An advanced discussion and analysis of the economic development of the American economy from 1860 to the present time. The class takes the economic concepts mastered in a macroeconomics course such as of opportunity cost, moral hazard, monetary theory and policy, fiscal theory and policy, pieces of the Keynesian, Monetarist and Austrian schools of thought and places them in an historical context. Among the topics discussed are: the history of industrial growth, the history of land and resource use, role of immigration and migration of various ethnic and cultural groups as it relates to the economic development of the U.S. Historical periods examined include: Antebellum and Postbellum South, the Great Depression (1929-1944), the Keynesian revolution and the counter revolution (Monetarist, Classical and Austrian (1945-2009), Great Moderation (mid 1970s - 2007) and the Great Recession (2007-2009). Events studied include, slavery, the transportation revolution, the growth of nationalized markets, the development of money and banking, trade patterns, organized labor, changes in agricultural production, and America’s integration into the world economy.