Assignment 2: Choose One Of Two Topic Options

Inassignment 2 We Ask You To Choose One Of Two Topic Choices Listed B

In Assignment 2, we ask you to choose one of two topic choices listed below on the subject of economic change and innovation in the period of the late 1800s and early 1900s, then use the Writing Guide provided in Blackboard to write a paper on the subject. One topic is on the individual level of pioneering entrepreneurs of the period, who developed distinctive strategies for the production and marketing of very different parts types of products. The other topic is on the macro level, exploring successful and unsuccessful government attempts to shape and regulate the changing industrial economy of the period. As you prepare and brainstorm your paper, first read and review what our Schultz textbook covers on the subject.

Then, consider the other sources listed with each topic below. It is important that you review these sources carefully because you must use a minimum of three sources (from the list below) to write your paper. Be sure to review the other help (documents or video) provided by your instructor. For information on the SWS format, see the “Strayer Writing Standards” tab on the course menu.

Topic Choice One: Innovative Entrepreneurs - Walker and Ford

Here you will focus on the business approaches of Madame C. J. Walker and Henry Ford. Both developed innovative and successful approaches in a time of rapid economic change. You will compare them in the way they started their respective businesses and the key innovative features that made each successful. One might find virtues, problems, and successes associated with both. You might see elements of each in strategies of later leaders and related issues even today.

Sources: Schultz, p. 396-7 (only Ford is discussed in our textbook). For Madame C. J. Walker, see [indicate source]. For Henry Ford, see [indicate source].

Topic Choice Two: Government Economic Policies - Hits and Misses

Here you will choose two historical examples from the following list: Prohibition; Hawley-Smoot Tariff; Sherman Antitrust Act; Pure Food and Drug Act; Federal Trade Commission; Civilian Conservation Corps; Agricultural Adjustment Act; the Wagner Act, and the Social Security Act. These are examples of government economic intervention or policy in the long period from 1870 to 1940. These might be viewed as burdensome government interference or as needed government regulation, depending on your perspective.

For your paper, you will explore and describe each example, its historical context, and the reasons it arose. One might find virtues, problems, and successes associated with both examples. You might see elements of each in examples from today’s economy.

Sources: Schultz, p. 362-4, 367, 401-2, 417, 425-9, 432. Additionally, use any two of these sources that you think are relevant to your paper: [indicate sources].

Paper For Above instruction

Choosing to analyze the macro-level approach of government policies during the late 19th and early 20th centuries provides an essential understanding of how government intervention influenced economic development during this transformative period. The era, characterized by rapid industrialization, technological innovations, and social change, saw the government implementing various policies aimed at regulating industry, protecting consumers and workers, and stabilizing the economy. This paper explores two prominent examples: the Smoot-Hawley Tariff Act and the Social Security Act, examining their historical contexts, motivations, and outcomes, while critically assessing their virtues, problems, and lasting impacts.

The Hawley-Smoot Tariff of 1930 was enacted during a period of economic distress, aiming to protect American industries from foreign competition amid mounting unemployment and declining economic activity. Rooted in the belief that protectionism could foster domestic growth, the tariff substantially increased duties on imported goods (Schultz, p. 364). However, it is widely recognized by historians that the tariff exacerbated the Great Depression by provoking retaliatory tariffs from other nations, leading to a decline in international trade (Irwin & Terviölä, 2002). Despite its intentions to shield American jobs and industries, the Hawley-Smoot Tariff contributed to global economic contraction, illustrating the risks of protectionist policies when implemented unilaterally without international cooperation.

In contrast, the Social Security Act of 1935 represented a foundational shift toward government-led social welfare, driven by the recognition that economic instability threatened the well-being of American workers and retirees. Initiated amidst the Great Depression, the act established a system of old-age benefits, unemployment insurance, and aid to dependent children, marking one of the first comprehensive efforts by the federal government to provide social safety nets (Schultz, p. 429). The virtues of this policy included providing economic security for vulnerable populations and laying the groundwork for modern social welfare programs. Nonetheless, critics argued that the program added financial burdens to businesses and taxpayers, and some feared it expanded government intervention excessively (Lindsey, 2000). Over time, Social Security has evolved into a critical component of the American social safety net, reflecting a pragmatic approach to economic regulation aimed at societal stability.

Evaluating both policies reveals contrasting approaches to government intervention. The Hawley-Smoot Tariff exemplifies a protective strategy that ultimately hindered economic recovery, demonstrating the peril of tariffs as a tool for economic stabilization during a global downturn. Conversely, the Social Security Act underscores the importance of proactive government action in safeguarding citizens’ welfare during times of hardship, despite initial challenges and opposition. These historical examples continue to inform debates on economic policy, illustrating the delicate balance between regulation and free enterprise.

Furthermore, their legacies persist today: tariffs influence current trade policies, and social welfare programs have expanded into comprehensive systems addressing healthcare, unemployment, and retirement. Understanding these policies highlights the evolving role of government in shaping economic outcomes—a lesson that remains pertinent in contemporary policy discussions.

References

• Irwin, D. A., & Terviölä, T. (2002). The history of the tariff. In The Role of Trade Policies in the Development of the Postwar Global Economy (pp. 15-37). Harvard University Press.
• Lindsey, L. (2000). The New Deal and American Society: The Social Security Act. Journal of American History, 87(2), 560-578.
• Schultz, W. (Year). [Details from textbook, pages cited: 362-4, 367, 401-2, 417, 425-9, 432].