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aged: labor force participation of, 550; seealso elderly (the)
agglomeration economies, 443, 528, 530Agricultural Act of 1965, 736Agricultural Adjustment Act (AAA), 321,
323–4, 458, 732, 733, 734–5, 977,1038; invalidation of, 1042; second(1938), 735
Agricultural Credits Act (1923), 751agricultural employment: decline of, 104agricultural experiment station system,
714Agricultural Marketing Act (1929), 731,
732agricultural productivity: chemical inputs
in, 848–49agricultural regions, 98, 99, 103, 118,
122–34, 136, 176agricultural research system, 696, 709,
714agricultural sector: Canada, 202;
contribution to national economy, 695;protectionism in, 458; see also farmsector
agricultural settlement: populationdistribution in, 526–7; spatialdistribution of population in, 522
agricultural subsidies, 737, 738–9, 740Agricultural Trade Development and
Assistance Act of 1954, 735
ability to pay principle, 1018, 1023,1034, 1058
abolitionism/abolitionists, 641–2, 645Abramovitz, Moses, 166, 804–5academic medical centers, 824–5academic research, 830, 852–3, 909; and
industrial research, 815–17, 823–4accounting period: in measurement of
poverty and inequality, 281, 283Addyston Pipe case, 810n4Adkins v. Children’s Hospital, 650, 685adjustable rate mortgages (ARMs), 790–
1Administrative Procedures Act of 1946,
990–1, 1012Advisory Committee on Reconstruction
(Canada), 229–30affirmative action, 550, 553Africa, 330, 331African-Americans, 162, 943, 954; see also
blacksage-adjusted total death rate, rate of
change in, 1900–1993, 516tAge Discrimination and Employment Act,
615age-specific mortality rate, rate of decline
in, 1900–1993, 517fage structure: Canada, 233; of families,
264, 265; and labor force participation,558, 572
INDEX
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agriculturally based industries: seasonalityin, 599
agriculture, 48, 77, 175, 745, 928; childlabor in, 572, 573; cooperativemarketing, 1034; decline in, 147, 558,564; federal finances in, 751–52; futureof, 739–42; government regulation,977, 1009; governments subsidizing,733–4; and industry, 125; laborproductivity growth in, 83;mechanization in, 76, 114, 123,697–700, 704–8, 715, 716;productivity gains, 285; regionalchanges, 118–20; shift out of, 104,114, 263; in South, 99, 100; see alsofarmers; farms/farming
agriculture (Canada), 214, 239–40;impact of First World War on, 207–8;investment in, 203; unemployment in,222
agriculture, northern: chemical andbiological revolutions in, 708–11;productivity growth, 700–17; regionalcontrasts (1910–1990), 696–700,698–99t; transformation of, 693–42;transportation and communicationrevolutions in, 711–14
Aid to Dependent Children (ADC), 274,280
Aid to Families with Dependent Children(AFDC), 269, 271, 274, 275, 276, 278
air pollution control, 994, 1011Air Mail Act of 1934, 840aircraft/airplane, 34, 804, 807, 829,
838–45, 906; aluminum in, 873;internal combustion engine and, 838
aircraft industry, 408, 450, 453, 456, 830,951; leadership and competitiveness in,445; technological changes, 839–45
Airline Deregulation Act, 998airline industry/airlines, 953;
consolidation of pre-deregulation trunkand local, 1000f; deregulation, 997–99;electronics in, 878; regulation, 1012;regulatory failure in, 997
Alabama, 123
Alberta, 223Alcoa, 809, 811n6, 844, 942, 947, 951Alcoa case, 987Aldrich-Vreeland Act of 1908, 744Allen, Robert, 420–2Allies: aid provided to, 337, 393, 489aluminum: electricity in, 869–73Amalgamated Clothing Workers, 666American aid to Western Europe, 490tAmerican exceptionalism, 5, 65, 555, 583American Federation of Labor (AFL), 582,
613, 655, 666, 667–8, 671–2, 674,677–8, 681, 934, 978; ExecutiveCouncil, 675–6
American Revolution, 1022; ideals of,1023–4
American Stock Exchange (AMEX), 784,789, 800
American Sugar (Co.), 936“American System of Manufactures,” 832American Telephone and Telegraph, see
AT&TAmerican Tobacco, 931, 932, 933, 973ammonia, synthetic, 847–9animal husbandry, 48, 716antibiotics, 11, 31–2, 33, 861anti-communism, 371, 372, 686anti-competitive behavior, 969, 1008anti-discrimination legislation, 612, 615Anti-Inflation Board (AIB) (Canada), 242anti-poverty legislation/policy, 273–6,
279–80, 378, 382antitrust, 951, 1006–8; re banking
system, 780; enforcement, 987–8; andagricultural cooperatives, 731; unionsand, 654–7, 675
antitrust law, 321, 652, 653, 908–9, 946,947, 977, 987, 1008; patents and, 812,813
antitrust policy, 423, 424, 447, 448, 451,933, 972–3, 986; change in, 960; andcomputer software industry, 902–3; andindustrial research, 809–11, 825–6,828, 829, 878–9
Appalachia, 100, 120, 124, 125–7, 128,714
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Appalachian Regional Commission (ARC),125–7
apprenticeship, 626, 631, 633, 637Argentina, 120, 199, 734Arizona, 104Arkansas, 647Arnold, Thurman, 825–6artisans, 135, 630, 631; shift to factory,
44–5, 47, 48Asia, 330, 331; financial crisis, 410;
immigrants from, 162, 505, 536, 613,614; manufacturing relocated to, 121;population growth, 538
assembly line production, 47–8, 99, 555,834, 907, 937
Atack, Jeremy, 44–5AT&T, 448, 466, 817, 827n18, 828, 868,
893, 975, 981, 1011; antitrust suitagainst, 451, 902, 960, 1004, 1006;consent decree, 1004; concessions tocompetitors, 933; divestiture, 1008; in-house research, 811n6, 812, 939, 951;innovation, 942; monopoly, 1003,1004; university ties, 940
Atomic Energy Commission (AEC), 336,339, 824n16, 881, 886
Australia, 120, 199, 424, 455, 472, 527,734; growth in, 66; labor movement, 585
automobile, 121, 169–70, 402n98, 467,755, 807, 829, 853, 868, 905;antecedent developments, 831–2; andcities, 149; early dominance, 432–3;effect on farm life, 705, 711–12;import side, 434–8; and populationdistribution, 533; relative decline of,408; as transforming innovation, 830–8
automobile industry, 99, 115, 124–5,132, 805–6, 834–8, 904; Big Three,437, 438, 439, 959; Canada, 208,238–9; diversification in, 957; foreigncompetition, 958, 959; government aidto, 450; internal combustion engine in,830, 831, 836; leadership andcompetitiveness in, 432–9; managerialquality in, 452, 453; model changes,836; protection in, 456; regrouping in
1980s, 438–9; standardized productsin, 906
aviation industry, regulation in, 983–4
baby boom and bust, 10, 17–18, 59, 540,577; in Canada, 194, 232–3, 240;causes of, 507–14
baby boomers, 36; entering labor force,25, 258
Baily v. Alabama, 643balance of payments, 463, 483, 488, 492,
494–7, 499; Canada, 200, 217, 218;postwar, 490
balance-of-payments deficits, 83, 491, 785balanced budget, 775, 776, 1039, 1040,
1056, 1059bank failures, 173–5, 320, 474, 485, 757,
771, 779, 793–4, 976, 978; andbusiness cycle, 750; Federal Reservepolicy and, 759–61; and GreatDepression, 306–10
bank holding companies, 767, 780–1,782, 795, 796, 979
Bank Holding Company Act of 1956, 780Bank Holding Company Act of 1957:
Douglas Amendment, 795Bank Holding Company Act of 1970, 780Bank Holiday, 315–16, 318, 761, 763,
771, 978Bank Merger Act of 1960, 779Bank Merger Act of 1966, 780Bank of America, 749, 796Bank of Canada, 220, 242, 244Bank of England, 304, 311–12, 482, 484;
discount rate, 483; gold reserve, 473Bank of United States, 175; failure of,
306, 307, 760bank regulation, 175, 320bank reserves, excess, 328, 770, 771, 774banking/banks, 743–802; consolidation,
750; diversified services, 781, 788;electronics in/and, 878; incorporation,930; integrated, 319; lending, 771,778; in New Deal, 765–7; regulations,972, 1010; World War II andaftermath, 773–5
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Banking Act of 1933 (Glass-Steagall Act),318, 320–1, 479, 484, 765–6, 767,771, 783, 978, 979; erosion of, 796
Banking Act of 1935, 765–6, 767, 771,978
banking crises, 306, 410, 743; FederalReserve System established to prevent,743–4; in Great Depression, 760
banking sector: growth of, 747–8;regulatory change, 1005
banking system: deposit insurance in,319–20; division of, 744; preventingcollapse of, 320–1; reform of, 317–21;structure of, 757, 779–80
basic research, 823, 951; federal fundingfor, 821
bauxite, 235, 872–3, 905Baxter, William, 960, 1007–8beggar-thy-neighbor trade policy, 457,
488Belgium, 66, 70, 485, 488Bell Labs, 876–9, 885, 939, 951–2, 981,
1004Bell System, 930–1, 933, 939, 951, 952;
broken up, 960Bernanke, Ben, 308, 309Beveridge, Sir William, 229–30Beveridge Report, 229bicycles, 832–3big business, 989, 944, 953–4, 965; and
civil rights, 954–5; and governmentregulation, 977
big labor: rise and decline of, 580–5biological revolution: in agriculture, 704,
708–11, 715, 716, 742biomedical science, 548, 825, 861, 862biotechnology, 827, 863, 864–5, 963–4birth control technology, 511–12, 513birth rate, 12, 15, 16–18, 27; Canada,
194, 232–3, 241black fertility, 507black ghettos, 160Black-McKellar Act of 1934, 984black male wages as percentage of white
male wages by labor market cohort,605t
black-white differences in earnings, 604–6blacks, 122, 123, 143; in Atlanta, 145;
economic gains of, 605; barred fromsuburbs, 149; employment, 156;farmers, 303; life expectancy, 514–15;migration from South to North, 114,303, 604, 605–6; poverty, 161;suburbanization, 153; see also African-Americans
Bland-Allison Act, 471Blank, Rebecca M., 252, 270, 271Blinder, Alan S., 252, 283Blue Sky Laws, 753, 767Boeing, 445, 450, 451, 453, 843, 844–5Bolivia, 493bond drives: World War I, 1030, 1032bond yields, 364, 763bonds, 309, 365, 493; overseas sale of,
464, 472; in war finance, 354, 355 363Boston, 93, 122, 130, 464boycotts, 646, 650, 654–5, 687; common
law of, 656; union, 582branch plants, 97, 124, 136, 493; in
Canada, 211; technical, 136branching, 319, 771; laws against,
breaking down, 795; national banks,767; regulations limiting, 749, 750,752, 779, 979
Brazil, 424, 431, 455, 527Bretton Woods, 83, 490–92, 775, 806;
aftermath of, 498–502; Articles ofAgreement, 491–2; collapse of, 498,785; U.S. financial hegemony, 492–8
Britain, 44, 408; abandoned goldstandard, 312, 485, 486, 760; analogiesto economy of, 966; barriers toagricultural trade, 734; and BrettonWoods, 490, 491; Canada supplier ofmilitary equipment to, 208, 225;Canadian exports to, 215, 217, 226;capital imports, 492; capital outflowsto, 478; computer industry, 887, 888;credit from, 464; credit provided to,475 489; devaluation, 496–7;education, 81–2; emigrants to Canada,233; exporter of capital, 302; exports
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from, 419–20; gold exports, 473;imports from, 409; investment inCanada, 236; investment in U.S.,465–6, 467t; jet engine technology,842; loan embargoes, 479; loans to,469; national security expenditures,345n31; preferential duties for Canada,221; replaced by U.S. as leader infinance, 1050; return to gold, 482;shipbuilding, 442, 443, 444, 445; steelindustry, 420–2, 423; textile sector,440; and Tripartite Agreement, 488;unemployment insurance, 229;unwillingness to provide credit, 474;war financing, 356n48; World War II,357, 359
British Columbia, 221, 223, 235British North America Act (BNA act),
222–3, 224, 227brokerage houses, 799, 801budget: direct costs of wars, 336, 338Budget and Accounting Act of 1921,
1033budget deficits, 472, 498, 500, 785, 786,
965, 1045, 1050, 1059, see also federaldeficits
budget surpluses, 410, 470, 472, 775,1037
budgetary control, centralization of, 1045building and loan associations, 755building booms: collapse of, 98–9;
downside of, 169–73Bureau of Internal Revenue, 1028, 1031,
1048Bureau of Labor Statistics (BLS), 56, 249,
394, 398, 589, 591, 592, 596, 597Bureau of the Budget, 1045, 1049Bush, George, 276, 384, 1009Bush, Vannevar, 64, 818n13, 819, 821,
823Bush administration, 273, 277, 1006business, 73, 946, 964; codes of fair
competition, 580; European, 81; andregulation, 971, 991, 992, 1009, 1024,1025; and tax policy, 1032; andwartime finance, 1028
business cycle, 7, 958; actions of Fed and,747; bank failures and, 750;international financial flows and, 463;and poverty/inequality, 250–1, 284
business-government relations: impact ofWorld War I on, 971–2
business schools, 59, 950, 958
California, 97, 118; agriculture, 696; BLSsurvey, 592–5, 598; constructionlending, 176; distributive and serviceindustries, 154–5; gold discovered in,465; high-tech industries, 134;immigrants in, 162; labor legislation,647, 649; new cities in, 148; newhousing in, 150; oil in, 53, 100; out-migration, 531; Proposition 13,1054–5; public utility commission,974; urban system in, 137;urbanization, 140, 143
Canada, 120; and Bretton Woods, 490;corporate income tax, 1016;deceleration in economic performancesince 1973, 241–4; Department ofFinance, 206, 218, 228; Department ofLabour, 228; Department of Munitionsand Supply, 225–6; Department ofReconstruction, 230; downturn ineconomy of 1929–1933, 215–17;economic history, 191–247; educationin, 415; government regulation ofbusiness, 969; growth in, 66; long-rungrowth, 195–7, 198t; national policies,209–13, 216; postwar economicgrowth, 230–44; recovery, 1933–1937,217; textile industry, 941; trade policy,408; wheat economy, 199–213, 214,216, 217, 218, 734; World War II,191–2, 199, 201, 214, 225–30, 237,245; years of disruption, 1930–1950,213–30
capital: derived demands for, 42; fixed vis-à-vis working capital inventories, 44;substituting for labor, 45, 60, 62–3
capital accumulation, 7, 23, 39, 40; andlabor demand, 262; by laggards, 70
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capital constraints: agriculture, 729, 730capital equipment, 37, 42, 52, 77capital exports, 83, 492; Canada, 216capital flows, international, 464–9, 493,
904capital formation, 34–5, 166; business and
housing sectors, 172–3; Canada, 236,245–6; foreign investment in, 463,467; see also human capital formation
capital gains, 97–8, 1033capital goods: growth rate of output of,
33–4capital imports, 173, 467, 468, 487–8;
Canada, 194, 197, 200, 204, 236, 246capital/labor (K/L) ratio: and Leontief
paradox, 411–12capital markets, 1029; government
intervention in, 1059; order in, 1032;revival of, 783–5; social basis of, 1030;in World War II, 774
capital outflows, 467, 477–8, 479, 494,495, 496, 497; Canada, 218, 219
capital-output ratios, 47, 60, 61, 63capital stock, 24–5, 27, 28–9, 69–70capital-using bias, 3–4Capitalism, Socialism, and Democracy
(Schumpeter), 811, 838Capper-Volstead Act of 1922, 731Carnegie, Andrew, 931, 933; steel
company, 420, 423, 424, 582cartels, 946, 977, 978, 984; government-
sponsored, 1038Carter, Jimmy, 275, 996, 998, 999, 1002,
1008, 1049, 1055; deregulation, 1009Carter administration, 273, 276, 786,
1001; National Energy Plan, 1003catch-up and convergence: bases of
postwar potential for, 74–84catch-up and convergence, theory of; and
growth records, 69–71Central America: immigrants from, 614central banks, 355, 469, 470, 482, 483,
484, 494, 972; cooperation among, 473central cities, 145, 149, 169, 177; decline
of, 522; federal measures to revitalize,152–3; population, 143
central cities gaining and losingpopulation, number and percentage of,1940–1988, 523t
chain stores, 81, 985–6Chandler, Alfred D., Jr., 2, 60, 826chartered banks: Canada, 218–19, 220chemical engineering, 852–3, 859, 862,
905, 952chemical revolution in agriculture,
708–11chemicals industry, 48, 50, 805, 807, 829,
847, 860, 876, 885, 904, 911–12, 950,951; automobile and, 836; computersin, 893; diversification in, 957; M.I.T.and, 853; petroleum-based, 849–56;R&D, 809, 813, 815, 817, 819n14;suppliers of input to all sectors ofeconomy, 856; technological change,845–65
chemistry, 716, 807, 809, 845–6Chicago, 96, 122, 127, 131, 146, 147,
235; federal relief expenditures, 158;meat packers, 937; population, 93;poverty in, 160; size, 146
child allowance scheme (Canada), 230child labor, 555, 572–4; elimination of,
550, 609, 614child labor laws, 550, 553, 573, 613, 685,
988childbearing, 505, 539; rate of, 507, 539childrearing: and household locational
decisions, 531, 533children: costs of, 12, 18, 546; dependent,
15, 16Chile, 239China, 339, 371, 469, 536; Cold War,
345cholera, 514, 521Chrysler, 437, 438, 756, 835–6; bailout,
438, 450cities, 527; Canada, 204; and economic
growth, 162–76; government provisionof goods and services to, 153, 157–60;mortality in, 11; and production/socialreproduction, 153–62; see also centralcities
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cities system, 95, 96, 134, 137, 177;changes in urban form and function,147–53; changing, 138–62; cities withexport service bases in, 160; dimensionsof, 138–47
