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The American Civil War was a civil war in the United States. It was fought between the Union and the Confederacy, the latter formed by states that had seceded. The central cause of the war was the dispute over whether slavery would be permitted to expand into the western territories, leading to more slave states, or be prevented from doing so, which many believed would place slavery on a course of ultimate extinction.
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Slavery is the ownership of a person as property, especially in regards to their labor. Slavery typically involves compulsory work with the slave's location of work and residence dictated by the party that holds them in bondage. Enslavement is the placement of a person into slavery.
Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.
In the capitalist mode of production, wage slavery refers to the exploitation of labor by keeping wages low or stagnant in order for a business to maximize its surplus value. Wage slavery can be loosely defined as a person's dependence on wages for their livelihood, especially when wages are low, treatment and conditions are poor, and there are few chances of upward mobility.
The legal institution of human chattel slavery, comprising the enslavement primarily of Africans and African Americans, was prevalent in the United States of America from its founding in 1776 until 1865, predominantly in the South. Slavery was established throughout European colonization in the Americas. From 1526, during early colonial days, it was practiced in what became Britain's colonies, including the Thirteen Colonies that formed the United States. Under the law, an enslaved person was treated as property that could be bought, sold, or given away. Slavery lasted in about half of U.S. states until abolition. In the decades after the end of Reconstruction, many of slavery's economic and social functions were continued through segregation, sharecropping, and convict leasing.
Cliometrics, sometimes called new economic history or econometric history, is the systematic application of economic theory, econometric techniques, and other formal or mathematical methods to the study of history. It is a quantitative approach to economic history.
Sharecropping is a legal arrangement with regard to agricultural land in which a landowner allows a tenant to use the land in return for a share of the crops produced on that land.
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph by Samuel F. Morse in 1844, the Panic of 1857 was the first financial crisis to spread rapidly throughout the United States. The world economy was more interconnected by the 1850s, which made the Panic of 1857 the first worldwide economic crisis. In Britain, the Palmerston government circumvented the requirements of the Bank Charter Act 1844, which required gold and silver reserves to back up the amount of money in circulation. Surfacing news of this circumvention set off the Panic in Britain.
Robert William Fogel was an American economic historian and scientist, and winner of the 1993 Nobel Memorial Prize in Economic Sciences. As of his death, he was the Charles R. Walgreen Distinguished Service Professor of American Institutions and director of the Center for Population Economics (CPE) at the University of Chicago's Booth School of Business. He is best known as an advocate of new economic history (cliometrics) – the use of quantitative methods in history.
Eric Foner is an American historian. He writes extensively on American political history, the history of freedom, the early history of the Republican Party, African American biography, the American Civil War, Reconstruction, and historiography, and has been a member of the faculty at the Columbia University Department of History since 1982. He is the author of several popular textbooks. According to the Open Syllabus Project, Foner is the most frequently cited author on college syllabi for history courses.
Peter Temin is an economist and economic historian, currently Gray Professor Emeritus of Economics, MIT and former head of the Economics Department.
Roger Atkinson Pryor was a Virginian newspaper editor and politician who became known for his fiery oratory in favor of secession; he was elected both to national and Confederate office, and served as a general for the Confederate Army during the American Civil War. In 1865 he moved to New York City to remake his life, and in 1868 brought up his family. He was among a number of influential southerners in the North who became known as "Confederate carpetbaggers."
The Journal of Political Economy is a monthly peer-reviewed academic journal published by the University of Chicago Press. Established by James Laurence Laughlin in 1892, it covers both theoretical and empirical economics. In the past, the journal published quarterly from its introduction through 1905, ten issues per volume from 1906 through 1921, and bimonthly from 1922 through 2019. The editor-in-chief is Magne Mogstad.
Liberalism is a political and moral philosophy based on the rights of the individual, liberty, consent of the governed, political equality, right to private property and equality before the law. Liberals espouse various views depending on their understanding of these principles but generally support private property, market economies, individual rights, liberal democracy, secularism, rule of law, economic and political freedom, freedom of speech, freedom of the press, freedom of assembly, and freedom of religion, constitutional government and privacy rights. Liberalism is frequently cited as the dominant ideology of modern history.
Robert Eric Wright is a business, economic, financial, and monetary historian and the inaugural Rudy and Marilyn Nef Family Chair of Political Economy at Augustana University in Sioux Falls, South Dakota. He is also a research economist at the National Bureau of Economic Research.
Walter Scheidel is an Austrian historian who teaches ancient history at Stanford University, California. Scheidel's main research interests are ancient social and economic history, pre-modern historical demography, and comparative and transdisciplinary approaches to world history.
Masahiko Aoki was a Japanese economist, Tomoye and Henri Takahashi Professor Emeritus of Japanese Studies in the Economics Department, and Senior Fellow of the Stanford Institute for Economic Policy Research and Freeman Spogli Institute for International Studies at Stanford University. Aoki was known for his work in comparative institutional analysis, corporate governance, the theory of the firm, and comparative East Asian development.
Liberal socialism is a political philosophy that incorporates liberal principles to socialism. This synthesis sees liberalism as the political theory that takes the inner freedom of the human spirit as a given and adopts liberty as the goal, means and rule of shared human life. Socialism is seen as the method to realize this recognition of liberty through political and economic autonomy and emancipation from the grip of pressing material necessity. Liberal socialism refuses to abolish capitalism with a socialist economy and supports a mixed economy that includes both social ownership and private property in capital goods.
Ethical socialism is a political philosophy that appeals to socialism on ethical and moral grounds as opposed to consumeristic, economic, and egoistic grounds. It emphasizes the need for a morally conscious economy based upon the principles of altruism, cooperation, and social justice while opposing possessive individualism.
References
- ↑ "Home | Gavin Wright". gavin-wright.humsci.stanford.edu. Retrieved 2019-08-27.
