06 Jul Book: Gary M. Walton. Hugh Rockoff, History of the
Book: Gary M. Walton. Hugh Rockoff, History of the American Economy. Latest Edition (2014. ISBN-13: 978-1-111-82292-7)1)Hard Realities for a new NationList the major powers transferred from the states to the Federal Government (it can be found at the beginning of the chapter Hard Realities fir a new nation.)2)IndenturesDefine what it is an Indenture. Please comment on the following few questions: Is it quasi-slavery? What the cost? What is benefit? Was it good for the colonies?3)Land Ordinaces of 1785 and 1787Summarize the land ordinances of 1785 and 1787 (written under the guidance spirit of Thomas Jefferson). How these ordinances shaped the US that we know?4)Trail of TearsThe US government and the constitution of US gave Native Americans territories in permanency. Yet, Andrew Jackson massacred and forced Native Americans out of these territories and mandated the Cherokee to march in severe winter weather to what now is Oklahoma (Trail of Tears.)5)Hard Realities for a new NationWhen writing our constitution, our founding fathers focused carefully on the question of state versus national interest, and it was left implicit that Powers not delegated to the Federal government or forbidden to the states were reserved to the states (or the people). Local laws, civil conduct and the like are then to be decided by the people (The states). Now this it is relevant today, discuss briefly, whether Sanctuary Cities, legalization of marijuana, abortion or gay marriages are constitutionally the right of the states to resolve.6)Property RightsAfter reading the Economic Insight: PROPERTY RIGHTS AND INCENTIVES (Chapter 2), Comment on the following questions: How collective ownership and share consumption of the output create a Free Rider problem? Are clearly defined property rights the foundation of Capitalism? Would you prefer to live a Socialist society?
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