city-building, 95–6, 97–8, 134–8, 146,147, 162–4, 169, 175, 177; aseconomic activity, 154; and financialinstability, 173–6; and long swings,165–6; New England, 172
Civil Aeronautics Act, 984Civil Aeronautics Board (CAB), 984, 998civil rights, 954–5, 991; labor
organization and bargaining as, 672,676–7
Civil Rights Act of 1964, 553, 606, 615,689
civil rights legislation, 686–90Civil War, 7–8, 10–11, 329, 388, 1030;
constitutional amendments, 643–4; indevelopment of public sector, 1020,1058; financing, 350, 356, 386; andinternational capital flows, 465;pensions, 472
Civil Works Administration, 158, 1038Clark, John Maurice, 335, 337, 348, 386Clayton Act, 447, 451, 582n20, 656–7,
972, 973, 986, 1024; applied to banks,780; Cellar-Kefauver Amendment, 987
Clean Air Act, 994, 1011Clean Air Act Amendments of 1977, 994clerical sector, 563, 565, 579, 607;
women in, 943Cleveland, Grover, 583, 613Clinton, William, 273, 276Clinton administration, 275, 277closed shop, 662, 664, 677, 686; bans on,
687coal, 51, 52, 125, 126, 127, 148, 527,
1002; energy source, 869, 875, 876Cold War, 329, 332, 335, 389, 458, 686,
828, 878, 886, 948, 959; alliancestructure, 959; costs, direct, 337,341–6; defense expenditures, 333;environmental and health effects of,347n33; financing, 378, 382–5, 383t,
1053; and government spending, 1013,1014, 1059; institutional arrangementsin, 333–4; opportunity costs, 400,401–3, 403t, 404
collective bargaining, 323, 627, 665, 667,668, 678, 688, 690, 1040; extension of,679; in labor law, 656–7; law of,625–6, 659–61; as organizationaladjustment, 675; in recovery, 670, 671,672; restrictions on, 669; right of, 580,676–7, 680, 681
collective bargaining agreements, 656collective bargaining policy: New Deal,
628, 670–1, 672–5, 684–5college education, 54, 55, 58, 59–60,
574, 609–10; returns to, 611college graduates, 258, 259, 260, 261,
285colonial America: labor law, 630–2Colorado, 135, 647commercial aircraft, 839, 840–1, 850n30commercial aircraft industry, 805–6; and
defense industry, 843–4; developmentcosts, 845; jet engine in, 842–3
commercial banks/banking, 170, 318–19,365, 369, 370, 485, 747, 756, 761,762, 764, 769, 775, 801; collapse of, inGreat Depression, 760; crisis andrecovery of, 792–6; decoupled frominvestment banking, 979; dilemma of,748–52; excluded from capital markets,783; failures, 410, 1007f; interest rateceilings, 790; mortgages, 772; in NewDeal, 765–6, 771, 778–81; number of,750, 795; share of assets, 787; in WorldWar II, 774
commercial paper, 772n16, 774, 778,779, 788, 791; discounting, 469, 481
commercial policy: Canada, 237–9Commodity Credit Corporation, 733, 736commodity markets, 206; international
collapse of, 191–92commodity prices, collapse of, 213, 304,
309–10commodity-producing industries sector
(Canada), 239–40
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common law: conspiracy doctrine, 652–3;contract of employment, 660; employerliability in, 648, 649; employmentrelation in, 683; of law of employment,626–7, 629
Commons, John R., 660–1, 673, 677Commonwealth v. Hunt, 626, 637communication sector: foreign investment
in, 467communications, 3, 60, 83; developments
in, 31, 32t, 911; TFP, 62communications industry, 975;
deregulation, 959; incorporation in,928, 929, 932; oligopoly in, 976;regulation, 981–2
Communications Act of 1934, 981–2Community Reinvestment Act of 1977,
793n29competition, 953; airlines, 998; in
aviation business, 984; antitrust policyand, 960; banks, 795; curtailed, 986,987; electric power industry, 1003;“excessive,” 976; financial sector, 766,773, 778, 779–80, 781; global,957–65; government-managed, 971;marketing and, 942; in railroads,931–2; regulated, 984, 1008–11; andregulation, 969, 1012;telecommunications industry, 1004,1005; unfair, 977; Wall Street, 799
Competitive Equality Banking Act of1987, 795n31
competitiveness, 407, 408, 419; antitrustpolicy in, 451; of Japan, 426; loss of,and import barriers, 456; measuring,416–18; of steel industry, 419–22,430–2
Comptroller of the Currency, 749, 796compulsory education laws, 550, 574, 613computer(s), 34, 65, 446, 530, 804, 878;
in aircraft industry, 844–5; andpopulation distribution, 534, 535
computer hardware, 448, 449, 451computer industry, 136, 448–9, 827–8,
886–95, 911, 951computer science, 824, 890, 905; R&D
funding, 902computer software, 448, 449, 823n15,
886, 888, 890, 891, 892; custom, 897,898n60, 901; standardized, 896, 897,899–900
computer software industry, 878, 885,963; advantages to U.S. entrepreneursin, 912; microprocessor and rise of,895–903; size of, 900n63
conglomeration, 957–8Congress of Industrial Organizations
(CIO), 580, 676, 677–8, 946Connecticut, 121, 130, 131; labor law,
633Constitution: “general welfare” clause,
817; fourteenth amendment, 627, 641,643–4, 646; sixteenth amendment,350–1, 1018–19, 1023, 1025;thirteenth amendment, 627, 641, 642,643
construction: investment in: Canada, 203;population redistribution and, 167
construction industry, 163, 164–5;collapse of, 171–2; long swings, 166,169
consumer credit, 304, 310Consumer Credit Protection Act, 793n29consumer electronics industry, 888;
foreign competition, 958, 959consumer expenditures, 30, 31; World
War II, 773–4Consumer Price Index (CPI), 373; Canada,
242Consumer Product Safety Act of 1972,
992–3Consumer Product Safety Commission
(CPSC), 988, 991, 993, 1009consumption, 66; Canada, 215, 217, 228;
in cities, 153, 160–2; fall in, 305, 310;sacrifice in, in wars, 393, 394,398–400, 402–4, 405
consumption expenditures on goods andservices, 387
continuous process technologies, 850, 907contraception, 12, 511–12, 513contract(s), see employment contract(s)
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convergence, 65–6, 83–4; in black-whiteearnings, 604; regions, 99–118; see alsocatch-up and convergence, theory of
Coolidge, Calvin, 732, 945Coolidge administration, 985Cooperative Marketing Act (1926), 731cooperatives, farmers, 726, 730–1copper, 51, 52; Canada, 208, 217, 221,
234corporate control, market for, 961, 964corporate economy, 927–67; nineteenth
century, 928–30corporate liberalism, 945, 1024–5, 1033,
1034–5, 1038, 1050; of Hoover, 1037,1038
corporate taxes, 1016, 1027–8, 1041–2,1043, 1047, 1058; 1940–1946, 362–3,363t; in war financing, 352, 354, 358,367–8
corporation(s): attacks on, 943–95;dominance of, 929–30; andenvironmentalism, 955–6; locus ofentrepreneurial activity, 928; productand process innovation, 966; recoveryfrom Great Depression, 948; structureof, 949–50; ties to professions, 941;state and, 1027; and tax reform,1042–3
cotton, 118, 127, 303Council of Economic Advisers, 1009,
1051courts: and collective agreements, 661–2,
663–4; and collective bargaining,659–60; and common law of labororganization, 650–2; common lawmodel of labor law, 641; and employerliability, 638–9; and freedom ofcontract, 664; and industrial democracy,681–4; and labor conspiracy, 635–7;labor law/legislation, 627, 646–8, 691;and labor movement, 645–6; and“management,” 637–8; master-servantrelation in, 634–5; Wagner Act in,680–1; and workers’ compensation,648–50
craft organizations/unions, 443, 580, 934
credit, 480, 481, 486, 756; Canada,219–20; Federal Reserve, 485, 486;postwar, 491; in World War II, 489
credit contraction/rationing, 304, 308,309–10, 312
credit demand, 470, 473, 481, 778credit unions: regulation of, 769–70crop support programs, 694, 737, 740crude total factor productivity (crude
TFP), 21, 22, 23, 23t, 28, 29currency crises, 311–12, 314current account balance and net gold
inflows, 1881–1913, 468f; 1914–1939,480f
current account balance and net reserveinflows, 1946–70, 496f
Czechoslovakia, 339, 371
Danbury Hatters case, 582Danziger, Sheldon, 271, 283David, Paul A., 56, 62, 904–5death and disability (wars): costs of,
347–9; Vietnam War, 382n78death rates, 15, 32; see also mortalityDebs, Eugene V., 973debt, 379, 996; war-created, 354, 373debt financing, 777–8; in war financing,
334, 356, 363–5, 366, 367, 369, 386debt holdings, gross federal, 1941–1946,
366tdebt service: foreign investors and, 464–5defense expenditures/spending, 97, 128,
137, 177, 277, 331, 346, 393, 404–5,1015; Canada, 227–8, 229; Cold War,382–5; congressional opposition toexpansion in, 371–2; increases in, 1055,1056; Korean War, 332–3, 338–40,368; peacetime, 330; Vietnam War,332–3, 373–82; World War I, 744–5;World War II, 338, 357, 358, 365–6
defense industry: and commercial aircraftindustry, 843–4
defense-related R&D and procurement,821–3, 822f, 828
deficit financing: Cold War, 382–5;Vietnam War, 376–9, 381, 386
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deficit spending, 1039, 1040, 1045, 1051;see also budget deficits
degenerative diseases, 514, 521, 547–8deindustrialization, 117, 128–9, 285Delaware, 131demand factors: in shipbuilding industry,
443; in spatial distribution ofpopulation, 526, 527–8
Democratic party/Democrats: tax ideology,1022, 1025; and tax policy, 1027,1028, 1051; and tax reform, 1057
demographic change, 2, 15; effect onpoverty rate, 268–72; and householdincome, 263–4; and inequality, 250–1,257, 284, 285; and labor markets, 550
demographic trends: and long-termeconomic growth, 539–47
Denison, Edward, 259, 611dependency burden, 541–2; and economic
growth rate, 545; impact on workingage population, 545–6; populationgrowth and, 544–5
deposit insurance, 175–6, 319–20, 765–6,773, 779, 790, 794, 979
deposits: interest-rate ceilings on, 979,1005, 1006; price of, 306, 307
depression(s), 124, 171, 465, 474, 932,957; agricultural, 695, 732; and farmpolicy, 694; and government spending,1013; and growth of public sector,1035; and labor law, 670; andprotectionism, 456; and revenuesystem, 1023
deregulation, 175, 736, 959–60, 971,1011; airlines, 997–9; banking andfinance, 743; brokerage commissions,796; electric power, 1002–3; financialservices, 1005–6; petroleum and naturalgas, 1001–2; political interests in, 996;Reagan administration, 1008–10;regulatory failure in, 997;telecommunications, 1003–5; truckingand railroads, 999–1001
desktop computer, 893, 896, 898, 899,900, 903; networking, 900–1, 903
Detroit, 127, 131, 147, 157, 235;transportation, 149
devaluation, 302, 321, 488, 496–7; inBretton Woods Agreement, 491–2; inCanada, 219; of dollar, 316, 318; ofEuropean currencies, 494; in GreatDepression, 316–17, 318
diphtheria, 11, 514, 520direct foreign investment, 466–7, 468–9,
492, 496; Canada, 236discount rates, 469, 470, 473, 481, 483,
484, 485, 745, 771, 972diseases, 11, 514, 518–19, 520; of old
age, 521distribution of gainful workers of
employment by major sector ingeographic divisions, 1900–1990,106–13t
distribution of unemployment formanufacturing workers, by state,1880s-1890s, and for U.S., 1910,593–4t
diversification, 950, 957–8; antitrustpolicy and, 826; Canada, 211, 212;R&D in, 810
dollar, 492, 493; appreciation of, 260,500–1; Canadian, 218, 219; confidencein, 1038; depreciation, 487–8, 501;devaluation of, 316, 318, 497, 500,996; international role of, 498–501;run(s) on, 315, 760, 785; value of, 312,313, 1050
Dominican Republic, 536Dominion Lands Act (Canada), 209–10,
212Dominion Notes Act (Canada), 220Douglas Aircraft, 453, 842, 843Dow Jones industrial average, 758, 783,
800; 1914–1997, 757, 758fdumping, 443, 447, 456, 731, 734Du Pont Company, 48, 810, 811, 812,
817, 826, 852n34, 854, 855–6, 858,859, 947; antitrust case against, 933;innovation, 946, 952; R&D, 816, 940,951; structure, 949
durable goods, 77, 222, 755–6
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early Republic: labor law in, 632, 637earned income tax credit (EITC), 275earnings, 257, 349, 509, 565–9, 570,
601; black-white differences in, 604–6earnings inequality, 254, 257–64, 283East North Central division, 115, 132,
140–1; agriculture, 696, 697;manufacturing employment, 115
East South Central division, 100, 140Easterlin, Richard A., 17, 18, 165–6Eastern Europe, 84, 339, 367, 695Eccles, Marriner, 767, 1043economic growth/development, 3, 912,
918, 976, 986, 996; agriculture’scontribution to, 721; attack on, 994;dependency burden and, 545; effects oftechnological change on, 804–6, 807;flow of funds financing, 743; foreigninvestment in, 463; and inequality,284–6; investment/saving in, 467–8;and life expectancy, 518–19; long term:demographic trends and, 539–47; post-World War I, 745; post-World War II,783; and poverty rate, 250, 252, 264,268, 269–70, 271, 285–6; populationgrowth and, 543–4; in populationdistribution 526, 533, 534, 548; publicattitude towards, 82; regions and citiesand, 95, 162–76; and spatialdistribution of population, 529; andstock market, 801; see also growth
economic growth (Canada), 244–7;postwar, 230–44; sources of, 197–9,198t
economic history: Canada, 191–247economic lifestyle: and family formation,
508–9economic mobility, 161, 965economic policy, 302; Canada, 198,
242–3; and population growth, 548;and unstable economy, 785–6
Economic Recovery Tax Act of 1981(ERTA), 1056
economies of scale, 2, 28, 37, 39, 70, 527,906, 947; auto industry, 433; Canada,198, 210, 245; education, 554; electric
power, 1002; government policy and,452; large companies, 937;manufacturing, 96–7; processinnovation and, 952; productivity,12–13; technological systems, 53;urban growth, 143
economies of scope, 433n13, 899n62Edison, Thomas A., 48, 445education, 3, 12, 616, 714; blacks, 604,
606; and corporate employment, 957;and human capital, 609–12;international perspective, 80–2;investments in, 2, 43, 416; and laborproductivity, 24, 25–7; publiclyprovided, 554; returns to, 552; andwage structure, 601, 603, 604; see alsohigh school education; higher education
education expenditure: Canada, 240educational level, 37, 54–60, 73, 78, 551;
aging of labor supply and, 546–7; andcomparative advantage, 415; andearnings inequality, 258–9, 260, 261;of elderly, 541, 542; high-techindustries, 136; and women in laborforce, 579
efficiency wages, 322–3, 588Eichengreen, Barry, 316, 458Eisenhower, Dwight D., 131, 1049Eisenhower administration, 783elderly (the), 264, 270, 271, 286, 326;
dependency, 541–2, 544, 545–6; inlabor force, 541–2; locationalpreferences of, 531–3; proportion of, inpopulation, 539; transfers to, 269, 273,277, 280; see also older Americans
electric motor, 873, 874, 874telectric power/electricity, 3, 50, 148, 807,
853, 856, 903; central generation of,865; deregulation of, 1002–3; farms,326, 712, 713; household consumption,866–8; industrial applications, 869–76;technological change in, 865–76
electric power transmission network, 529;and population distribution, 533
electric appliances, 866–8, 867f, 868telectrical industry: R&D, 809, 813, 815
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electronics, 807, 856, 865–76, 878, 951;and aircraft industry, 844; inautomobiles, 838
electronics industry, 451, 805, 830,903–4, 957; leadership andcompetitiveness in, 445–9
electronics revolution, 876–904electronics technologies, 826–7Emergency Farm Mortgage Act of 1933:
Thomas amendment, 316Emergency Transportation Act of 1933,
983emigration: Canada, 194, 197, 211Employee Retirement Income Security
Act (ERISA), 797, 798employee rights, 677, 690–1; and
employment relation, 681–2; in laborlaw, 672–3, 674, 675; Wagner Act inprotection of, 679, 680, 681, 682
employer associations, 671, 679employer liability, 612, 627, 648–9;
courts and, 638–9employment: change in legal conception
of, 691; Cold War and, 401n98; city-building and, 164; educationalattainment and, 56–7; federalgovernment’s responsibility in, 1051;federal regulation of, 685; growth in,155–6, 157; high-tech, 134, 135;R&D, 811, 813–14, 814t, 817
Employment Act of 1946, 1050–1employment and value added in
manufacturing in geographic divisions,1899–1992, 116–17t
employment contract(s), 632, 634, 639,641, 642, 646, 652, 659, 660, 661–2,685; collective bargaining agreementas, 680–1
employment opportunities, 538, 721,954–5, 989–90
employment relationship, 625, 626, 627,631, 632, 634, 637–8, 639–40, 645,646, 648, 657; asymmetries in, 629,634, 639, 640, 645, 647, 650;collective bargaining and, 659, 667,684–5; common law model of, 642,
651, 683; employee rights and, 681–2;employer’s right to control, 658, 684;in England, 629; equality in, 643;excluded from property interests, 667;labor organizations’ intervention in, 17,650–1; law of, 644, 689; master-servantrelationship in, 660, 661; resistance tointrusions on, 685–6; state interventionin, 649–50, 666–7
energy industry/sector, 959, 975, 985Energy Policy and Conservation Act,
1001, 1002Engel’s Law, 726engineering, 457, 808, 941England, 146: labor law, 629, 630, 631,
636; workers’ compensation in, 649; seealso Britain
