Economic History - Final

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Lecture 5: Mass Migration

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What are 2 key facts regarding mass migration between 1820s-1920s?

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How did the social characteristics of migrants change throughout the period?

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How would you describe the distribution of migration during this period?

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What were the push and pull factors?

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What is the basic emigration function? What is wrong with it?

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What are the other 5 major factors that needed to be accounted for?

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What is the empirical model and its 5 variables?

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How does this model look like when it is graphed?

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Turning back to the emigration function, how do you bring this all together?

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What made the Latins different?

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What was the impact of migration on the labor markets at home? Short and Long-term.

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How did immigrants face assimilation in destination countries?

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How did destination countries fair in terms of absorption of immigrants?

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Describe the wage convergence model.

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Describe the counter factual convergence model.

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What is the main point on convergence?

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Lecture 6: A World on Gold

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What were the 3 key elements of pre-19th century money?

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What was the dominate metal used for coinage until the 19th century?

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What was a major change in economic policy that led to changes in monetary standards?

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What were the different monetary standards in key countries before the 1860s?

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Why was bimetallism controversial? How did this lead to the gold standard?

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Why did most countries switch to the Gold Standard in the 1870s?

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What are the basics of gold parity established by central banks?

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What are the basics of banknotes and the banks that could issue them?

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What were the 3 ways that the central banks could circulate currency, regulated by law?

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What is the key idea behind these 3 systems?

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What was a solution to the acceleration of economic growth without an equal acceleration of gold supply?

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What were the different forms of money in different countries, and how it was backed by different countries?

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What were David Hume's findings in the principle of money neutrality and the Quantity Theory of Money?

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Why is it a problem if a central bank follows an excessively lose monetary policy and how does the gold standard solve this?

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What was the reality of monetary rules during this time?

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What does the Quantity Theory of Money tell us about deflation during this period?

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What was the traditional idea of external imbalances in a gold standard world system?

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Explain David Hume's Price-Specie Flow Model and the key idea.

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Describe the model when the central bank is involved.

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Did central banks play by the rules?

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How were central banks able to not follow the rules?

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How was the common level of interest rate determined?

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What was the Baring Crisis and why was it significant?

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What were the principles of peripheral economies in regards to banking and monetary system?

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What is the Boom Bust pattern of peripheral economies?

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What made the US's banking system unique?

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What was the political controversy around the Gold Standard in the US?

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Lecture 7: A World in Depression

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What was the main target of central banks under the gold standard?

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Explain what would happen to a countries goods and money market in the case of an expansionary monetary shock.

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Explain what happens in the foreign exchange market when this expansionary monetary shock happens.

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Explain how the central bank should react and how that changes the foreign exchange market.

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Explain what happens within the country's goods and money market when the central bank takes this action.

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Explain what would happen if the central bank had done nothing.

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What is the Trilemma of Monetary Policy during this time?

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What were the fiscal and monetary shocks as a result of WWI?

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What were the 2 major characteristics immediately facing post-war economies?

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Who were the deflationary and inflationary countries after WWI?

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What were economic policies in all countries after WWI?

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What were the 2 main ways that countries returned to gold convertibility?

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What did the British case look like?

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What did the French case look like?

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How was the interwar Gold Standard different than before?

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How did the Price-Specie Flow model say the international monetary system should work? Why did this fail during the interwar period?

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How did peripheral economies fare during this period?

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How did the Gold Standard make the global recession worse?

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What are the options that central banks could do to respond to speculative attacks? Why did they choose what they chose and what was the result?

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Why did Britain finally suspend gold convertibility?

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Why did the US finally suspend gold convertibility?

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What was the new solution to the trilemma?

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Lecture 9: US Hegemony

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What was the ultimate objective of White's Plan?

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What were the principles of White's Plan?

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What was White's solution to the Trilemma?

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What was the ultimate objective of Keynes' Plan?

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What were the principles of Keynes' Plan?

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What was Keynes' solution to the Trilemma?

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What were the 4 key compromises of the Bretton Woods declaration?

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How does the Trilemma look with the Bretton Woods compromises?

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How does the model of USD foreign exchange look with the BW agreement?

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What is the impact of BW on money supply?

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Why didn't the BW system work in the 1940s?

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What was one potential solution to the BW system in the 1940s?

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What was the first real used solution?

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What was the second real solution?

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What was the third real solution?

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Why did trade liberalization make little progress during this period?

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What is the European Miracle?

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Why did the world go on the Dollar standard?

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What are the 3 main reasons why Dollar dependency is a problem?

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How was the Bretton Woods system similar to the Gold-Exchange Standard of the 1920s? Explain both the Trilemma involved and the key problems with it.

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Explain the crisis that Britain faced due to the BW system between 1964-1967.

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How does the US having the anchor currency mess up monetary policy autonomy?

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Why was USD seen as an increasingly weak currency during the 1960s?

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What was the US's attempted solution to solve this?

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Describe how the weak dollar was a problem for West Germany.

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Describe the steps after this that led to essentially the end of the BW system.

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What are the 4 key lessons from Bretton Woods?

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Lecture 9: Multiple Choice

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At the Bretton Woods conference, the main objective of the “clearing union” proposed by the British delegation was:

to oblige surplus countries to lend directly to deficit countries in order to facilitate their balance-of-payments adjustment

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In the Bretton Woods’ Articles of Agreement, the scarce-currency clause:

gave the IMF the power to authorize deficit countries to introduce controls on imports from countries with persistent payments surpluses

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The European Payments Union (1950–58):

facilitated the financing of intra-European trade deficits and the liberalization of inter-European trade