Podcast
Questions and Answers
What was the primary economic unit in American society around 1820?
What was the primary economic unit in American society around 1820?
- Industrial factories
- Large corporations
- Family households (correct)
- Agricultural cooperatives
What is a primary feature of a corporation that differs from a partnership?
What is a primary feature of a corporation that differs from a partnership?
- Limited liability for shareholders (correct)
- Greater required documentation
- Incorporation fees
- Ability to operate without stakeholders
Which development was crucial for transportation of goods in the early 19th century?
Which development was crucial for transportation of goods in the early 19th century?
- Automobiles
- Airplanes
- Canals (correct)
- Highways
What type of corporation is designed to meet specific social or environmental goals?
What type of corporation is designed to meet specific social or environmental goals?
What significant shift occurred in the American economy by 1920?
What significant shift occurred in the American economy by 1920?
What major law was enacted to simplify the process of creating corporations in the mid-19th century?
What major law was enacted to simplify the process of creating corporations in the mid-19th century?
Which of the following is a characteristic of a sole proprietorship?
Which of the following is a characteristic of a sole proprietorship?
During which economic period was the concept of unregulated capitalism predominant?
During which economic period was the concept of unregulated capitalism predominant?
What key invention in 1846 significantly impacted clothing production?
What key invention in 1846 significantly impacted clothing production?
What distinguishes a public corporation from a closely held corporation?
What distinguishes a public corporation from a closely held corporation?
What period is often referred to as the golden age of unregulated capitalism in America?
What period is often referred to as the golden age of unregulated capitalism in America?
Which industry did the factory system first develop within during the early 19th century?
Which industry did the factory system first develop within during the early 19th century?
Which statement about non-profits is true?
Which statement about non-profits is true?
Which demographic shift occurred by 1860 concerning manufactured goods?
Which demographic shift occurred by 1860 concerning manufactured goods?
What is a key feature of cooperatives?
What is a key feature of cooperatives?
Which right do corporations have similar to individuals in the United States?
Which right do corporations have similar to individuals in the United States?
What was one major consequence of deindustrialization in the American economy from 1970 to 2014?
What was one major consequence of deindustrialization in the American economy from 1970 to 2014?
Which statement accurately describes the impact of financialization on employment and wages?
Which statement accurately describes the impact of financialization on employment and wages?
What was a result of the deregulation policies introduced during Reagan's presidency?
What was a result of the deregulation policies introduced during Reagan's presidency?
How did globalization affect American businesses in the latter part of the 20th century?
How did globalization affect American businesses in the latter part of the 20th century?
What is a characteristic of an oligopoly in the context of market control?
What is a characteristic of an oligopoly in the context of market control?
What characterized the gig economy that emerged in the 2000s-2010s?
What characterized the gig economy that emerged in the 2000s-2010s?
What innovation significantly increased cotton production in the 18th century?
What innovation significantly increased cotton production in the 18th century?
What is meant by 'emergence of free-floating capital'?
What is meant by 'emergence of free-floating capital'?
What was a major economic aspect of slavery prior to its abolition?
What was a major economic aspect of slavery prior to its abolition?
What are transaction costs in the context of firm development?
What are transaction costs in the context of firm development?
By 1860, what fraction of total American exports was represented by cotton?
By 1860, what fraction of total American exports was represented by cotton?
What was the estimated number of enslaved individuals at the time of the American Revolution?
What was the estimated number of enslaved individuals at the time of the American Revolution?
Which company structure is exemplified by a multidivisional corporation?
Which company structure is exemplified by a multidivisional corporation?
What was a significant consequence of the international slave trade being banned in the US in 1808?
What was a significant consequence of the international slave trade being banned in the US in 1808?
Which factor contributes to the consolidation of industries, as seen in examples like Silicon Valley?
Which factor contributes to the consolidation of industries, as seen in examples like Silicon Valley?
Which area experienced a tenfold increase in the number of slaves from 1820 to 1860 due to the cotton industry?
Which area experienced a tenfold increase in the number of slaves from 1820 to 1860 due to the cotton industry?
Which amendment officially ended slavery in the United States?
Which amendment officially ended slavery in the United States?
What does the term 'King Cotton' refer to in the context of American agriculture?
What does the term 'King Cotton' refer to in the context of American agriculture?
What was a major economic value of the slave trade estimated by historians?
What was a major economic value of the slave trade estimated by historians?
Which city is specifically mentioned as having grown around the commerce of cotton?
Which city is specifically mentioned as having grown around the commerce of cotton?
What was the middle passage in the context of the slave trade?
What was the middle passage in the context of the slave trade?
What factors could influence the price of a slave at an auction?
What factors could influence the price of a slave at an auction?
Which statement best describes the ownership of slaves in the South?
Which statement best describes the ownership of slaves in the South?
What type of slaves lived closer to their owners and had more privileges?
What type of slaves lived closer to their owners and had more privileges?
Which of the following was a characteristic of the networked firm during the age of commerce?
Which of the following was a characteristic of the networked firm during the age of commerce?
What best explains vertical integration in the context of American business history?
What best explains vertical integration in the context of American business history?
Which economic model was primarily active from the 1830s to the 1970s?
Which economic model was primarily active from the 1830s to the 1970s?
Which company exemplified vertical integration by controlling multiple levels of oil production?
Which company exemplified vertical integration by controlling multiple levels of oil production?
What was a common living arrangement for slaves on plantations?
What was a common living arrangement for slaves on plantations?