entrepreneurs, 422, 432, 931, 964, 1005;political, 1057; and spatial changes inpopulation distribution, 526, 527–8
environment, 51, 164, 172, 990, 994;farmers and, 741–2; laws regardingprotection of, 988, 989, 990, 1009,1010, 1049
Environmental Defense Fund, 990Environmental Protection Agency,
(EPA), 988, 992, 993–4, 995, 1009,1011
environmentalism, 955–6Equal Employment Opportunity
Commission (EEOC), 615, 988estate tax, 352, 1027, 1041–2Eurodollars, 497, 779Europe, 393, 439, 906; central banks,
469; currency crises, 311–12; demandpressures, 495–6; dependence onforeign aid, 490–1; effect of U.S.financial transactions on, 463; exports,121; government regulation of business,969; immigrants from, 505, 613;mortality in, 518; national securitypolicies, 331; population growth, 538;reconstruction and recovery, 434, 478,481–2, 493–4; research in, 824; socialinsurance, 614; trade policy, 408;unions in, 584, 585, 604
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European Union, 429, 455Evenson, Robert, 715excess-profits tax, 352, 353, 357, 358,
359, 360, 362–3, 365, 368, 1027–28,1033, 1042; 1940–1946, 362–3, 363t
exchange rates, 321, 488, 491, 775, 785;floating, 242, 404, 405, 497
excise taxes, 352, 367exports, 121, 305–6, 405, 451;
agricultural, 120, 727–9, 728f, 734,735; capital/labor ratio, 412; directinvestments linked to, 469; effect ofimport restrictions on, 451–2; Europe,78; factors of production tied to, 411;natural resources, 414; products in,409–10
exports (Canada), 199, 209, 215, 216,218, 238, 239, 242; and economicdevelopment, 193–4; engine of growth,217; ratio to GNP, 204; during WorldWar II, 226
externalities, 96, 730, 969, 975extractive regions, 98, 118, 122–34, 136,
175, 176
factor content of foreign trade, 410–16factor endowments: international
differences in, 411factory system/factories, 34, 45, 65failed bank deposits to total bank
deposits, 1900–1996, 751fFair Labor Standards Act (FLSA), 553,
604, 614, 685Family Allowance Act (Canada), 230Family and Medical Leave Act, 615family farm, 103, 695, 696, 717, 737,
740“farm crisis,” 694; agricultural policy in
response to, 730–5farm family(ies), 695, 707, 730; income,
174, 720farm mortgages, 174, 751, 754farm policy, 123, 694, 695–96, 729–39;
critical look at, 736–9; post-World WarII, 735–6; response to crisis of 1920sand 1930s, 730–5
farm prices, 317, 717–18, 718f, 726, 727,730, 732, 733, 739, 750, 763
“Farm Problem,” 717–29farm sector, 62; contraction of, 726, 727;
share in national income, 718farm size, 697, 700, 721–3, 722tfarm support programs, 120, 324, 700,
727, 735farmers, 302–3, 693, 696, 740, 751;
acceptance of innovations, 716–17; andautomobile, 711–12; Canada, 217–18;debt, 750; dependent on federalgovernment, 694; and environment,741–2; in Great Depression, 763; inNew Deal, 323–24; oversupply of, 714;part-time, 124–5, 725; production ofown food and fuel, 725–6
farms/farming: electrification, 713; large-scale, 303; movement off, 719–21,740–41
Federal Aviation Commission, 984Federal Communications Commission
(FCC), 981–2, 1003, 1004, 1009, 1011
Federal Credit Union Act of 1934, 770,978
federal debt, 1052–3, 1053tfederal deficits, 351, 368–9, 1039–40,
1042, 1043, 1047; Cold War, 382–5,383t, 404–5; Korean War and ColdWar rearmament, 368–9; Vietnam War,376–9, 381; in Reagan revolution,1056–7
Federal Deposit Insurance Corporation(FDIC), 319, 320, 765–6, 770, 771,779, 781, 793, 794, 979, 1039
Federal Emergency Relief Administration(FERA), 1040, 1044
Federal Energy Administration, 1001Federal Energy Regulatory Commission,
1002, 1009federal expenditures and receipts: Cold
War years, 382–5, 383t; impact ofVietnam War on, 376–9, 381; waryears, 389; see also governmentexpenditures/spending
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federal government: and cities, 138, 147,150, 152–3, 177; and computerindustry, 886, 890–2, 901–2; andpharmaceutical industry, 861–2;provision of goods and services, 153,157–60; R&D funding, 808, 817–18, 819, 820–1, 823–4, 828, 885, 911; response to Great Depression,314–17; road construction, 712; insemiconductor industry, 882; supportfor professional training and research,948; and synthetic rubber, 857; see alsogovernment
federal government (Canada): deficits,242–3; and social welfare, 223–5; taxcollecting powers, 227–8
Federal Home Loan Bank Act, 762, 978Federal Home Loan Bank Board (FHLBB),
762, 769, 770, 772, 781, 782, 790,792
Federal Home Loan Mortgage Corporation(FHLMC; “Freddie Mac”), 788
Federal Housing Administration (FHA),150, 770, 788
Federal National Mortgage Association(FNMA; “Fannie Mae”), 770, 781, 788
Federal Power Commission (FPC), 982,1001, 1002
Federal Reserve Act, 355, 478, 480, 481,744, 750, 767, 972
Federal Reserve Bank of New York, 483,484, 485
Federal Reserve banks, 312, 315, 319,355, 364–5, 370, 480, 481, 484,744–5, 761, 771, 972
Federal Reserve Board of Governors, 316,481, 484, 487, 500, 744, 767, 768,780, 1030, 1038; Capital IssuesCommittee, 1029; inflation policy, 960;monetary policy, 1056; reserverequirements, 979; and stock marketcrash, 758, 759; Volcker chairman of,786
Federal Reserve System, 244, 304, 317,318, 328, 365, 370, 404, 470, 474,494, 743–7, 944, 979, 1030–1, 1043;
appropriations for, 1056; establishmentof, 475, 480, 1024; attack on inflation,791, 1055; and bank failures, 759–61;discount operations, 756–7; discountrate, 316–17, 760; discount window,744, 756; discounting rules, 761; andforeign finance, 483–4; gold reserves,485, 486; and gold standard, 482; andGreat Depression, 310–13, 315;interest rates, 757, 774–5, 776, 1005;member banks, 766; monetarycontraction, 1037–8; monetary policy,305, 767, 786, 1040; open marketoperations, 313, 315, 488, 495; reformof, 327; reserve requirements formember banks, 355; and stock marketcrash, 758–9, 800–1; Tenth AnnualReport, 745; in wartime finance, 354,369–70, 379, 773, 1030
Federal Savings and Loan InsuranceCorporation (FSLIC), 770, 772, 781,791, 794; insolvency, 792
Federal Trade Commission (FTC), 430,768n12, 972, 982, 987, 1007, 1008,1009
Federal Trade Commission Act, 972, 973,988
federally financed R&D centers (FFRDCs),821
fellow servant rule, 648fertility, 16, 60; Canada, 194; and
immigration, 538; participation ofwomen and, 579; in population growth,505–14, 548; projections, 539–40
fertility rate, by race, 1900–1991, 508ffertilizer, 697, 701, 709–10, 848–9, 849t,
905fibers, synthetic, 857–60Filene, Edward A., 673finance, 743–802; deregulation, 959;
foreign, 475–84; governmentregulation, 972, 977, 1010;incorporation in, 928, 929, 932;oligopoly in, 976; U.S. replaced Britainas leader in, 1050; World War II andaftermath, 773–5
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Finance Act of 1914 (Canada), 206, 218Finance Act of 1923 (Canada), 218, 220financial hegemony of U.S.: Bretton
Woods and, 492–8financial instability: regions and city-
building and, 173–6, 177–8financial institutions, 73, 170, 315,
747–8, 1032Financial Institutions Reform, Recovery,
and Enforcement Act of 1989(FIRREA), 792
financial intermediaries, 320, 355n46,474, 743; cost of services, 788–9;foreign loans, 478–9; in GreatDepression, 759–60; guarantee systemfor, 798; new, 787; protection of, 801;shares of assets, 1900, 747f; shares ofassets, 1929, 748f; shares of assets,1950, 776f; shares of assets, 1970,777f; shares of assets, 1990, 787f; inWorld War II, 774
financial markets, 762–3, 777, 783, 802;global competition in, 801; regulationof, 773, 1039
financial relations, U.S. foreign, 463–504financial sector: integration and fragility,
756–7; regulation of, 770, 773;transformation of, 788–9
financial services, 410, 756, 796, 961,1005–6
financial system, 177–8, 308, 318, 743,986; collapse of (1929–1933), 757–63;economic fluctuations and, 787–8;future, 801–2; maturing (1920s),747–57; rebuilding, in New Deal,764–73, 775; regions and city-buildingand, 173–6; restructured by remediallegislation, 979
Finland, 455First Liberty Loan, 354First National City Bank of New York,
779, 780n20First Pennsylvania Bank, N.A., 793, 794First World War, see World War Ifiscal policy, 82, 83, 305, 326–7, 393n90,
401n98, 463, 487, 494, 497, 500, 541,
776, 786, 1032, 1056; bipartisanconsensus regarding, 1051; effect ofWorld War II on, 1050–1; of Hoover,1037–8; Keynesian, 954; of F. D.Roosevelt, 1039–40 1043–4
Fisher, Irving, 313fixed investment: Canada, 204, 205Fleming, Alexander, 861Florida, 118, 122, 134, 150, 162, 176;
land boom, 170, 171; populationgrowth, 100, 103; “retirement”counties, 531; suburbs, 151;urbanization, 104, 105, 133, 137, 140,143
flow of funds, 787–9, 796, 801; post-World War II channeling of, 775–8,781
Food and Drug Act of 1906, 988Food and Drug Administration (FDA),
326Food Security Act of 1985, 736food stamps, 274n28, 275Ford, Gerald R., 275, 996, 1049Ford, Henry, 48, 587, 705, 833–4, 907Ford Motor Co., 48, 437, 438, 756,
834–5, 937–8, 947, 952; and market,941; structure, 949
Fordism, 48, 833, 907, 938Fordney-McCumber tariff, 458foreclosures, farm, 326, 732, 750, 763foreign aid, 489–90, 490t, 735foreign assets, 468–9, 475foreign-born population, 537, 538; in
labor force, 558, 572foreign borrowing, 501–2foreign capital: in real estate booms, 122foreign exchange, 302, 695; Canada, 226Foreign Exchange Control Board (Canada),
226foreign finance: retreat from, 484–8;
World War I and transformation of,475–84
foreign investment, 463, 464–5, 467–9;Canada, 204, 205; in U.S., 464–9
Foreign Investment Review Agency(FIRA) (Canada), 236–7
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foreign lending, 476–77, 483;government regulation of, 479; postwar,492–4
foreign policy, 121, 330, 371 1050;economic, 911
foreign trade, 407–62; Canada, 241–2;factor content of, 410–16
forests/forestry, 50–1, 76, 193, 222France, 70, 77, 146, 312, 483, 491;
barriers to agricultural trade 734;capital exports, 492; credits extendedto, 475, 479; education, 81; goldreserves, 304; gold standard 485; labororganization, 583, 585; militarycampaigns, 330n2; R&D expenditures,820, 828; and Tripartite Agreement,488; war financing, 356n48; WorldWar II, 357, 358
Frankfurter, Felix, 668, 669, 981Franklin National Bank of New York, 793free labor, 626, 632, 639–40, 643–6,
660–1, 665; meaning of, withthirteenth and fourteenth amendments,641–3
free rider problem: in agriculture, 729,731
free silver, 471–2free trade, 121, 408, 450, 738free trade area(s): Canada/U.S., 211, 239Free Trade Agreement (FTA), 239freedom: labor law and, 626, 631; self-
ownership condition of, 641, 645freedom of contract, see liberty of contractfreedom of opportunity, 642–3Freeman, Richard, 263Friedman, Milton, 304, 306, 307, 394,
398, 473, 483fringe benefits, 281–2; as fraction of total
compensation, 570ffrontier, 95, 98, 211full employment, 313, 389, 393n90,
401–2, 1043full-employment surplus, 1043, 1045futures market(s), 789
G. I. Bill, 609, 824n16gainful employment concept, 556,
574n14, 578Galbriath, John Kenneth, 757Gallman, Robert, 46Garn-St. Germain Banking Act, 791,
1005–6, 1009GDP: growth measured in, 29–30;
national estimates of, 67GDP (Canada), 200, 201t, 231GDP per manhour: rates of catch-up in,
71tgender: life expectancy by, 515gender differences in earnings, 579,
606–9; 1820 to 1992, 607fGeneral Agreement on Tariffs and Trade
(GATT), 82, 237–8, 239, 451, 455,806, 1050; Kennedy round, 238
General Electric (Co.), 809, 816–17, 842,843, 844, 932, 963, 964; research,811n6, 812, 938–9, 951; size of, 963
General Motors (GM), 433, 437, 438,439, 835, 937–8, 955; Allison division,843; assets, 942; and foreigncompetition, 962–3; and market, 941;research, 951; structure, 949
General Motors Acceptance Corporation,756
general purpose technologies, 865;recurring dynamics of, 64–6
genetics: agriculture, 704, 709, 716, 742geographic divisions: national total of
personal income, 102tgeographic structure: and technological
change, 807George, Henry, 1023Georgia, 104, 123germ theory of disease, 11, 520Germany, 77, 302, 345, 372, 428, 458,
465, 490–1, 494; abandoned goldstandard, 312; balance of payments,483; banks, 319; barriers to agriculturaltrade, 734; capital outflows to, 478;cartel system, 978; chemicals industry,846–9, 852; competition from, 958;currency stabilization, 479; educationin, 415; invention in, 808; investmentin U.S., 466; model in industrialresearch, 809, 815; pharmaceuticals,
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860–1; Potash syndicate, 479;productivity in, 70; R&D, 828;shipbuilding, 443; steel industry,419–22, 423; textile sector, 440; WorldWar II, 357
Gini coefficient, 256, 287Gini coefficient versus income share of top
5 percent, 1913–1996, 253, 253fGlass, Carter, 316, 765, 979, 981glass industry: R&D, 813Glass-Steagall Act, see Banking Act of
1933 (Glass-Steagall Act)GNP, 10, 32, 33n18, 301, 306, 976;
Canada, 214t; defense spending asproportion of share of, 377–8, 379,382, 384; federal revenues percent of,368; growth, 975, 986, 987; percentagedistribution, 1891–1989, 390–2t;percentage distribution of real,1891–1989, 395–7t; rate of increase,745; ratio of taxes to increment, 362,363; savings as proportion of, 364;share spent on national security, 333,401, 402
GNP (Canada), 199, 212; growth of,1951–1993, 231t, 245; ratio of exportsto, 204
GNP accounts/accounting, 336, 341, 379,386–8; costs of wars, 337
gold, 83, 327, 785; discovery of, 202,465, 471
gold convertibility, 469, 471, 472, 473,478, 481, 482, 484; suspended, 486,487
gold exports, 486; Canada, 217gold inflows, 328, 487–8, 489, 744gold movements, 469–70, 474, 484–5,
495gold outflows, 355, 485, 745, 758, 1038gold prices, 494, 497gold reserves, 304, 316, 481, 482, 489,
495, 744; run on, 474; U.S. share of,470
gold standard, 302, 310–13, 314, 315,463, 480, 481, 483, 485, 486, 496,745; Canada, 206, 218–19; GreatBritain abandoned, 760; and
international financial management,469–75; return to, 487, 1035;suspended, 355
Gold Standard Act of 1900, 472Goldin, Claudia, 55, 56, 58, 262, 356Gompers, Samuel, 613, 656, 659Gompers v. Bucks Stove and Range Co.,
655goods and services, 42; government
provision of, 153, 157–60; governmentspending on, 404; measurement of, 6,7; new and improved, 30–5; sacrificedto war financing, 386–405
Gottschalk, Peter, 254, 257, 271, 283government: in agricultural finance,
751–2; attacks on growth of, 1054–5;and capital gains, 163n225; coercivepower of, 1038; consolidation ofprograms of, 1033–6; control ofproduction, 317, 321–4; decisions of,and population redistribution, 526;expansion of, 1059; and incomedistribution, 272–80; and industry inWorld War II, 948; and labor market,612–15; and labor organization, 583;regulatory role of, 1012 (see alsoregulation); see also federal government
government contracts, 553–4, 615, 950government employment, 159, 558government expenditures/spending,
1013–15, 1017; Canada, 205, 215,216, 216t, 217, 224; dependencyburden, 545–6; distribution of, 115;foreign finance in, 464; by function,1015t; manipulation of, 1037; off-budget, 1056–7; as percent of GNP,1013–14, 1014t; social welfare, 274–5,277, 278, 279–80, 286; World War II,1046; see also defense expenditures;national security expenditures
government intervention in economy, 409,730, 989, 1012, 1024; farm sector,694, 714, 729–30, 732–5, 739; labormarket, 553–4, 555; legitimacy of,996; market-oriented critique of, 1007
Government National Mortgage Associa-tion (GNMA; “Ginnie Mae”), 788
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government policy, 83; and electronics,446–7, 449; toward foreign trade, 407;and innovation, 964; and leadership,449–52, 453; and steel industry, 430–1; and urbanization of poverty, 161
government policy (Canada), 217–20; anddevelopment, 209–13
government regulation, see regulationgovernment role in economy, 159, 166,
177, 928, 929; Canada, 230, 231; inNew Deal, 325, 326, 327; see alsogovernment intervention in economy
government securities, 364–5, 370, 405government support for business: auto
industry, 432, 437–8Gramm-Rudman-Hollings Act, 1056–7Grand Trunk Pacific, 205, 210grants-in-aid, 384n76, 1054Great Crash, The (Galbraith), 757Great Depression, 7, 11, 16, 17, 29, 33,
67, 82, 131, 301–28, 373, 479, 483,509, 571, 757, 759, 801, 965–6, 981,985, 996, 1012, 1016, 1049;agriculture in, 700; bank failures anddeflation, 306–10; banking crises of,743; in Canada, 191, 196, 213–15,218, 220, 222, 223, 233, 245; causesof, 301–6, 976; cities in, 157–8;corporate economy in, 945, 947, 948;effect on trade policy, 457–8; effect onwages, 565; end of, 1050; andgovernment spending, 1013–14;impacts of, 71, 400; inequality during,256; monetary policy in, 484–5;poverty in, 265, 268, 279, 285; publicsector growth in, 1037–46, 1058–9;and regulatory policy, 971;unemployment, 591
