Presented by Willard Hurst as part of his course "Introduction to Modern American Legal History" at the University of Wisconsin Law School in 1978. Hurst continues to discuss the legacy of loss associated with the closure of the central bank in the 1830’s. He examines the financial disorganization that occurred during the Civil War as the nation depended on greenbacks and government bonds. He continues by analyzing the period from the 1880’s-1907, and the panics of 1907 and 1913. The lecture then narrows in on the creation of the Federal Reserve System, and the role of the Federal Reserve Board. The discussion ends with an examination of the positive impacts of technology during this same period, and the political by-products of growth. This lecture begins with an analysis of the changes that occurred in the 1870’s, and the role twentieth century political figures played in shaping the economy. The Ford Motor Company is discussed, and Hurst goes on to identify the railroad as the first large scale private enterprise in the U.S. Andrew Carnegie’s thoughts on the egalitarian basis of power and the influence of his Scotch Presbyterian background are also examined. The lecture ends with the topics of Vanderbilt and Peter Cooper’s Institute for adult education.
