monetary
measures
that
will
ensure
the
country
does
not
go
into
recession.