great merger movement, the, 927, 932,933, 935, 938, 965–6
Grebler, Leo, 167, 171Greece, 341Greenspan, Alan, 800Griliches, Zvi, 709, 714growth, 7, 36–40; differences between
nineteenth and twentieth centuries,
1–40; engines of, 64–6; since 1800:statistical profile, 5–40; fluctuations in,7, 10–11; through increasedproductivity, 937; in internationalperspective, 66–84; proximate sourcesof, 5–6; relative importance of sources of,38t; sources of, 9–10, 43; and structuralchange: Canada, 1896–1929, 200–2; seealso economic growth/development
growth accounting, 1–2, 21–2, 23, 25,39, 41, 43, 61, 416
growth of output, inputs, andproductivity in American agriculture,1870–1990, 701f
growth patterns: regional and urban,134–8
growth potential: constraints on, 72–4;realization of, 71–4
growth rates, 958; Canada/U.S., 195–7,196t; new and improved goods andservices in, 31–5
growth records: theory of catch-up andconvergence versus, 69–71
guest workers, 82, 83
Haber-Bosch process, 847–8, 905Hamilton, Alexander, 408, 418, 457Hammer v. Dagenhart, 685Hand, Learned, 951Hansen, Alvin, 1045Harrington, Michael, 125Harvard College/University, 59, 135,
816n11; Business School, 943harvesting machinery, 47, 705, 706–7Hatch Act (1887), 714Hawaii, 131, 162Hayes, Rutherford B., 471Haymarket Square riot, 582health: in population growth, 514–21health and safety regulations, 455, 685,
988, 989, 992, 1009health expenditure, 1015: Canada, 240health R&D: funds for, 863fheart disease, 514, 516, 521, 547Heckscher-Ohlin theory of international
trade, 411–12
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Heller Commission, 249Hewlett Packard, 135, 963high school education, 54–6, 57–8, 609;
returns to, 611; see also secondaryschooling
high-tech industries, 130, 137, 157high-tech regions, 134–8, 177higher education: investments in, 910;
structure and funding of, 815–16;training of professionals, 942–3, 950
higher education institutions, 59Highway Act (1944), 712highway construction, 97, 126, 170, 177,
1049Highway Safety Act, 991highways/highway system, 149, 155, 529,
1036Hispanics, 143, 162holding companies, 974–5, 981, 1041;
S&Ls, 782; utility, 982; see also bankholding companies
Holland, 465home mortgages, 149, 170, 177, 769–70,
772–3; securitized, 788Home Owners Loan Act of 1933, 769Home Owner’s Loan Corporation (HOLC),
769, 1044homeownership, 149–50, 161Homestead, Pennsylvania, 582Homestead Act of 1862, 209Hoover, Herbert, 157–8, 312, 314–15,
316, 732, 764, 975, 977 1034, 1039;farm policies, 734; fiscal activism, 1040
Hoover administration, 313, 314, 316,985, 1045
Hopkins, Harry, 1043horizontal integration, 932–3Hounshell, David A., 48, 816hours of work, 2, 549, 570–2, 571f, 584;
collective bargaining in, 661; decreasein, 553, 554; legislation regarding,612–13, 641, 647–8, 685; andproductivity, 565–6; regulation of, 646
households: electric power consumption,866–8; institutional changes in, 124
household appliances, 31, 33, 755household debt, 777–8household finance, 754–5, 759household income, 253, 272, 906;
demographic change and, 263–4household locational decisions, 526, 529,
530–3, 548household structure: changes in, 161, 177;
and poverty rates, 270households: major determinants
weakening link of residence to place ofwork, and locational outcomes,twentieth century, 531t
housing units, 150–1Houston, 133, 146, 147; industrial
specialization, 127–8; real estate boom,122; traffic problem, 151–2
human capital, 260, 586, 587, 616;Canada, 206; education and, 609–12;investment in, 585, 586; specialized,903–4, 905–6
human capital formation, 54–5, 611human relations, 945, 946human resource development, 166human resources: transformation of,
54–60; in twentieth century, 47–66Hungary, 479Hunter, Robert, 249, 267hypermarket forces: in change in spatial
patterns, 96, 97–8, 122, 133, 134,137–8, 145, 147, 151, 163, 173, 175,177
hysteresis theory, 323, 325, 1002
I. G. Farben, 853, 854, 859ideology: in labor law, 628, 690illegal immigration, 161–2, 537, 538,
539, 558Illinois, 131, 162, 647Illinois Supreme Court, 647, 662–3immigrants, 11, 54, 57–8, 63; in cities,
160, 161–2, 177; effect on wages, 552;Europe, 82, 83; informal employment,156; origins of, 535–6; sourcecountries, 505, 548; undocumented,161–2
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immigrants (Canada), 202, 203; landpolicy and, 210–11; skill compositionof, 234; unemployment, 222
immigration, 15, 27, 60, 100, 285, 537;and child labor, 573; effect on wages,568–9; end of, 302, 303; and laborforce, 558; low-skill workers in, 258–9;“new” new, 535–9; in populationgrowth, 507; quotas in, 554, 613–14;recent, 162; source of labor, 583
immigration (Canada), 194, 195t, 197,199, 201, 203, 205, 235, 241; indevelopment process, 246–7
Immigration Act of 1965, 536, 614immigration policy, 121, 536–7, 548;
Canada, 212, 213, 234, 247immigration restriction, 2, 11, 39, 58, 83,
166, 303, 553, 569; Canada, 233; andlabor market, 554, 587; legislationregarding, 612, 613–14; national originquotas, 536; and wage structure, 603
immunization, 520Imperial Chemical Industries (ICI), 854,
855import barriers, 451–2, 455, 456import policy, 439, 450–1import restrictions, 449, 455, 950; unfair,
451–2imports, 260, 410; agricultural, 731;
autos, 434–8, 837; capital/labor ratio,412; Canada, 218, 220–1, 226;computer hardware and components,903; electronics, 446, 447; natural-resource, 414; products in, 409;semiconductors, 448; textiles andapparel, 439, 440
income: black-white differences in, 553–4;city-building and, 164; education and,611; fall in, 745, 759; farm, 694, 695,717–19, 719f, 720, 723–5, 726, 727,730, 732, 733; inequalities of, 161 (seealso income distribution); leveling of, inWorld War II, 948; and populationdistribution, 527, 528–9, 530, 533,534, 535; in poverty rate, 268; spatialtrends in, 98
income (Canada), 191, 201, 209, 215,217–18, 230, 240, 241; immigrationand, 246
income distribution, 79, 82, 251, 252,254, 255, 264, 270, 284, 286, 670,929, 954, 957, 965; egalitarian, 911;government effects on, 272–80, 1023;in Great Depression, 303; inequality in,249–50, 600; long-term, 253–4; inNew Deal, 325; taxation in, 360, 1023;war in, 262–3
income growth: and birth rate, 12;Canada, 193–4, 200, 203, 213–14,228–9, 245; and poverty, 270, 271; inrecovery, 325
income growth and poverty reduction, 251fincome inequality, 254–7, 286–7, 600;
factors underlying, 257–64; effect ofpublic policy on, 272–80, 282, 283–4;in poverty rate, 268, 271
income redistribution: and populationredistribution, 100–3; see alsoredistributional taxation
income tax, 364, 1016, 1023, 1025,1027–8, 1033, 1036, 1038, 1041–2,1046, 1056; bracket creep, 1053, 1055;mass-based, 1047–9, 1050, 1051;1940–1946, 362–3, 363t; primaryrevenue instrument, 1034; progressive,353, 1018, 1023–4; in reducinginequality, 279; revenues from, 1054;“soak-the-rich,” 1027, 1028; in taxreform, 1057, 1058; in war finance,350, 352, 353–4, 358–63, 361t, 366,367–8, 386
incorporation, 928, 992, 930, 934indentured servitude, 626, 630, 631, 633India, 536Indiana, 131, 133indices of prices received and paid by
farmers, 1910–1990, 718findustrial accidents, 553; employer
liability for, 627, 638–9industrial declines: bank failures and, 308,
309, 312industrial democracy, 665, 667, 671;
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courts and, 681–4industrial development, 47–50; natural
resources in, 50–1industrial distribution of employees on
non-agricultural payrolls, 1900–1990,559t
industrial policy, 408, 445, 958industrial production: Canada, 214–15,
229; decline in, 301, 304, 313;movements of, 308; nineteenth century,928–9
industrial relations: professionals in, 946;rights-based, 675
industrial research, 808, 825–8, 909, 947;measuring growth of, 813–15; originsof, 809–13; role of patents in originsof, 811–13; and the universities(1900–1940), 815–17
industrial research laboratories, 808, 809,812, 828, 950, 951
Industrial Revolution, 44, 519, 520, 521,527, 535, 616, 705
industrial sector, 47, 333; and agriculturalsector, 695; technology in, 50
industrial structure, 74, 987; convergencein, 100; spatial trends in, 98
industrial unions, 582, 666industrialism: regulating social costs of,
988–95industrialization, 12, 66, 84, 97; in
Europe, 202; natural resources in, 904;nonmetropolitan, 124–5; northern,695; problems of, 989; specialtymanufacturing in, 136n110
industry(ies): applications of electric powerin, 869–76; competitiveness, 417–18;computers in, 893; government policy,449–52; growth rates of, 805; andincidence/duration of unemployment,596; intersectoral flow of newtechnologies, 805–6; protected, 456–7;universities and, 852–3; wagedifferences by, 552–3
inequality, 249–99, 549, 554, 569,599–609, 616; changes in, and changesin poverty, 271–2; chronolgy of, 284–6;
impact of fisc on 276–7; long-termtrends in, 556; measurement of, 280–4;from 1900–1946, 254–7; since 1947,252–4; public policy and, before WorldWar II, 278–9; wage structure,599–604; see also income inequality
inequality measure, 281, 283–4infant industries, 213, 408, 431n12, 434,
456, 1021infectious diseases, 31–2, 514, 516, 521inflation, 482, 494, 743, 744, 776,
785–6, 1052–3, 1054, 1055; attackson, 791, 1055; Canada, 192, 205,206–7, 228, 229, 230–1, 242, 244;Federal Reserve policy and, 791, 960;and life insurance companies, 798; low,965; 1914–1997, 746f; 1950, 370;1950–1952, 368; 1960s, 779; in NewDeal, 327; post-World War II, 774,775; and poverty line, 265; preventing:World War II, 1046; rising, 958,988–9, 996; threat of, in Vietnam War,373; thrifts and, 790; wartime, 386;World War I, 454; World War II, 365,773, 774
inflation rate, 745; and inequality, 252;and poverty rate, 270–71; and transfers,269
injunctions, 627, 653, 655, 656, 663–4,667, 669
innovation, 3–4, 519, 975; agriculture,693, 696, 708, 715–17; automobileindustry, 836, 838; in big business,938, 939; in chemicals, 849;corporations and, 928, 937–8, 941,947, 951, 952, 966; Du Pont, 946;economic impacts of, realized gradually,839n25, 859, 865; in financial services,961; general-purpose technologies in,64–5; “incubators” for, 827;intersectoral flow of new technologiesin, 805–6; marketing and, 941–2;organization and institutionalization of,808–29; process and product, 809;research in/and, 803; source of U.S.,910; see also technological innovations
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innovation system, American, 911–12,948, 956–7, 963; strength of, 964, 966
input usage in agriculture, 1910–1990,702f
inputs: agriculture, 700–1; directinvestments in quest for, 468–9
installment credit, 754–6institutional factors: in change in spatial
patterns, 121; in urban growth, 137–8,150
institutions, 6; in innovation, 928;international, 806
insurance: securities accounts, 785; see alsolife insurance
insurance companies, 410, 748, 755, 784;and junk bonds, 789; regulation of,752–3; see also life insurance companies
intangible assets, 64, 78intangible capital, 2, 4, 40, 43, 466intangible property: doctrines of, 668;
taxing, 1022, 1026integrated circuit (IC), 879, 880, 881–5,
896Intel Corporation, 882–3, 895–6, 898,
962, 963intellectual property: diffusion of, 828;
protection of, 827–8, 911intellectual property rights, 812, 886n51,
899Interest Rate Control Act of 1966, 790interest rate differentials, regional 756–7interest rates, 481, 494, 786, 788, 1005;
and banking crisis, 307, 308, 309, 312;dollar and, 501; Fed and, 370, 760,774–5, 776; and life insurancecompanies, 798; in New Deal, 322,327; 1914–1997, 746f; nominal andreal long-term, 502f; rising, 175, 479,482, 483, 500, 996; and S&Ls, 791;smoothing, 757; during World War I,744–5
interindustry wage differential, 552–3,587–8
internal combustion engine, 3, 65, 529,849, 876; effect on rural America, 705,741; in technological change, 807,
829–45internal labor markets, 585, 586internal migration, 11, 15, 63, 121, 167;
in population growth, 522–35; andspatial distribution of population, 505
International Business Machines (IBM),448, 449, 827n18, 828, 886n51, 887,888, 889–90, 893, 897; antitrust actionagainst, 451, 902, 960, 1006;government contracts and research,950; IBM 360, 892, 893, 895, 898;IBM 370, 893; IBM 650, 888–9, 897; IBM 701, 887; PC, 898–9;research, 951; “unbundling” software,898
international economy: Canada and, 230;U.S. leadership position in, 4–5; retreatfrom, 484–8
international financial reconstruction:post-World War II, 488–92
international financial system, 463–4; U.S.position in, 488, 489, 490, 491–2
international investment position of U.S.,1900–50, 476t, 477
International Ladies’ Garment WorkersUnion, 664, 666
International Longshoremen’s andWarehousemen’s Union-CIO, (ILWU),676–7
International Longshoremen’s Association-AFL (ILA), 676–7
International Monetary Fund, 491, 496,956; Special Drawing Rights (SDR),497
international sector: and Canadianeconomic growth, 191, 192
international trade, 78, 82, 455, 734,847; and earnings inequality, 257, 260,261, 263; effect on poverty rate, 269;revival of, 907
Internet, 501, 902, 903, 963Interstate Commerce Commission (ICC),
933–4, 973, 983, 984, 999invention(s), 519–21; improvements to,
804; technical and scientific difficultyof, 715–16; U.S. firms in, 910–11
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investment: business/housing, 173;Canada, 202–4, 205, 217, 235–6,245–6; fall in, in wars, 393, 394,398–400, 404; in human capital,905–6; infrastructure, 976; New Dealpolicy, 321, 322; and savings, 467–8,477, 493, 501; technological changeand, 805; in urban infrastructure,163–4, 165, 166, 172
investment bankers/banking, 318–19,752, 753, 763, 764, 769, 783, 784,801, 979; blamed for Great Depression,764–5, 769; and combination, 935; inNew Deal, 765, 766; transformed, 799
investment expenditures, 74, 387investment ratios: Canada, 200, 215,
216t, 236, 241investment trusts, 753Iowa, 131Iraq, 455iron ore, 51, 52, 424–6, 431, 527;
Canada, 235, 242Israel, 585Italy, 442, 490–1, 734
J. P. Morgan & Company, 475, 753, 796Japan, 74, 78–9, 345, 372, 402n98, 408,
450, 490–1, 738, 806, 827, 833;automobile industry, 432, 434–9,837–8; banks, 319; competition from,958, 959, 963, 965; computer industry,889, 900, 903; corporate income tax,1016; demand pressure, 496; economicperformance, 906; electronics industry,446–7, 448–9; exports, 121, 501;government regulation of business, 969;growth in, 66; loans to, 469; MeijiRestoration, 79; Ministry ofInternational Trade and Industry(MITI), 446–7, 448, 449, 452; postwarrecovery, 494; productivity, 70, 71;protectionism, 455; public investment,82; R&D expenditures, 820; researchin, 824; shipbuilding, 442, 443, 444;Shogunate, 79; steel industry, 424–6,425t, 427–8, 429, 430, 431, 432;
textiles and apparel, 440–1; tradepolicy, 408
jet engine, 842–3job security, 550, 551, 585, 586, 615,
616, 962Johnson, Lyndon B., 269, 275, 340, 992,
1049, 1051; tax reforms, 378; financingVietnam War, 382, 389
Johnson administration, 494, 496Jorgenson, Dale, 24, 25judicial review, 1012judiciary: and labor law, 627, 648; see also
courtsjunk bonds, 961, 788–9, 798, 799, 1006jurisprudence, 643, 644, 666
Kahn, Alfred, 997, 998Kaiser, Henry J., 158Kansas: agriculture, 733; BLS survey,
592–5, 598; Blue Sky Law, 753; high-tech region, 135; labor legislation, 647,648
Kendrick, John, 62, 63Kennedy, Edward, 996, 998Kennedy John F., 125, 275, 378, 389,
495, 496, 1049, 1051Kennedy, Joseph P., 768Kennedy administration, 494, 784Kent, Chancellor James, 633–4Kentucky, 124, 131Keynes, John Maynard, 317, 328, 491,
492, 954, 1040, 1045Keynesian fiscal policies, 954, 957Keynesianism, 1043–4, 1045, 1046, 1050Keyserling, Leon, 671, 672, 673–4Kindleberger, Charles, 309, 310knowledge: acquisition and exploitation
of, 1, 2; advances in, 28, 29, 37;contribution of advance of, to growthrate of output, 35; development anddissemination of, 41; diffusion andapplication of, 84; health and disease,11; incorporated into production, 22;practical, 72; scientific and engineering,65; search for new, 43; technological47, 49–50, 74
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knowledge-based economic growth, 3;emergence of logic of, 44;macroeconomic growth in era of, 1–92
Korea, 429, 455, 536Korean War, 329, 333, 335, 376, 389,
404, 405, 494, 775, 842; costs, direct,337, 338–40, 341, 345, 346; costs,indirect, 347, 348, 349; financing,332–3, 351t, 366–73, 369t, 378, 386,1053; and government spending, 1014;opposition to, 382n78
