From Myth of the Robber Barons:
1. Identify and describe four successful market entrepreneurs who became successful in large part by focusing on cost-cutting and increasing efficiency.
2. Distinguish market entrepreneurs and political entrepreneurs and give at least two examples of each.
3. Describe how Cornelius Vanderbilt was able to out-compete Fulton and Collins.
4. Explain how James Hill outperformed the Union Pacific, Central Pacific, and Santa Fe railroads.
5. Explain how Charles Schwab and Andrew Carnegie outperformed competitors and why these methods not successful at U.S. Steel.
6. Explain why Andrew Mellon’s attempts to cut taxes were opposed so strongly as U.S. Treasury Secretary.
7. Explain why so many U.S. congressmen and women exhibit anti-business attitudes.
From FDR’s Folly, Part 1:
1. Discuss the following statement: “The New Deal was not a program for recovery; it was a program for reform.
2. Powell gives many examples of anti-big business attitudes among FDR’s “brain trust;” list three examples.
3. Give three examples of how the New Deal was designed to replace individualism with collectivism.
4. List three causes of the Great Depression according to Powell, including monetary actions by the Federal Reserve Bank of New York in 1927-1929.
5. Explained what caused bank failures during 1929-1933.
6. Explain why the money supply contracted by one-third from 1929-1933.
7. Discuss why most historians attribute the causes of the Great Depression to speculators, Wall Street, business people, and rich people.
8. Explain why The Banking Act of 1934 (Glass-Steagall Act) was enacted, and describe the effects.
9. Explain why FDR took the United States off the gold standard, and describe the effects.
10. Explain why FDR raised taxes.
11. Describe the purpose, scope, and effects of the National Industrial Recovery Act.
12. Explain how price-fixing of agricultural products was accomplished.
From FDR’s Folly, Part 2:
1. Explain why the U.S. Supreme Court determined the early New Deal legislation was unconstitutional in the following cases:
• Panama Refining Co. v. Ryan, 293 U.S. 388 (1935) [separation of powers]
• Schechter Poultry Corp. v. U.S., 295 U.S. 495 (1935) [ICC, enumerated powers]
• Carter v. Carter Coal Co., 298 U.S. 238 (1936) [enumerated powers]
• United States v. Butler, 297 U.S. 1 (1936) [Hoosac Mills case] [enumerated powers]
• Morehead v. Tipaldo, 298 U.S. 587 (1936) [freedom of contract]
2. Explain why there was not widespread support for a U.S. federal pension plan prior to 1935.
3. Explain why there is a pervasive misunderstanding that citizens who have paid Social Security taxes are entitled to benefits when they retire from taxes they paid while working.
4. Explain why the federal government adopted compulsory union membership and collective bargaining during the 1930s.
5. Explain the significance of the Supreme Court’s decision in the following cases:
• West Coast Hotel Co. v. Parrish, 300 U.S. 379 (1937) [freedom of contract]
• NLRB v. Jones & Laughlin Steel Corp., 301 U.S. 1 (1937) [Wagner Act]
• Helvering v. Davis, 301 U.S. 619 (1937) [enumerated powers]
• Steward Machine Co. v. CIR, 301 U.S. 548 (1937) [enumerated powers]
• United States v. Carolene Products, 304 U.S. 144 (1938) [fundamental rights]
• Currin v. Wallace, 306 U.S. 1 (1939) [enumerated powers]
6. Explain and critique the current policy of the Supreme Court in determining whether or not a law is constitutional using analysis of fundamental and nonfundamental rights, and give two examples each of fundamental and nonfundamental rights.
7. Explain and critique the use of the “general welfare” clause of Article I, Section 8 of the U.S. Constitution to justify actions by Congress that are not one of its enumerated powers.
8. Explain why FDR created the CAB and FCC to create monopolies in air travel and broadcasting.
9. Describe effects of the New Deal since the 1930s with respect to:
• Taxing and spending
• Deposit insurance
• The Federal Reserve
• Social Security
• Farm subsidies
10. Explain the lessons we should learn from the New Deal about the following, according to Powell:
• Central banking
• Deposit insurance
• Tax policy
• Price fixing (including wages) by the government
• Labor union monopolies