Flashcards
Corporation
Corporation
A legal entity that offers limited liability to its shareholders, meaning they only risk their investment, not personal assets.
Incorporation
Incorporation
The process of creating a corporation, involving two or more people, that results in a legal entity separate from its founders with perpetual life.
Dividends
Dividends
A portion of profits distributed to shareholders, representing their share of the company's success.
Public Corporation
Public Corporation
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Closely Held Corporation
Closely Held Corporation
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Non-Profit
Non-Profit
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Sole Proprietorship
Sole Proprietorship
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Industrial Revolution
Industrial Revolution
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Unregulated Capitalism
Unregulated Capitalism
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The Golden Age of Free Markets
The Golden Age of Free Markets
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Lochner v. New York
Lochner v. New York
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Shift from Rural to Urban Society
Shift from Rural to Urban Society
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Rise of Large Businesses
Rise of Large Businesses
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Factory System
Factory System
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Deindustrialization and Financialization
Deindustrialization and Financialization
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Deregulation
Deregulation
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Rust Belt
Rust Belt
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Offshoring
Offshoring
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Gig Economy
Gig Economy
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Business of Slavery
Business of Slavery
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Outsourcing
Outsourcing
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13th Amendment
13th Amendment
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Mergers and Absorptions
Mergers and Absorptions
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Oligopoly
Oligopoly
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Transaction Costs
Transaction Costs
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Multidivisional Corporation
Multidivisional Corporation
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Cluster
Cluster
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Vertical Integration
Vertical Integration
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Horizontal Integration
Horizontal Integration
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Vertically Integrated Firm
Vertically Integrated Firm
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Control Markets
Control Markets
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Factory Age
Factory Age
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Networked Firm in the Age of Commerce
Networked Firm in the Age of Commerce
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Family Separation
Family Separation
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What was the Cotton Gin?
What was the Cotton Gin?
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What was the Middle Passage?
What was the Middle Passage?
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What impact did the ban on the international slave trade in 1808 have on slavery in the US?
What impact did the ban on the international slave trade in 1808 have on slavery in the US?
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What was the Domestic Slave Trade?
What was the Domestic Slave Trade?
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Who were Franklin & Armfield?
Who were Franklin & Armfield?
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Why was cotton considered "King Cotton"?
Why was cotton considered "King Cotton"?
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How was the "Business of Slavery" organized?
How was the "Business of Slavery" organized?
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What was the estimated economic value of the slave trade?
What was the estimated economic value of the slave trade?
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Study Notes
Week 1: 9/26
- Corporation: A legal entity defining a company, offering limited liability to shareholders.
- Shareholders do not lose more money than they invested.
- Incorporation: Creation of a company by two individuals. The company is a separate entity from the individuals involved.
- It has perpetual life until dissolved.
- It can raise large amounts of money.
- Partnerships do not incorporate, and owners are not protected against liability.
- Dividends: Shareholders' proportion of the profit.
- Corporate types:
- C corporation: Standard corporate form.
- S corporation: Small corporations (100 or fewer shareholders).
- B corporation: Focuses on beneficial impact, not just profit. Ex: Ben & Jerry's.
- Public corporations: Company shares traded on stock exchanges, able to be bought by anyone.
- Going public: Company shares become available for purchase on the stock market.
- Closely held corporations: Limited number of shareholders.
- Non-profit corporations: Do not aim for profit, such as churches, hospitals, universities, and cooperatives.
- Cooperatives: One member, one vote.
5 Economic Periods
- Agrarian-commercial society: Colonial slavery era (17th-19th centuries), characterized by trade between continents.
- Industrial Revolution: (1810s-1900s) Major change in transportation and production.
- Unregulated capitalism: (1880s-1920s). Little government regulation, corporations grow powerful.
- Fordism/New Deal consensus: (1920s-1970s). Mass production, government intervention.
- Financial capitalism: (1970s-present). Emphasis on finance and globalization.
Week 2: 10/03
- 1880s-1920s (Unregulated capitalism): Businesses grow large, and Supreme Court rulings limited the government's ability to regulate businesses.
- Laissez-faire philosophy: Little government regulation on business.
- Progressive Era: 1890s - 1910s.
- Ex: 1890 Sherman Antitrust Act
- The government tried to regulate large corporations to prevent monopolies.
- Great Merger Movement: Corporations merged to become bigger and more powerful in the late 19th and early 20th centuries.
- Pure Food and Drug Act (1906): The government started inspecting food and medicine safety.
Week 3: 10/10
- 1970s (Financial capitalism): Period after the New Deal where the economy focused less on manufacturing and more on finance.
- Stagflation: High inflation and unemployment simultaneously.
- Deindustrialization: Factories move, or close resulting in less employment in the manufacturing sector.
- Financialization: The economy's shift towards finance.
- Deregulation: Reduction of government control of corporations.
- Airlines Deregulation Act of 1978.
Week 6: 11/7
- Three ages of American Business: A series of eras of evolving forms of business organization:
- Networked Firm (1600s-1830s): Merchant-dominated, coordination of producers to sell goods.
- Vertically Integrated Firm (1830s-1970s): Focus on controlling many parts of a product's supply chain to increase efficiency. Ex: Standard Oil.
- Conglomerates: Companies with diverse operations, diversifying risk, and gaining larger market share. Ex: Silicon Valley tech giants.
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Description
Test your knowledge of American economic history with this quiz covering essential developments from the early 19th century to 1920. Explore key concepts like corporations, capitalism, and the factory system. This quiz is perfect for students of American history or economics.