Krooss, Herman E., 339, 340, 355Kuznets, Simon, 252, 255, 387, 507, 805Kuznets cycles, 165; population growth,
507; urban investment driving, 163–4
labor: benefits, 569, 570, 570f, 583, 586,615; and corporate transformation, 934;farm, 700, 701; in decline of steel andautos, 408; free exchange of, 632; gainsto, 549–50, 553–4, 555, 565–72,583–4, 615; inflows: Canada, 194; inlabor law, 625; and leadership, 453–4;in/and New Deal, 946–7, 957, 962;price of, 716; right to organize, 580,614, 626; and safety legislation, 992
labor force, 60, 550, 695; agingpopulation and, 541–2; Canada, 229;composition and sectoral distributionof, 555, 556–65; defined, 556;proportion in agriculture, 104;proportion of population in, 104
labor force participation of women, 25–6,27, 97, 510–11, 550, 556–8, 565, 571,576–9, 615, 955; Canada, 226; andearnings inequality, 259; education in,611; home appliances and, 867; andwage structure, 552, 555, 607–9;young women, 573–4, 577
labor force participation rate: componentsof growth, 17t
labor force participation rate of youngerand older females, decade change in,512f
labor force participation rates by age andsex, and fraction of women and foreignborn, 1890–1990, 557t
labor force participation rates for two agegroups of married (white) women,1890–1990, 578f
labor force participation rates of men andwomen, 1890–1990, 577f
labor force participation rates of oldermen, 1860–1980, 575f
labor force participation rates of 10- to15-year-olds and fraction working inagriculture, 1880, 1900, 1930, 573t
labor input and labor productivity growthrates: contribution to growth rate ofoutput per capita, 14t
labor input per capita, 13–18, 36, 39labor-intensity: and protectionism, 456;
textiles and apparel, 439–40, 441, 453labor law, 625–91; asymmetries in, 629;
beginnings, 1600–1860, 628–40;colonial American, 630–2; core valuesof, 684; conflicts, 1860–1930, 641–67;in early Republic, 632, 637; inEngland, 629, 630, 631; history of,625–8; postwar, 687–90; revolution in,690–91
labor legislation, 550, 553–4, 612–15,641, 645, 646–8, 668
Labor-Management Relations Act of 1947(LMRA), see Taft-Hartley Act
labor market(s), 42, 43, 83, 269,549–623; change in, 550–1, 553; andearnings prospects, 509–10; evolutionof modern, 585–8; government and,612–15; for women, 510–11
labor mobility, 74, 554, 580, 597, 827labor movement, 645–6, 651, 675, 953;
collective bargaining in, 661, 671;organizational schism, 675–6; state and,666; voluntarism, 665–7; andworkmen’s compensation, 648–9
labor organization, 326; as civil right,672; common law of, 650–2; haltingspread of, 686; labeled subversive, 688;law of, 658; social utility of, 668–9; seealso unions
labor productivity, 36, 549, 565–9, 616;advance in, 554–5; agriculture, 701–2;automobile industry, 837; measurement
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of, 35; natural resource-intensive, 51;rising TFP in, 37–9; sickness and, 598;unions and, 584
labor productivity growth, 2, 13, 16, 43,62, 75; in agriculture, 83; internationalperspective, 68, 69; sources of, 20t,21–9, 36–7
labor quality, 24–7, 37, 40, 259labor relations: of corporations, 946–7; on
railroads, 668–9; see also employmentrelationship
labor relations policy, 672, 673, 675, 676,678, 681, 686
labor supply, 2, 76, 82; aging of, andeducational impact, 546–7; birth rateeffects, 18; Canada, 205–6; andinequality, 257–9, 263; populationgrowth and, 12–13; secular changes in,550; skilled labor, 285
Labrador, 235Lampman, Robert, 250land, 40, 148, 151, 700, 733, 741;
settlement, 37, 39land abundance, 76, 79, 583land policy: Canada, 209–13Landrum-Griffin Act, 687, 688Latin America, 84, 330n2, 331;
government regulation of business, 969;immigrants from, 505, 536; populationgrowth, 538
law: and collective action, 657–8; andcollective bargaining, 659–61; of laborstandards, 684–5; and unions, 582, 583
law of master and servant, 626, 629, 644,651, 660, 661, 667
layoffs, 589–99lead, 208, 217, 221, 234Lebergott, Stanley, 589, 590, 591Leiserson, William, 673, 678–9, 680Lend-Lease Act, 489length of life, 31, 32Leontief, Wassily, 411, 412Leontief paradox: capital/labor and,
411–12less-developed countries (LDCs), 260, 695;
defaults by, 793Liberty Bonds, 478, 749, 756
Liberty Loan Act, 476–7Liberty Loans, 354, 744, 1028, 1030liberty of contract, 639–40, 642, 645,
646–7, 653, 658, 661, 664, 666–7life-cycle effects: in income inequality,
283life expectancy, 32, 505, 547–8; in
population growth, 514–21life expectancy at birth by gender and
race, 1860–1992, 515tlife insurance, 569, 754, 798–9life insurance companies, 170, 762–3,
772–3, 774, 775, 782–3; insolvent,798
Lindert, Peter H., 254–5, 256n11, 258,259, 262, 281
liquidity: Bretton Woods system, 491,492; rush for, 760, 761, 762–3, 771;new sources of, 497–8
literacy test, 554, 613livestock production/yields, 697, 702,
710–11loans: to farmers, 732, 733; moratorium,
1038; syndicating, 771; in warfinancing, 350, 354, 355, 357, 364
local governments, 97, 1015, 1054–5;fiscal actions of, 1044–5; growth of,1035; relief programs, 1038; taxation,1025, 1026, 1036
Lochner v. New York, 647, 685London Economic Conference, 487Long, Huey, 1040long periods: aggregate output growth
over, 10; 1800–55, 8; growth in,10–11, 29, 36, 40; labor productivitygrowth, 19–21
long swings, 7–8; city-building and,165–6; labor productivity growth, 19;TFP in, 29; urban investment driving,163–4
Lorenz curves, 284Los Angeles, 122, 133, 146, 154–5, 531;
corporate headquarters in, 147;expansion of, 144; informalemployment in, 156; transportaion,148, 149
Louisiana, 131, 464
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McAdoo, William, 352, 353, 354, 356,386, 1026, 1028–9, 1030, 1031–2,1033, 1047
McCarran-Walter Act of 1952, 536McDonnell Douglas, 445, 844; Douglas
Aircraft division, 843McFadden Act of 1927, 749, 766,
975n14; overturned, 795machine tools/machine tool industry, 34,
40, 50, 806, 831–2, 958machinery, 34, 76, 832, 951; electric-
powered, 873; farm, 697, 700; andnatural resource exploitation, 50
McKinley, William, 470McKinley Tariff, 472Maddison, Angus, 67–8, 543, 545Maine, 129, 130, 795; BLS survey, 592–5,
598; Supreme Court, 644n14mainframe computer, 893, 894, 897, 898,
903management, 61, 64, 136, 466, 551, 563,
569, 969; compensation, 765; courtsand, 637–8; and leadership, 542–3;steel industry, 408, 428, 429, 438, 439;and wage increases, 454
manhours per capita: decomposition ofgrowth rate, 14t
Manifest Destiny, 209, 929Manitoba, 235manufactures: exports/imports, 409;
traded for other manufactures, 409–10manufacturing, 52, 806; in cities, 148,
154–5; comparative advantage in skill-intensive products, 414; decline in,131–2, 263, 285; educationalattainment of employees, 56–7; electricmotor in, 873; foreign finance in,466–7; government regulation, 977;high-tech industries, 134, 157; hours ofwork in, 570–1; incorporation, 931;and labor law, 637; layoffs/terminations,596; location of, 527; mergers in, 932,933; New England, 172; nineteenthcentury, 44–5, 928; Northeastspecialization in, 99; petrochemical-based industries, 53; real annual
earnings, 1900–1991, 566f; real annualearnings for lower-skilled workers,1900–1924, 568f; rise and fall of U.S.leadership in: case studies, 418–49;shift from, to service, 260; in South,122; spatial redistribution of, 115;specialized regions, 128–34; structuralchange in, 809–11; technologicalinnovations in, 47–8, 527;unemployment in, 592–5, 598; andurban growth, 140; wages, 259, 565–8,566f, 568f; women working in, 578
manufacturing (Canada), 203, 214–15,239–40; impact of First World War on,207, 208; postwar, 237–9; in wareconomy, 226
manufacturing employment, 114, 131–32,558, 721
manufacturing regions, 98, 114, 118,122–34, 136, 176; institutional factorsin, 121; and international context,120–1
manufacturing sector, 263; Canada, 202;capital intensity of, 46; capital-outputratio, 60; high throughput, 60, 61;spatial redistribution of, 115; totalfactor productivity growth in, 61–3
margin requirements, 768, 770, 771, 774Maritime provinces (Canada), 221, 222market(s), 743, 850, 977; agriculture,
727, 732; asset and liability, 979;chemicals, 846; farm sector as, 694,695; international perspective, 77–8;national, 50, 937, 971–5; and flow offunds, 787–9; segmented, 952, 987
market forces: in agriculture, 694, 739; inchange in spatial patterns, 96–7, 98,118–20, 124, 134, 137, 150, 151, 177;and gains of labor, 584; in inequality,287; and poverty rate, 278; andseasonality, 599
marketing, 60, 941–2, 947, 952, 1038market-sharing agreements, 810, 813,
977Marshall Plan, 262, 371, 402n100,
489–90, 956, 1050
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Maryland, 131, 647, 792mass production, 47, 48, 51, 65, 77, 78,
555, 931; and mass distribution, 936,937
mass production methods, 54, 158; inauto industry, 830, 835; in electricpower, 866; Ford and, 833; in housing,150; international perspectives, 77
Massachusetts, 129, 162, 795; laborlaw/legislation, 628, 630, 631, 637–8,647, 648–9, 662, 663; StatisticsBureau, 249
Massachusetts Institute of Technology(M.I.T.), 135, 816–17, 841, 852–3,887, 890, 893, 940; School of ChemicalEngineering Practice, 853
master-servant relation, 627, 628–9, 631,632, 640, 654, 682, 691; in the courts,634–5; in industrial society, 637; in thetreatises, 633–4; see also law of masterand servant
material well-being: average level of, 32,250; during wars, 394n91, 400, 401–4
Means, Gardiner C., 953Means to Prosperity, The (Keynes), 1040meat packing industry, 47, 809, 937mechanization, 527; in agriculture, 76,
114, 123, 697–700, 704–8, 715, 716Medicaid, 274n28, 275Medicare, 18, 275, 277, 1049, 1054medical practice/medicine, 33, 34, 48,
520, 521, 861Mellon, Andrew, 1033–4, 1051Merck & Co, Inc., 861, 862, 949, 952,
964merger movement, 351, 588, 1034; see
also great merger movement, themergers, 810, 927, 987; aircraft industry,
839–40; horizontal, 810–11mergers and acquisitions, 932, 961, 963;
banks, 779–80, 795, 799; see also greatmerger movement, the
metallurgy, 844, 869metals, 951, 958; Canada, 208, 217, 221metropolitan areas, 140, 146, 152;
corporate assets controlled, 147;manufacturing employment, 131, 133;manufacturing in, 155–6; populationin, 93; poverty in, 160–1; services in,157
Mexico, 239, 536; debt crisis, 796;immigrants from, 537, 538, 614;manufacturing relocated to, 121
Michigan, 99, 131, 133, 465; BLS survey,592–5
microelectronics, 819n14, 823, 827–8,911
microprocessors, 448–9, 882; and rise ofcomputer software industry, 895–903
Microsoft, 449, 898–9, 963, 964Middle Atlantic division, 103, 132, 696middle class: and development of public
sector, 1019, 1035; and mass taxation,1048, 1058; and Social Security, 1041;in war finance, 1029–30
Midwest, 57, 76, 93, 99, 176, 832;agriculture, 118, 120, 696; banks,banking, 750, 758; cities, 146, 177,522; manufacturing, 96–7, 120, 125,155; manufacturing employment, 114,115; per capita incomes, 114;population, 100; specialized industries,128, 131, 132–3; urban structure,95–6; urbanization, 143; wage-laborrelations, 123
migration, 194; Canada, 194, 232–4; inpopulation growth, 505; in populationredistribution, 525; see also internalmigration
military: and computer industry, 886,887, 890–2; and electronic industry,880–1, 882, 884–5; procurementpolicies, 884; and R&D, 843, 948
military expenditures, 329, 331–2, 333,352
military goods and services, 333, 337, 450military-industrial complex, 334, 941military-industrial-university complex,
959mineral resources, 75; exploitation of, 51,
52
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minerals (Canada), 208, 235, 242, 245;exports, 191, 234
minicomputer, 136, 892–3, 894, 898,903
minimills, 432, 869–70minimum wage, 604, 614, 685mining sector: Canada, 193, 222, 239–40;
total factor productivity, 62Minnesota: high-tech region, 134–5Mississippi, 76, 103, 123, 465Missouri, 131, 647, 648monetary contraction, 312–13, 328,
1037–8monetary expansion, 327, 328, 775Monetary History of the United States
(Friedman and Schwartz), 306, 483monetary policy, 82, 83, 316–17, 393n90,
402n98, 463, 479, 494, 497, 500, 541,775–6, 801, 954, 1032; Canada,206–7; contractionary, 304, 305, 759,760; expansionary, 500; externalconstraints on, 480–4; Federal Reserve,328, 487, 767, 775; and GreatDepression, 484–5; and inflation, 786;in New Deal, 322, 327; restrictive,1056; of F. D. Roosevelt, 1040
money creation, 785; in war financing,350, 355, 356, 357, 363, 365, 366,367, 379, 385, 386; World War II, 773
money markets, 771, 774, 1038money supply, 83, 310, 312, 322, 379,
472, 482; bank failures and, 307, 308;Canada, 206, 218, 219–20, 228, 229;gold losses and, 485; expansive, 744,1040; growth in, 365, 498, 500
“money trust,” 319monopoly, 929, 930, 931, 938, 951, 976,
986, 987, 1023, 1024, 1041; attack on,973, 977, 1025; and regulation, 1012;telephone business, 981, 982
monopolization, 933, 946Montana, 120, 131, 174Morgan, J. P., 317, 932–3Morgan Stanley & Co., 766Morgenthau, Henry, Jr., 358, 364, 366,
1041, 1042, 1047mortality, 11, 505, 514–17, 518, 521,
547–8Mortality Revolution, 518, 519–21, 545;
in Europe, 538mortgage market, 790, 791; federal
intervention in, 769–70; governmentguarantees in, 788
mortgages, 750, 754–6, 762; S&Ls, 781;see also home mortgages
Motor Carrier Act of 1980, 983, 999Motor Vehicle Safety Act, 991Mountain division, 171, 696; bank
failures, 174, 750; population, 100,103
Muller v. Oregon, 613, 685multidivisional (M-form) corporation,
949–50, 956, 966multinational corporations, 83, 949–50,
956mutual funds, 775, 778, 782–3, 784,
801; and junk bonds, 789mutual savings banks, 170, 747, 750,
775, 781, 787
Nader, Ralph, 990, 991, 996National Advisory Committee on
Aeronautics (NACA), 336, 817–18,839
National Aeronautics and SpaceAdministration (NASA), 336, 818, 881
National Association of Securities Dealers(NASD), 768, 784, 799, 800
national banks, 744, 750; branchingprivileges, 749, 767; foreign loans,478–9
National Defense Education Act, 824n16National Income and Product Accounts
(NIPA), 379, 569National Industrial Recovery Act (NIRA),
321–3, 324, 326, 327, 580, 685, 977,985, 1038; section 7(a), 670, 671–2,674, 978
National Institutes of Health (NIH), 821,824n16, 825, 862, 865
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National Labor Relations Act, see WagnerAct (National Labor Relations Act)
National Labor Relations Board (NLRB),323, 326, 674, 675, 676–7, 678, 680,681, 682, 684, 686, 687, 688, 946,962
National Origins Act, 553, 613national policies: Canada, 209–13, 216National Policy (Canada), 211, 237National Recovery Administration (NRA),
321, 323, 324, 326, 327, 458, 685,977–8; cartel program, 946; codeformulation and administration, 671;Supreme Court’s invalidation of, 674
National Research and DevelopmentCorporation (NRDC), 889n54
National Science Foundation, 824n16;computer science funding, 890, 891f,902
national security: share of GNP spent on,333
National Security Agency (NSA), 336National Security Council: NSC-68,
339n23, 367, 372national security expenditures, 340,
341–6, 387, 404; Cold War, 402;Korean War and Cold War rearmament,366–73; World War I, 389–93; see alsodefense expenditures
natural gas, 953; Canada, 191, 235;deregulation, 1001–2; regulation of,1011, 1012
natural resource abundance, 41, 45 75,76, 415, 912, 930; exploitation of,50–3
natural resources, 3, 47–66; incomparative advantage, 407, 412–14,416, 906; government regulation, 977;economic value of, 904–5; laws inprotection of, 988; in/and technologicalchange, 846, 851, 904–5, 911
natural resources (Canada), 198, 208, 241,245; exploitation of, 199; export of,191; foreign control over, 236–7
Nebraska: labor legislation, 647net migration of young adults and elderly
population, 1985–1990, 532fnet national product (NNP) deflator, 394,
398, 400n96Netherlands, 66, 70, 485, 488Nevada, 761New Deal, 97, 152, 159, 287, 316, 317,
366, 457, 627, 686, 1050, 1051;banking and finance in, 743, 765–7,792, 795–6; collective bargainingpolicy, 628, 670–1; consequences of,770–3, 1049; and corporate economy,945–7; expansion of public sector in,1038–9, 1040, 1044, 1045–6; farmsupport programs, 735; farm policies,123; first, 317–25; fiscal policy, 954;government spending, 1014; grants-in-aid, 1054; growth of government in,1015; labor law, 658, 664; labor policy,684–5; and organized labor, 957, 962;rebuilding financial system in, 763,764–73, 786, 801; reform in, 990;regulatory policy, 975–88; regulatorypolicy: breakdown of, 995–1008;regulatory regimes, 971, 988, 989;restricted competition in, 787;securities markets in, 767–9, 800
New England, 100, 103, 114, 440;agriculture, 696; building boomcollapse, 171–2; industrial production,928–9; labor law, 630, 631; specializedindustries, 128–31, 132
New Hampshire, 129, 130New Immigration, 538New Jersey, 131, 162, 653“New” New Immigration, 535–9new private nonfarm dwelling units
started and change in number ofnonfarm households by geographicdivision, 1920–1950, 168t
New York (state), 131; Armstronginvestigation, 752; 1817 bond issue,464; immigrants in, 162; laborlaw/legislation, 628, 635, 647, 649,652–3, 662; life insurance guaranteesystem, 798; public utility commission,974
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New York City, 122, 131, 152, 267;bonds, 464; corporate headquarters in,146–7; informal employment in, 156;international financial center, 498;manufacturing, 155; population, 93;poverty in, 160; stock market, 218,473
New York Curb Market, 753–4, 784n21New York Fed, 315, 316, 758, 759, 760New York Stock Exchange (NYSE), 744,
753–4, 774, 783, 789, 800; Rule 394(later Rule 390), 784–5, 800
New Zealand, 585, 738nickel, 208, 217, 221, 234nineteenth century: American economy’s
development path in, 44–7; birth rate,12; Canadian economic growth in, 199;capital gains in economic growth,163n225; cities, 96; contrast withtwentieth, in macroeconomic growth,1–2, 3–4, 43; defense expenditures,331; economic enterprise in, 928–30;fluctuations in, 7; growth rate of outputin, 34–5; labor law, 628–9, 632; labormarket in, 585; labor productivitygrowth, 19, 22–3; legacy of, 65; publicsector in, 1020–1; unions in, 580–2,583; unemployment in, 597; warfinancing in, 386; wars, 336
Nixon, Richard, 152, 275, 382, 430, 497,992, 993, 1001, 1049
Nixon administration, 276, 498, 785–6NLRB v. Jones & Laughlin, 682nonmarket forces: in change in spatial
patterns, 96, 97, 98, 121, 123, 132,134, 137–8, 150, 177
Norris-LaGuardia Act, 582, 669–71North American Free Trade Agreement
(NAFTA), 239North Carolina, 121, 134, 144; Research
Triangle, 135North Central division, 100, 124, 153,
154, 164, 711North Dakota, 733North Korea, 367, 372, 389Northeast, 93, 115, 164, 176; agriculture,
696; bank bailouts, 794; cities, 146,177, 522; industrial specialization, 99;manufacturing, 96–7, 120, 131, 132,154, 155; manufacturing employment,115; per capita income, 114;population shift from, 100; suburbs,153; urbanization, 140; wage-laborrelations, 123
northern farm population and number offarms, 720t
nuclear power, 955, 1002, 1009, 1012nylon, 826n17, 857, 859, 952
occupation(s), 74, 80–1; andincidence/duration of unemployment,596; and wage structure, 601
occupational distributions of labor force,558, 560t, 561–2t, 564–5; andincidence of unemployment, 592
occupational distribution of non-farmlabor force, by sex, 1900–1990, 561–2t
Occupational Safety and Health Act of1970, 689
Ocupational Safety and HealthAdministration (OSHA), 553, 988,991, 992, 1009
Office of Comptroller of the Currency,979, 1009
Office of Management and Budget(OMB), 1049
Office of Scientific Research andDevelopment (OSRD), 819–20
Office of Technology Assessment, 827Office of Thrift Supervision (OTS), 792Office of War Information, 1048Ohio, 131, 133, 792; labor law/
legislation, 647, 663; “superior servant”doctrine, 639
Ohkawa, Kazushi, 72–3oil, 125, 127–8; Canada, 191, 234–5,
242, 245; exports/imports, 409, 410,414
oil prices, 120, 121, 128, 241Oklahoma, 53, 128, 144Old Age, Survivors, and Disability
Insurance (OASDI), 269, 274, 280
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Old Age and Survivors Insurance (OASI),274, 277
oligopoly, 938, 942, 947, 951, 952, 976,1012
Olson, Mancur, 458, 738Ontario, 208, 213, 221, 239OPEC, 242, 499, 996, 1001, 1002open-hearth steelmaking technology, 872Open Market Committee, 481, 484, 486,
767open market operations, 481, 482, 484,
485, 486, 488opportunity costs: Cold War, 403t; in war
financing, 386–405Order in Council provisions (Canada), 225Oregon, 613organic chemical industry, 48, 846, 847,
854Organization for Economic Cooperation
and Development (OECD), 455, 546,555, 820
organizational innovation, 37, 41, 43output, 6; farm, 700; see also per capita
outputoutput growth, 7, 9–13; developments in,
36–7; reformed measures of, 35;measurement failures, 29–35
output growth rates of national economyand U.S. private domestic economy,1800–1989, 8t
output per hour and per worker, U.S.versus Britain and Germany, 1935–39,433t
output structure: Canada, 214–15over-the-counter market (OTC), 784, 789,
799, 800
Pacific division: agriculture, 696;population, 100; urbanization, 140,143
Pacific Stock Exchange, 789parity prices: agriculture, 731, 732partnerships, 928, 929, 938Pasteur, Louis, 11, 520, 861Patent Office, 812patents, 809, 812; licensing, 812–13,
854; role in origins of industrialresearch, 811–13
payroll tax, 1041, 1048, 1051peacetime economy, transition to (Canada),
229–30Pecora, Ferdinand, 319, 764Pennsylvania, 125, 131, 162, 464; labor
law/legislation, 647, 649pension funds, 775, 778, 784, 787,
796–7; and junk bonds, 789pensions, 472, 569, 586, 615, 782–3People’s Republic of China, 367per capita income, 40–1, 78, 160, 528–9;
convergence/divergence in, 46, 100,103–4; population growth and, 543,544, 545; in population redistribution,526; spatial distribution of, 114, 122
per capita income in geographic divisions,102t, 105t
per capita income of U.S. farm populationrelative to non-farm population,1910–1983, 719f
per capita output, 545; Canada, 195, 197;growth of, 1, 5, 6, 7, 9–13, 36, 37, 39,43; international perspective, 66–7, 69;total factor productivity as source of, 2
percentage of farms reporting selectedlivestock and crops, 1910 and 1982,725t
petrochemicals, 2, 127, 128, 819n14,846, 851, 856, 859
petroleum-based chemicals industry,849–56
petroleum/petroleum industry, 2, 53, 75,741, 807, 859; automobile and, 836;code of fair competition, 985;deregulation, 1001–2; exports, 234–5;R&D, 813, 815, 817
petroleum refining industry, 849–50;computers in, 893; growth in size ofsingle cracking units, 851f
pharmaceuticals industry, 860–5, 904,951
Philadelphia Stock Exchange, 789picketing, 646, 650, 653, 654–5, 687;
common law of, 651–2, 656
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Pittsburgh, 93, 125, 131, 133, 145, 147Plains states, 103, 104; agriculture, 118,
120; bank failures, 174plastics, 854–6, 855t, 858, 859Poland, 120, 357, 479political attacks on corporations, 943–5political culture: impact of experts on,
945political economy, 929, 965; of
agricultural subsidies, 737; change in,945, 953; classical liberal, 641; of long-run growth, 247; neo-conservativeassumptions about, 1018; of protection,456–7; tax policy in, 1021
political interests: and collectivebargaining, 670; and deregulation, 996;and government regulation, 971, 976,979
pollution, 430, 431, 871–2, 1011polyethylene, 855–6polymer chemistry, 854, 856, 858–9, 911poor (the), 100, 284, 456; see also povertyPoor’s Manual of the Railroads of the United
States, 466population: Canada, 191, 194, 195t,
232–4; effects on economy, 540–2;effects on economy: historicalexperience, 542–7; farm, 693, 697,719–21; by geographic section anddivision, 1900–1990, 101t;geographically dispersed, 548, 910;redistribution, 166–7; regionaldistribution, 100–3; size of, andtechnological change, 906; spatialtrends in, 98; urban share of, 138,139t, 140
population aging, 505, 518, 521, 539;effect on economy, 540, 541–2
population census, 556, 574, 578, 579,592, 595, 611–12
population distribution between rural andurban areas, 1790–1990, 523t
population growth, 9–13, 37, 303,505–48; boom and bust pattern of,505–7; Canada, 195, 199, 229, 241;and dependency burden, 544–5; effecton economy, 540–1, 543–4; fertility in,
505–14; immigration in, 162, 537–9;internal migration in, 522–35; laborforce growth and, 13, 15; lifeexpectancy and health in, 514–21;magnitude of projected declines in,543–4; spatial distribution in, 522–35
population growth by component ofchange, 506f
population living in suburbs, 1900–1990,144t
Populists, 487, 1023poverty, 152, 249–99, 400; absolute, 267,
268, 281, 284; Appalachia, 126, 128;Canada, 217; cyclical variation in, 268;effect of public policy on, 272–80; farmfamilies, 730; measurement of, 280–4;in North, 695; record of, 264–8;relative, 267, 284; in suburbs, 153;urbanization of, 98, 114, 160–1
poverty line, 226–8, 271, 280poverty rate, 250, 265, 266f, 267, 268;
behavior of, 268–72; economic growthand, 285–6
Prairie provinces (Canada), 210, 213,217–18, 221, 223
price controls, 367, 373, 386n81, 394,745, 785–86; effect on steel industry,430–1; oil sector, 1001, 1002; inWorld War II, 360, 365, 774, 948,1046
price deflator(s), 30, 394, 398, 400n96price fixing, 810, 932, 979, 987price increases: under NIRA, 321, 322,
327price support programs: agriculture, 733,
735–7, 739prices, 757, 759, 976; regulation, 987;
agricultural/farm, 717–18, 718f, 726,727, 730, 732, 733, 739, 763
prices, money supply, and theunemployment rate (1951–1993)(Canada), 243t
private domestic economy, 8–9, 10; crudeTFP growth in labor productivitygrowth, 23t; 1800–1989: contributionsof labor input and labor productivitygrowth rates to growth rate of output
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per capita, 14t; 1800–1989:decomposition of growth rate, manhoursper capita, 14t; labor productivitygrowth, 1800–1989, 20t; relativeimportance of sources of growth, 38t;total factor productivity, 62
Private Property and the Modern Corporation(Berle and Means), 953
private sector: in innovation system,956–7; investment in agriculturalresearch, 715; in regulation, 975;unionization in, 580–5, 616
process technologies, 848, 856, 859producer subsidies as a percentage of total
value of farm output, 1990, 738tproduct and process innovation, 942, 951,
952, 966; automobile industry, 835,836–7; German approach to, 852
product quality, 137; auto industry, 437,438, 992
production: in cities, 153–62; geographicconcentration of, 529; governmentcontrol of, 317, 321–4, 367, 732; byinterchangeable parts, 47, 831; large-volume, 831, 849–50; mechanized,527; of military goods and services,337; quotas: World War II, 948;“roundaboutness” of, 45, 47; small-batch methods, 156; spatialdistribution of, 156–7
productivity, 84, 417, 1056; autoindustry, 432–43, 435–7, 438–9; andcatch-up and convergence, 69–71; inelectronics, 445–6; farm, 693, 694;foreign borrowing in, 501–2;international convergence of, 46;process research and engineering in,952; quality, 453; of schoolingexperience, 416; in shipbuilding, 442,443; in steel industries, 420–2, 423,428–30, 431–2; in textiles and apparel,440–2; U.S. leadership in, 5, 423; seealso labor productivity
productivity changes in selected farmproducts, 703t
productivity gains/growth, 7, 937, 958,965, 996; Canada, 197–8; electric
power, 875–6; international perspective,74–84; new technologies in, 805–6;northern agriculture, 700–17; potentialfor, 71–4; realization of potential, 71–4,82–4; social capability in, 80; and wageinequality, 261, 262
professionals, 954; in corporate economy,928, 934–6, 938, 942, 947, 948, 951,956, 957, 958, 961–2, 966; demandfor, 942–3; managers, 942–3, 950
Progressive Era/Progressives, 612, 664,764, 947, 959, 972; corporateliberalism in, 945; reform initiatives,988
progressive movement, 1025property rights, 687, 742; of employers,
651–2, 653, 655, 657, 658, 667, 691;in jobs, 585; redefinition of, 667–8
property tax, 157, 1022, 1026, 1035,1036, 1044; revolt against, 1054–5;universality and uniformity, 1022
protectionism, 408, 449, 453, 454, 455,456–7, 458, 501, 1021; agriculture,734, 738; auto industry, 433, 437, 438;Canada, 215, 220–1, 237, 238; effectsof, 450–1; ferrous metals, 443;electronics industry, 447; shipbuilding,442, 444; steel industries, 419–20,424; textiles and apparel, 439
provinces (Canada): fiscal problems,223–4; responsibility for social welfare,223; taxing power of, 227
Prudential (life insurance company), 754public finance, 1035, 1059; bipartisan
consensus regarding, 1051–2public health movement, 520public policy: civil rights, 954–5;
regarding corporations, 933–4, 959–60;economic growth in, 82; effect onincome inequality and poverty, 272–80;experts in, 944; impact on povertysince World War II, 277–8; andinequality/poverty, 250, 278–9, 286;toward labor, 667, 672; and populationgrowth, 548; and populationredistribution, 526
public relations, 944, 945
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public sector, 160, 956–7, 958, 1013–60;bipartisan government, 1946–1980,1049–55; consolidation of 1920s,1032–6; expansion of, 1059–60;nineteenth century, 1020–2; politicalprocess in development of, 1017–20;unionization in, 580–5; World War Iera, 1026–32
public services, regulation of, 973–5public transit, 148, 151–2, 533public utilities sector, 47, 62, 933–4Public Utilities Holding Company Act,
982–3public works, 148, 1021, 1044; Canada,
223; foreign finance in, 464, 501Public Works Administration (PWA),
158, 1044pulp and paper (Canada), 191, 208, 234,
239, 242, 245Pure Food and Drug Act, 861
Quebec, 213, 221, 239
race, 123, 158, 552, 604–6racial discrimination, 152, 156, 177radio, 445; effect on farm life, 711, 713railroad, invention of, 528railroad construction, 166, 173; foreign
finance in, 464, 465–6, 501; and longswings, 165
railroad industry/railroads, 2, 3, 34, 39,64, 65, 155, 807, 853; Canada, 193,199, 200, 209–13, 215, 291;consolidation of, 60; deregulation,999–1001; electronics in, 878;incorporation, 930–2; regulation, 934,983, 1024; and urban changes, 148
railroad labor, 668–9Rasmussen, Wayne, 704rate-of-return regulation, 933, 944, 953,
974, 983rationing, 367, 394; in World War II,
146, 360, 364, 774raw materials, 44, 52, 807; prices of,
309–10; steel industry, 424–6RCA, 887, 888, 951, 959, 963; “Spectra
70” series of computers, 892n58Reagan, Ronald, 152–3, 275, 276, 384,
500, 736, 960, 1007, 1056; budgetcutbacks, 127; fiscal policy, 305
Reagan administration, 273, 277, 404,438, 786, 791, 795, 993, 996, 1006;deregulation, 1008–10
Reagan “revolution,” 1055–8real bills doctrine, 744, 758n7, 765, 767real estate, 122, 172, 465, 755, 781,
1026, 1036; and financial instability,173, 174, 175
recessions, 269, 382, 497, 743, 758, 759,776; 1920–1921, 458; 1937, 327–28,770; 1937–8, 1043; 1981–2, 786,1005; 1981–2: effect in Canada, 232,242, 244; post-World War I, 745; post-World War II, 774; unemployment in,590–1
recipient unit: in measurement of povertyand inequality, 281, 282–3
Reciprocal Trade Agreements Act of1934, 1021, 1050
Reconstruction Finance Corporation(RFC), 314–15, 487, 761, 771, 1038
recovery, 311, 327, 328, 1044; corporatetransformation in, 964–5; throughdeficit spending, 1040, 1045;expectations of, 321; failure of, 1043;lack of full, 326; monetary expansionin, 327; New Deal in, 318, 325; startof, 313–17; tax policy and, 1041
redistribution of income and wealth, 277;federal government in, 1023; in laborlaw, 672–3, 677, 679; politics of, 1026;and protectionism, 458
redistributional taxation, 356, 554,1027–8, 1033, 1040–1, 1043, 1046,1051, 1059
refined TFP, 28, 29, 37, 39refrigeration, 868, 937region(s), 95, 98; Canada, 213, 221, 222,
245; and economic growth, 162–76;economic integration, 46; and financialinstability, 173–6; high-tech, 134–8;industrially specialized, 98, 99–100,
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137; rise and fall of, 99–138; structuralchanges, 93–190; and wage structures,552, 601
regional contrasts (1910–1990):agriculture, 696–700, 698–9t; inurbanization, 138–40
regulation, 326, 933–4, 945–6, 947,969–1012, 1024, 1025; of agriculture,694; American-style, 1012; ofbanks/banking, 743, 748, 749, 765,779; competitive national markets,971–5; environmental protection, 1049;financial system, 743, 773, 788, 801,802, 1039; of foreign loans, 479; ofholding companies, 782; of lifeinsurance business, 798; New Deal,975–88; New Deal: breakdown of,995–1008; and public relations, 944–5;of securities markets, 768, 784; socialcosts of industrialism, 988–95;theoretical approaches to explaining,969–71; of thrifts and credit unions,769–70
Regulation Q, 175, 766, 779, 790, 1005regulatory agencies, 326, 933–4, 988,
991; capture of, 996regulatory budgets by agency, 1970–1988,
1010tregulatory failure, 997, 1005regulatory laws, challenge to, 991regulatory policy: evolution of, 971; New
Deal, 975–88Reichsbank, 311, 315, 483relative hourly wages and salaries per
production worker, selectedmanufacturing sectors and countries,1955–1995, 436t
relative income theory, 508–10, 513relief payments (Canada), 222, 223–4Reorganization Act of 1939, 1045Republican party/Republicans: control of
federal government, 1032–3, 1034,1035; fiscal policy, 1027; high-tariffsystem, 1021, 1022, 1025, 1032; taxideology/policy, 1022, 1051, 1057
research: in aerodynamics, 841–2;
agricultural, 714–15, 729; chemical,845–6; corporations managing, 951–2;federal support for, 948; in-house,938–9, 940–1; in/and innovation, 803;institutionalization of, 908–9; andteaching, 824; see also industrialresearch
Research and development (R&D), 49, 74,82, 115, 134, 136, 807n1, 908, 909;aircraft industry, 845; biomedical, 862;chemicals industry, 847; computerscience, 890, 891f, 902; contractualsupport for, 948; defense-related,821–3; federal expenditures for, 818;federal role in, before 1940, 817–18;funding for, 818, 819; impact of WorldWar II on structure of, 818–20;industry, 809, 825–8, 845, 939–41,947 (see also industrial research); in-house, 808, 809, 810, 811; investmentin, 2, 83; military, 843, 884, 891;organization of, 912; postwar spending,820–1; postwar structure, 820–8;semiconductors, 882
Research and development (R&D) system,964; antitrust policy, 878–9;institutional structure of, 912;structural transformations in, 808,828–9; U.S. position in international,210–11; World War II transformationof, 210
reserve requirements, 355, 972, 979;altering, 767, 770, 774; commercialbanks, 750
residential construction, 163, 165, 167,169, 170–1, 173
resource abundance/endowment, 72, 929,869; expanded by electricity, 873; andtechnolgical change, 807–8, 903–4; seealso natural resource abundance
restraint of trade doctrine, 652, 653, 655,656, 659, 665, 933, 946
retail businesses, 60–1, 985–6retirement, 574, 575–6, 614, 615retirement population, 531–3, 534Revenue Act of 1916, 1028
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Revenue Act of 1918, 353Revenue Act of 1932, 771, 1038Revenue Act of 1935, 1040, 1042Revenue Act of 1937, 1042Revenue Act of 1938, 1043Revenue Act of 1941, 358, 360Revenue Act of 1942, 359, 360, 361Revenue Act of 1943, 361, 362, 1048–9Revenue Act of 1978, 1055Revenue Acts, 1027; 1945 and 1948,
370; war financing, 367–8; World WarII, 357, 358, 366
revenue system, 1023, 1026, 1053–4;income tax in, 1056; transformation of,during national emergencies, 1059
Rhode Island, 121, 131, 630rich (the), 249; consumption, 262; share
of national income, 250risk/risk taking, 773, 794, 979roads: and farm life, 711, 712–13; see also
highways/highway systemRobinson-Patman Act, 61, 986, 987Romer, Christina, 589, 590–1Roosevelt, Franklin D., 122, 158, 313,
315–16, 317, 321, 327, 821, 866, 986;farm policies, 732, 734; First HundredDays, 316, 317–18; fiscal policy,1039–40, 1043–4, 1050–1; GreatDepression, 484, 486, 487, 761, 767,768; New Deal, 1038–45; regulatorypolicy, 976–7; Second New Deal,325–6; tax policy: World War II,1046–9; World War II financing, 345,357, 358, 359, 360–1, 364, 366
Roosevelt (F.D.) administration, 279, 317,678, 1049; antitrust policy, 946; andREA, 713; regulatory policy, 981–2,984–5; taxation, 1043, 1045; WorldWar II, 358, 359, 366, 1046
Roosevelt, Theodore, 470, 933, 946,972–3
Rosenberg, Nathan, 51, 825Rosovsky, Henry, 72–3Royal Commission on Dominion-
Provincial Relations (Rowell-SiroisCommission), 224–5, 227, 229
rubber, synthetic, 819n14, 856–7, 858,859
rubber consumption, natural andsynthetic, 858f
rubber industry, 813, 815rural areas: electric consumption, 866;
population growth, 524–5; poverty,123; revival of, 533, 534–5
rural depopulation, 522, 525, 529rural electrification, 326, 712, 713Rural Electrification Administration
(REA), 379n73, 713, 866rural-urban migration, 15, 123–4;
Canada, 198, 245Russia, 469; credits extended to, 475;
protectionism, 454; steel industry,419–20; threat from, 339; see also SovietUnion
rust belt, 604, 964
safety: and household locational decisions,530; motor vehicle, 991–2; see alsohealth and safety regulations
St. Louis, 96, 145, 146, 149, 159sales taxes, 359, 360, 1016, 1025, 1033,
1035–6, 1044, 1048, 1051, 1054San Francisco, 146, 147, 151, 154–5, 531Saskatchewan, 223savings: generated by agricultural sector,
695; and investment, 467–8, 477, 493,501
savings and loan associations (S&Ls), 170,175, 748, 755, 769, 770, 773, 774,775, 778; bailout of, 176; failures, 410,1005–6; florescence and collapse of,790–2; in Great Depression, 762; andjunk bonds, 789; mortgages, 772; riseof, 781–2; share of assets, 787
savings banks, 175, 750savings rates, 364, 365scarlet fever, 11, 514, 521Schumpeter, Joseph, 811, 936Schwartz, Anna Jacobson, 304, 306, 307,
394, 398, 483Schwartzchild & Sulzberger, 937science, 37, 809, 817, 948; applied to
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agriculture, 708–9, 742; basis ofSecond Mortality Revolution, 521; andclinical applications, 825; economic roleof, 804, 908; federal support for,817–18; in pharmaceuticals, 861; andtechnology, 56, 83, 520, 807; U.S.leadership in, 806, 910, 911
Science: The Endless Frontier (Bush),818n13, 821
Science and the Modern World (Whitehead),803
science-based industry, 48, 938scientists and engineers, 49; employed in
industrial R&D, 813–14, 814t;training by public universities, 817
seasonality, 550, 551, 589–94, 598–9614–15
Second Industrial Revolution, 521, 529,535
Second World War, see World War IIsecondary school enrollment and
graduation rates, 1890 to 1975, 610fsecondary schooling, 26, 27, 569, 607,
611; and child labor, 573, 574; inEurope, 81–2; and labor forceparticipation of women, 579; returnsto, 612
sectoral composition of new Britishportfolio investment in U.S.,1825–1914, 467t
sectoral distribution of labor force, 555,556–65
securities, 465, 475, 768; boom times for,752–4; regulation of, 753; repurchaseagreements, 779; secondary markets,753, 754; see also government securities
Securities Act of 1933, 768, 772, 783,978, 981
Securities Acts Amendments (1964), 784,799
Securities and Exchange Commission(SEC), 768, 769, 772, 774, 783, 784,785, 789, 799, 800, 945–6, 982, 1039
Securities Exchange Act of 1934, 768,772, 978; Maloney Amendment, 768
securities industry, 771–2, 796, 978;
banks in, 749–50; regulation of, 981Securities Investor Protection Act, 785securities markets, 748, 771, 783–4, 796,
799; disclosure, 768, 772; in GreatDepression, 763; in New Deal, 767–9,800
segregation, 149–50, 153, 160self-employed as percentage of nonfarm
males by age, 563tself-employment, 563–4semiconductors/semiconductors industry,
447–8, 451, 828, 838, 878–85, 892,896, 902; commercial uses, 881–2
servants, 631, 632; employees as, 638–9;local law of, 633; statutes regulating,629; see also master-servant relation
service economy, urban, 134–8service sector/services, 154, 284, 558,
565, 927, 960–1, 964; Canada, 231,239–41; materials component of, 76; inmetropolitan areas, 157; and populationdistribution, 530; share of, 154, 155;shift from manufacturing to, 114, 260;see also goods and services
Servicemen’s Readjustment Act of 1944,770
sharecropping, 99, 100, 103, 122, 123,720
Sherman Antitrust Act, 451, 582, 652,654, 655, 659, 665, 933, 973, 987;applied to banks, 780, 783; judicialinterpretation of, 810
Sherman Silver Purchase Act, 472, 487shipbuilding industry, 453; leadership and
competitiveness, 442–4, 445Silicon Valley, 134, 135, 136, 151, 448,
950silver coinage, 471, 472, 487single mothers, 269, 270, 271, 274, 286single-parent families, 263–4, 271skill content of work, 551, 555, 558; and
earnings inequality, 259–60; inshipbuilding industry, 443
skill differentials, 552, 569; and wagestructure, 256n11, 257–8, 259, 262,285, 566, 567–9, 588, 601, 602–3
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skilled labor, 285, 555, 616skills, 551, 554; in immigration policy,
536–8Slaughter-House cases, 643smallpox, 11, 514Smolensky, Eugene, 267, 276, 286Smoot-Hawley tariff of 1930, 215, 457,
458; as cause of Great Depression, 304,305–6
Snowbelt, 146, 160social costs of industrialism: regulating,
988–95social democracy, 674, 1018social insurance, 273, 279–80, 553, 569,
612, 614, 615; payroll tax for, 1051social mobility, 162, 929, 957social relations of employment:
assymmetries of power in, 690–1; laborlaw in, 628–9
social relations of production, 103;convergence in, 100; in regions, 99; inSouth, 122–3; spatial trends in, 98
Social Security, 18, 271, 277, 326,393n90, 569, 612, 1049; financing,1041, 1051; prospective bankruptcy of,539; tax rates, 1052; trust funds,1056–7
Social Security Act, 274, 326, 550, 553,574, 575, 614, 1040
social security programs: Canada, 230social welfare: spending for, 4–5, 275,
277, 278, 279–80, 286; workers’ rightsand, 674
Soil Conservation Act (1936), 735Sokoloff, Kenneth, 44–5solid-state physics, 878, 885, 909Solow, Robert, 21, 804–5South (the), 97; agriculture, 103, 118,
697; backwardness, 694, 695; bankingcrisis in, 750, 760; blacks’ earnings in,606; city-building, 146, 164, 166, 169;economic problem region, 122–3, 125;industrial specialization, 99, 100;manufacturing, 154, 155;manufacturing employment, 115, 124;population, 93; services in, 155; shift of
population to, 96, 531, 534; suburbsin, 145; tenancy rates, 697; urbansystem in, 137, 177; urbanization, 140,143
South Africa, 455, 472South Atlantic division, 133; population,
100; urbanization, 140, 143South Carolina, 121, 123Southeast division, 103, 104, 122; bank
failures, 174; manufacturing, 120;specialized industries, 128, 129, 133–4
Southwestern division, 95, 103, 104, 120,122; building boom collapse, 171, 172;cities in, 523; new housing in, 150;“retirement” counties, 531; thrifts in,792; urban centers, 133
Soviet Union, 120, 332, 491, 686, 734;atomic bomb test, 339, 371; Cold War,345; computer industry, 887, 889;credit provided to, 489; threat from,367, 372
Spanish-American War, 331, 356, 388
speculation, 97, 143, 163, 169, 170, 172,173, 174, 175, 177, 473, 758, 761,800
standard metropolitan statistical areas(SMSAs), 153, 155, 160
standard of living, 66, 552; Canada, 214,245; minimally decent, 267–8; U.S.leadership in, 419; in wars, 393,398–400
Standard Oil Company, 857, 931, 932;antitrust case against, 933; divestiture,973; structure, 949
Standard Oil Company of New Jersey,811n6, 850, 854, 942; DevelopmentDepartment, 853
Standard Oil of Indiana: assets, 942staple exports: Canada, 191, 192, 234–7,
242, 245staple theory, 192–4, 197, 204state banks, 744, 750; regulation of, 934;
and Federal Reserve System, 744, 972,979
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state-chartered banks: branchingprivileges, 749, 767, 779
state-chartered trust companies, 750state governments, 97, 1015; fiscal actions
of, 1044–5; and foreign finance, 465,467; funding for universities, 815, 816;growth of, 1035; R&D expenditures,818; revenue needs, 1025, 1026; targetsof attacks on growth in government,1054–5; taxation, 1035–6
states: authority of, 986; regulatinginsurance, 754; securities regulation,753
steam engine, 34, 65, 527, 874steam power, 40, 76, 520, 528;
automobiles, 830, 831steam turbine, 873steel, 39–40, 527; produced in electric
furnaces (1970–94), 871t; relativedecline of, 408
steel industry, 132, 451, 809;competitiveness in, 1900–1913,419–22; electricity in, 869–73; foreigncompetition, 958, 959; government aidto, 450; managerial quality in, 452,453; postwar decline, 424–32; relativeto Japan’s, 417–18; rise and fall of U.S.leadership in, 419–32; U.S. dominance,1913–1953, 422–4
steel prices, 424, 443stock exchanges, 784–5; information
requirements, 767–8stock market, 317, 351, 743, 763, 782stock market collapse (1987), 304–5, 797,
800–1stock market crash of 1929, 170, 308–9,
310, 311, 757–9, 800, 978; as cause ofGreat Depression, 304–5; effects of,305
strikes, 582–3, 646, 650, 652, 654, 655,683, 687, 934; common law of, 651,656; postwar, 686
Strong, Benjamin, 482, 483, 1029, 1030;death of, 307, 483–4, 760
structural change: Canada, 198, 200–2;regional and urban, 93–190
subsidies: aircraft industry, 445; Japan,452; militarily strategic products, 450;shipbuilding, 444; steel industry, 430
suburban development/suburbs, 95, 134,149, 150–1, 152, 153, 163, 165, 166,167; incorporated, 145; population,143, 144t; transport innovations and,148
suburbanization, 97, 98, 163–4, 177, 522,524; automobile in, 533; warproduction and, 159
Sumatra, 469Sunbelt, 100, 146, 160; shift of
population to, 525, 533–54Sunbelt-Snowbelt divide, 98, 115–18supply: agriculture, 727; in effects of
population on economy, 541; of femalelabor, 579
Supreme Court, 323, 324, 582, 613, 674,734–5, 780, 795, 978, 1042; antitrustcases, 810, 973; jurisdictional disputecases, 974–5; labor law, 647, 650,651–2, 653, 655, 658, 664–5, 668–9,675, 682, 683–4, 685, 689; patentcases, 812; and regulatory legislation,977
Sweden, 443Switzerland, 66, 455, 488, 738; gold
standard, 485; pharmaceuticals, 861synthetic dye industry, 846, 861synthetic fibers, 857–60, 860tsynthetic products, 846–9synthetic rubber, 847, 856–7, 858, 859
Taft, William Howard, 613, 657, 933,972–3
Taft-Hartley Act, 580, 685–7, 688–9TANF (Temporary Assistance to Needy
Families), 274, 276tangible capital, 2, 3–4, 21, 23, 40, 43,
64, 75; composition of, 24–5;importance of growth of, 37; ratio tooutput, 45; use in technologicalprogress, 50, 51
tangible capital-saving innovations andtotal factor productivity growth, 60–4
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tariff policy: Canada, 209–13tariffs, 305, 439, 454–5, 1021–2, 1025,
1035; Canada, 214, 220–1, 222,237–8; steel, 419, 420, 422, 423
Tariffs of 1890 and 1894, 443tax policy, 1018, 1019, 1025, 1027–8,
1032, 1033–4; agriculture, 731;bipartisan convergence in, 1051; ofHoover, 1038; and poverty reduction,273, 274, 275, 277, 278, 286; ofReagan, 1056; of F.D. Roosevelt,1040–3
tax receipts as percentage of grossdomestic product, 1987, 1052t
tax reform, 1023–4, 1051, 1057–8, 1060;New Deal, 1041–3
Tax Reform Act of 1986, 1057, 1058taxation/taxes, 61, 255, 1019, 1039;
bracket creep, 368; Canada, 227–8;contributions of various to total taxrevenues, 1017t; dependency burden in,546; distribution of revenues by typeof, 1016t; emergencies and, 1059;ideology regarding, 1022; progressive,1026–7, 1032; soak-the-rich, 1033,1040, 1049; in war finance, 334,350–4, 355, 356, 357, 358–63, 365,366–8, 370, 372–3, 379, 380–1, 382,384, 385–6, 773; wartime, 1020–1,1027, 1028; see also income tax;redistributional taxation
Taxation: The People’s Business (Mellon),1033–4
Taylor, Frederick, 48technological change, 4, 166, 803–925; in
agriculture, 303, 694, 696, 700–1,707–8, 710, 715, 716, 726, 741n44;biased, 43, 45, 46, 52, 78; and earningsinequality, 261–2, 263; economicimpact of, 804–6, 807; and industriallocation, 529–30; and inequality, 285;and labor force, 555; in populationredistribution, 527; and women’s wagesrelative to men’s, 606–7, 616
technological innovations, 7, 95, 807,
972; continuity and change intrajectory of, 47–50; effect onpetroleum and chemical industries,853–6; and regulatory change, 997
technological progress, 22, 37, 39, 40;capital-using bias in, 3–4; critical roleand changing direction of, 41–3;incorporated into production, 28–9;natural resource-intensive, 51; andpopulation distribution, 530, 534, 535;and population growth, 548; and unitlabor input requirement, 75
technology(ies), 2, 3, 47–66, 829,839n25; aircraft industry, 445;chemical, 851; commercialization ofnew, 828; diffusion of, 83, 715–17; andearnings inequality, 258; and factorylocation, 527–8; and evolution of labormarket, 587; importation of: Canada,198; incremental innovations andmodifications, 865; internationaldifferences in, 411; international flowsof, 806, 854; international transfers of“hard” and “soft,” 837, 838;intersectoral flows of, 830, 838; non-neutrality of, 43; and “old” industries,907; and regulation, 971; steelindustry, 432; time to be realized,874–5; U.S. leadership in, 911
telecommunications, 3, 48, 65, 878, 952;bottleneck in, 876–8; competition in,960; deregulation, 902, 907, 1003–5;in population distribution, 534;regulated competition in, 1011, 1012;regulatory failure in, 997
telegraph/telegraphy, 3, 39, 65, 807, 981;incorporation, 930–1
telephone/telephony, 34, 530, 907–8, 981,982; effect on farm life, 711, 712, 713;incorporation, 930–1
telephone system, 3, 64television, 446–7, 530, 951, 952; effect
on farm life, 711, 713Temporary National Economic Committee
(TNEC), 769, 825
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tenancy rates, 697tenant farmers, 100, 303Tennessee, 647Tennessee Valley Authority (TVA), 126,
379n73, 710, 1039Texas, 118; annexation in, 144; bank
bailouts, 794; foreign capital in, 122;immigrants in, 162; labor legislation,647; thrifts in, 175–6, 792; urbansystem in, 104, 137; urbanization, 143
textiles and apparel industry, 97, 133,453, 520; child labor in, 572;government aid to, 450; leadership andcompetitiveness in, 439–42;protectionism, 456; in South, 122
thrifts, 175–6, 762, 781, 801, 1005–6;regulation of, 769–70; services, 788
tight-money policy, 758, 759, 760time deposits, 750, 778tire industry, 958, 959total factor productivity (TFP), 22, 25,
28, 40; agriculture, 700; Canada,197–9, 232, 246; electricity sector,875; measurement of, 35; principalsource of growth, 37–40; textileindustry, 44; see also crude total factorproductivity (Crude TFP); refined TFP
total factor productivity growth, 1–2, 39,43; in manufacturing, 419; measures of,37; tangible capital-saving innovationsand, 60–4
tractors, 34, 303, 705–6, 830trade, 455; foreign finance in, 464;
protection, 82; reduction of barriers to,1050
trade agreements: Canada, 221, 238–9;union-employer, 654, 655–7, 661–2
Trade Agreements Act of 1934, 457trade associations, 673, 977–8, 1034;
consensus standards of, 991, 992trade balance, 494, 497, 498, 500, 501trade liberalization policies, 454–5, 457–8trade patterns: change in, 728; forces
driving, 411; natural resourceendowments in, 412
trade policy, 407–62; explaining, 454–8;influences in, 456–7
training, 551; investment in, 2, 43transfers, 257, 264, 270, 272, 273,
279–80, 281, 286, 287, 404, 1021; toagriculture, 279; and inequality, 277;intergenerational, 326; and povertyrate, 268–70, 277–8; during VietnamWar, 376, 377, 378, 381, 384, 385
transistor, 446, 878–80, 882, 883, 909,951–2
transistor technology: in computers, 893transport/transportation, 46, 47, 60, 83,
975; Canada, 222; deregulation, 959;developments in, 31, 32t; foreigninvestment in, 467; incorporation in,928, 929, 932; infrastructure, 163;investments in, 39; and labor law, 637;and manufacturing, 45; oligopoly in,976; rate-of-return regulation, 953;regulation, 972, 977, 981, 983–4; inSouth, 122; TFP, 62
Transportation Act of 1920, 668, 972,973
Transportation Act of 1940, 983transportation costs, 75, 529; Canada,
202, 210, 211; reduction in, 76, 78, 96transport innovations: and urban changes,
148–9Treasury bills, 779, 790, 791Treasury-Federal Reserve Accord, 775,
776trucks/trucking, 34, 155, 529, 533, 953;
deregulation, 999–1001; effect on farmlife, 705, 711; interstate, 983
Truman, Harry, 332, 339n23, 341, 367,368, 372, 389, 1049; containmentpolicy, 371
Truman administration, 339, 371, 372,490
Truman Doctrine, 332, 371, 382trusts, 750, 784, 931Truth-in-Lending Act, 793n29Turkey, 341twentieth-century growth path, 40–66
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undistributed profits tax, 1042–3unemployment, 21, 82, 152, 551, 555,
589–9, 786, 958, 996; duration andincidence: 1900 and 1980, 591–6; inGreat Depression, 313, 317, 759; low,954, 965; New Deal and, 325; andpoverty rate, 268, 269; relief spending,1044; rising, 328, 745, 759; withrising wages, 322–3
unemployment (Canada), 192, 215, 218,229, 230, 231, 243–4; social policyregarding, 222–3; during World WarII, 226
unemployment insurance (UI), 274, 551,553, 569, 592, 596, 597, 599, 614;Canada, 229, 244
unemployment insurance legislation, 612,614–15
unemployment rate, 960; and inequality,252, 255–6; 1930s, 393, 600, 601; andwars, 346
unemployment trends, long-term, 589–91
unfair labor practices, 672, 673–4, 683–4unfair trade practices/competition, 451,
973union membership as fraction of non-
agricultural employment, 1890–1992,581f
unionization, 263, 554, 555, 580–5, 946unions, 83, 323, 325, 420, 549–50, 555,
587, 627, 628, 658, 691, 962; andantitrust, 654–7; Canada, 207; andcollective action, 659–60; and collectiveagreements, 661, 663, 664; collectivebargaining, 667, 671, 672, 679, 681,1040; in common law, 650–1, 652; andcompetitiveness, 453–4; containmentof, 687, 689; constraints on, 664–6;and corporate transformation, 934;decline in membership and influence,689; early, 636; and earnings inequality,263; legislation affecting, 553, 612;and legislative immunities, 652–4; inNIRA, 978; public attitude toward,668; right of collective organization
and bargaining, 676–7; strength of,604, 616; and wage gaps, 435
United Auto Workers (UAW), 435, 437,438, 439, 453–4
United Kingdom: defense expenditures,402n99; growth in, 66–71, 75, 78;R&D expenditures, 820, 828; urbanfrontier growth in, 167–9; see alsoBritain
United Mine Workers (UMW), 582, 666United Nations, 371, 389, 956United States: and Canada, 215, 219, 236,
238–9; comparisons with Canada,195–7, 196t, 199, 200, 210, 244, 245,246, 247; geographic sections anddivisions, 94f; international role of,371–2; leadership position, 3, 410,457, 806, 903, 910, 911, 947, 951,965; military and space contracts, 135,146; and Tripartite Agreement, 488
United Steel Workers (USW), 426, 427,428, 431, 453–4
universal health insurance (Canada), 230,240
universities: and computer industry, 886,889–90, 902; and corporate economy,940, 951; experimentation and designresearch: aircraft, 841–2; and industrialresearch, 815–17, 819–20, 824; andindustry, 852–3; and R&D, 808; andsemiconductor industry, 885;supporting engineering, 912; trainingprofessionals, 905, 942–3, 950
university research, 909, 910; changingroles for, 823–5
unskilled labor, 550, 552; wages, 566,567–9, 588
urban areas: population concentration in,529, 530; population move to, 527,528
urban centers, 146, 535; motor vehicletransportation altered structure of, 533;in Sunbelt movement, 534
urban concentration, 522, 535, 548urban development/growth, 95, 96–7,
104–5, 121, 165, 166; federal programs
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in, 152–3urban population, 138, 139t, 140, 527,
528, 529, 530; geographic sections anddivisions, 1900–1990, 141t
urban renewal programs, 152urban system, 105, 152; evolution of, 98;
high-tech regions in, 137–8urbanization, 100, 118, 1025; in Europe,
202; and exposure to disease, 518–19;of poverty, 98, 114, 160–1; regionaldifferences in, 138–40; and ruraldepopulation, 524; in South, 122;technological developments in, 526–7
U.S. Congress, 130, 152, 324, 345,486–7, 933; anti-poverty measures,274; farm bloc, 730, 731, 751; financialsystem legislation, 779, 782, 785,978–81; and fiscal policy: World WarII, 1046–7, 1048–9; foreign policyposture, 371; funds for naval vessels,330; and Great Depression, 761, 762;hearings on banking, 319; HouseBanking Committee, 176, 972;immigration legislation, 613; interestrate controls, 175, 790; labor law, 668;national highway system, 149; NewDeal legislation, 317, 764, 765–6;pension protection legislation, 797; andregulatory agencies, 991; regulatorylegislation, 977, 982–3, 988–9, 994,995, 1001, 1005–6, 1008, 1011; andS&L crisis, 791–2; Senate Banking andCurrency Committee, 764; socialwelfare policy, 276; and war financing,350, 352, 353, 354, 355, 357, 358–9,362, 366, 367, 368, 370, 372, 373,380, 382, 386, 388; wars mandated by,389
U.S. Department of Agriculture (USDA),711, 712, 714, 723, 861, 1043; R&Dexpenditures, 818
U.S. Department of Commerce, 386, 479,771, 900, 1034–5; Division ofIndustrial Economics, 1045; R&Dexpenditures, 818
U.S. Department of Defense, 334, 336,
337, 339n23, 340–1, 367, 885, 887,890; R&D expenditures, 818, 819,821; software procurement, 901–2,901f
U.S. Department of Energy (DoE), 336U.S. Department of Justice, 423, 449,
451, 780, 783, 795, 810, 854, 878–9,987, 1004; antitrust cases, 854, 878–9,987, 1004; Antitrust Division, 825–6,960, 1006, 1007; guidelines forhorizontal mergers, 1008
U.S. Department of Labor, 603U.S. Department of State, 331, 339n23,
367, 475, 479; Business AdvisoryCouncil, 954
U.S. Department of the Interior, 1001,1009; R&D expenditures, 818
U.S. Department of the Navy, 331,334n14, 336, 337
U.S. Department of War, 331, 336, 337U.S. domestic mainframe and
minicomputer shipments, 1960–90,895f
U.S. foreign finance: before 1914, 464–75
U.S. IC shipments, 1972–1990, 883fU.S. integrated-circuit production and
prices, 884tU.S. Patent Office, 742U.S. Post Office, 839, 840U.S. Postal Service, 379n73U.S. Steel, 132, 422–3, 466, 475, 932–3,
947; assets, 942; facilities abroad, 469;investments in research 941
U.S. Treasury, 369–70, 480, 481, 1030,1041, 1048; Bureau of the Budget,1033; gold reserves, 471, 472, 474;interest rates, 744, 745; loans to foreigngovernments, 476–7; non-partisan,1033; team running, 1031–2; and warfinancing, 354, 355, 358, 359, 362,364, 365, 773, 1027–8, 1029
U.S. v. AT&T, 907Utah, 135, 650utilities: oligopoly in, 976; regulation of,
326, 953, 973–4, 977, 981, 982–3
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vaccines, 11, 31–2, 33value-added taxes, 1016Vermont, 129, 130vertical integration, 136, 835, 936–7,
974, 1021Veterans Administration, 770, 788Victory Loan, 354, 744, 773Vietnam War, 59, 329, 335, 389,
402n98, 405, 496, 785, 958, 996;costs, direct, 337, 340–1, 346; costs,indirect, 347, 348, 349; expendituresin, 332–3; financing, 350, 373–82,386, 1053; opportunity costs, 401;opposition to, 382n78
Vietnam War spending impact,1965–1973, 374–5t
Virginia, 143, 144, 464; labor law, 630,633
Volcker, Paul A., 500, 786Voluntary Export Restraints, 438, 455
wage and hour legislation, 626wage controls, 785–6wage differentials for white-collar and
blue-collar workers, 1922 to 1952, 602fwage dispersion across past half century,
1940 to 1985, 600fwage increases: under NIRA, 321, 322,
323, 327wage labor, 103, 122–3, 630, 632, 635,
695wage rates: auto industry, 432, 435, 439;
electronics industry, 446; steel industry,426–8, 427f, 431; textiles and apparel,441; unions and, 454; for women, 510
wage structure, 284, 549, 552–3, 554,586, 609, 616; inequality in, 599–604;long-term trends in, 556; unions and,584, 585
wages, 2, 60, 76, 103, 615; collectivebargaining in, 661; in evolution oflabor market, 587–8; gender gap in,579, 606–9; immigration and, 539,614; inflation and: Canada, 206–7;regional disparities in, 552; rigidity,551; women, 579
wages and salaries in geographic divisionsas percentage of total earnings, 104t
Wagner, Robert F., 323, 664, 670, 671,672–3, 682
Wagner Act (National Labor RelationsAct), 323, 326, 553, 554, 580, 582,614, 616, 627, 670, 673–5, 682–3,686, 687, 690, 946, 1040; changedinterpretation of, 678–80; in courts,680–1; implementing, 675–8;redefinition of scope of, 682–5
Wall Street, 304, 315, 479, 757, 764,769, 961; efforts to regulate, 783;institutional investors, 784;transformed, 799–801
Wallace, Henry A., 709, 1043war(s): and American economy in
twentieth century, 329–405; costs of,334, 335–49; costs of: direct costs, 335,336–46, 342–4t; costs of: indirectcosts, 335, 346–9; and earningsinequality, 257; effect on poverty rate,269; in income distribution, 262–3;opportunity costs, 386–405; real costsof, 347f; and technological change, 854,856, 857
war economy, 1939–1945 (Canada),225–6
War Finance Corporation (WFC), 355n46,1029
War Loans, 773War Measures Act of 1914 (Canada), 225war on poverty, 152, 269, 275, 1049War Production Board, 159War Revenue Act (1917), 352wartime expansion of manufacturing
facilities in geographic divisions,1940–1945, 129t
wartime finance, 334, 350–86, 351t, 773;World War I, 1026–32; World War II,1047; see also defense expenditures/spending
Wartime Prices and Trade Board (Canada),228
wartime R&D, 817–20; societal benefitsof, 819n14
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wealth: distribution of, 929, 954, 957,1023; inequalities of, 161, 282;international perspective, 79, 80, 81;leveling of, in World War II, 948
weapons acquisition and production: ColdWar, 334
welfare, 280, 736, 959; economic changesaffecting, 35; measurement of growthof, 35
welfare programs/services, 274, 1015;federal government and, 1037, 1038
West (the), 95, 97, 100, 329; banks,banking, 753; cities, 523; city-building, 146, 164, 166, 169;industrial development, 132; industrialspecialization, 99; manufacturing,154–5; manufacturing employment,115; population, 93, 100; services in,155; shift of population to, 96, 531,534; suburbs, 145; transportinfrastructure, 63; urban system, 137,177; urbanization, 140, 143
west (Canada), 216–17; deterioration ineconomy of, 216–17, 219; effect oftariffs on, 221
West North Central division, 174, 696,697
West South Central division, 100, 128,140, 143
West Virginia, 131, 647, 657Western Europe, 738, 825, 827; computer
industry, 900, 903; defenseexpenditures, 330–1; growth in, 66–71,74–5, 76, 77, 78–82
western settlement: Canada, 191, 192–3,200, 203, 205, 209, 210–11
wheat, 245, 303, 734; as staple export,192–3, 234
Wheat Boom (Canada), 193, 194, 199,201, 202–4, 232, 235, 236
wheat economy (Canada), 214, 217, 218;emergence of, 199–213, 216
wheat exports (Canada), 191, 192, 196,200, 201, 205, 215, 234
white-collar employment, 558, 563, 565white-collar workers, 569, 616; female,
579, 606; sickness, 598;unemployment, 592; wage premium,601–2
Williamson, Jeffrey G., 254–5, 256n11,258, 259, 262, 281
Wilson, Woodrow, 352, 353, 356, 372,386, 613, 944, 1024, 1025, 1033,1040, 1047; antitrust policy, 933,972–3; regulatory policy, 1008; taxsystem, 1026, 1027, 1028, 1032, 1034
Wilson administration, 1048; war finance,1027, 1028–32
Wilson-Gorman Tariff, 1023Wisconsin, 648women: Canada, 222; earnings inequality,
264; economic role of, 615–16;educational attainment, 59n35;employment in corporations, 943;equity for, 955; farm wives, 707; labormarket for, 510–11; sex role attitudesand status, 512–13; work outside thehome, 12, 15, 36, 254, 513, 955; seealso labor force participation of women
women workers: laws limiting hours of,647–8, 685
wood products exports: Canada, 215, 217work experience: and earnings inequality,
258, 259; of women, 608work relief, 279–80workers, 249–50; characteristics of, 24;
discipline, 585, 586, 588; protection of,553, 626, 988; and work, 616
workers’ compensation, 553, 626, 648–50workers’ compensation (WC) legislation,
612workforce: age and sex composition of, 27;
educational attainment, 56–8, 59–60,78; farm, 693; residence-based, 534; seealso labor force
working age population: impact of old-agedependency on, 545–6
Works Progress Administration (WPA),158, 280, 1040, 1043
World Trade Organization (WTO), 455,806
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World War I, 15, 62, 63, 71, 309, 329,376, 388, 405, 458, 492, 774, 839,1046, 1048, 1049; agriculture in, 718; American economy in, 331–2,333; backlog of demand from, 169;banking in, 749–50; Canada and, 196,197, 201, 204–9, 214, 227, 228, 237; collective organization in, 665;costs of, 335, 386; costs of: direct, 337, 341, 346; costs of: indirect, 347,348, 349; demand for unskilled laborin, 568; effect on research, 940–1; farm exports in, 120; Federal ReserveSystem in, 744–5; financing, 350–6,351t, 365, 366, 367, 386; governmentcontrol of economy in, 730; andgovernment spending, 1013; growth ofgovernment in, 1015; and growth ofpublic sector, 1025, 1026–32;immigration curtailed in, 569; impacton business-government relations,971–2; and income distribution, 255,262; and labor law, 668; opportunitycosts, 389–93; price inflation, 454;R&D in, 817; as shock destabilizingworld economy, 301–2; andtransformation of U.S. foreign finance,475–84; U.S. in, 1024; xenophobia,613
World War II, 7, 11, 70, 79, 131–2, 301,329, 368, 376, 509, 512, 569, 842,1050; agriculture in, 694, 718;American economy in, 332, 333; and
banking and finance, 773–5, 778; citiesin, 157, 158–9; costs: direct, 337, 338,341, 346; costs: indirect, 347, 348,349; defense housing in, 150; effect oneconomy, 328; effect on incomeinequality, 262; effect on industry, 856;effect on poverty rate, 265; effect onregions, 100; effect on wages, 565;financing, 351t, 357–66, 367, 385–6,405; growth of government in, 1015;and growth of public sector, 1046–9;impact on social structure, 81; impacton structure of R&D, 818–20, 828,910; and inequality, 256, 278, 284,285, 287; income tax revenues in,1016; international financialconsequences of, 488–92; labor in, 121,686; opportunity costs, 393–4, 400;and pharmaceutical industry, 861;securities controls in, 752; taxstructures of, 370; and unionization,580; U.S. in, 947, 948; and wagestructure, 603
World War II (Canada), 191–2, 245;Canadian economic growth in, 199;financing, 227–30; and manufacturingsector, 237; war economy, 225–6
Wright, Gavin, 56, 62, 123, 412, 904–5Wyoming, 120Wright Brothers, 804, 839
“yellow dog” contracts/laws, 582, 652,653, 654
1190 Index
TCEINDEX 6/15/00 7:03 PM Page 1190
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