Money, Trade, & Power: The History of Capitalism

History 278 — Spring 2026

Course Overview

This course explores the dynamic and evolving nature of capitalism. We will examine how economic systems, business practices, and financial governance have changed over the past several centuries. Key questions include:

How did banks and joint-stock companies develop?
Why did capitalism support overseas expansion and imperialism?
What is “growth,” and why did industrialization accelerate it?
How did modern corporations emerge and shape global capital?
How did different societies manage the business cycle and promote social welfare?

Learning Objectives

By the end of this course, you will be able to:

Describe the origins and development of capitalism in the modern West (17th–21st centuries), with emphasis on the U.S.
Explain concepts such as commercial capitalism, the Industrial Revolution, free trade, and the welfare state.
Analyze historical primary sources related to capitalism.
Synthesize course readings and lectures into clearly argued exam essays.

Course Requirements & Grading

Weekly Schedule and Readings
Requirement	Description	% of Grade
In-Class Quizzes	Short quizzes based on readings and class discussion	10%
Primary Source Exercises	Written responses to historical documents	20%
Midterm Exam 1	In-class essay exam	20%
Midterm Exam 2 (Apr 6)	In-class essay exam	20%
Final Exam	Covers full course + final weeks	30%

Required Text

Benjamin C. Waterhouse, The Land of Enterprise: A Business History of the United States Simon & Schuster, 2017. Paperback ISBN: 978-1-47676-665-2

Additional primary and secondary sources will be available on Brightspace.

Course Policies

Attendance

You may take up to six unexcused absences without penalty.
Additional absences reduce your participation grade.
If you will be away for a university-sponsored activity (sports, band, etc.), please notify the instructor ahead of time.

Punctuality

Arrive on time to avoid disrupting class.
If you must leave early, inform the instructor in advance and exit quietly at an appropriate time.

Technology Policy

No electronic devices (laptops, tablets, phones) may be used during class.
All notes should be taken by hand.

Academic Integrity

All written work must be your own.
Plagiarism results in a zero and may also be reported to the Dean of Students.
For concerns or reports, contact:

o Email: integrity@purdue.edu

o Phone: 765-494-8778

AI Tools

The use of tools such as ChatGPT is strongly discouraged.
They often lead to lower-quality work that does not meet assignment expectations.

Emergency Policy

If a major campus emergency occurs, deadlines and requirements may change. Updates will appear on the course website or via instructor email/phone.

Weekly Schedule & Readings

Week 1

Weekly Schedule and Readings cont'd
Date	Topic	Reading
Jan 12	Introduction: What is capitalism?	—
Jan 14	Medieval Europe: Guilds, Merchants, Bankers	Brightspace docs
Jan 16	The Dutch Republic	Brightspace docs

Week 2

Weekly Schedule and Readings cont'd
Date	Topic	Reading
Jan 19	NO CLASS — Martin Luther King, Jr. Day	—
Jan 21	The Culture of Consumption	Collingham pp. 41–55
Jan 23	The Atlantic Trade: Sugar and Slaves	Collingham pp. 41–55

Week 3

| Jan 26 | England eclipses Holland | — | | Jan 28 | The East India Company | — | | Jan 30 | Debating British Mercantilism | Smith documents |

Week 4

Weekly Schedule and Readings cont'd
Date	Topic	Reading
Feb 2	The Cotton Textile Boom	Brightspace docs
Feb 4	Steam Power and the Railroad	Brightspace docs
Feb 6	Social Consequences of the Industrial Revolution	Brightspace docs

Week 5

Week 6

| Feb 16 | Marx and the Workers | Marx docs | | Feb 18 | FIRST MIDTERM | — | | Feb 20 | Economic Dimensions of the American Revolution | Waterhouse pp. 1–24 |

Week 7

Week 8

Week 9

Week 10

Week 11

| Apr 6 | SECOND MIDTERM | — | | Apr 8 | The New Deal: A Reinvention of Capitalism? | Brightspace docs | | Apr 10 | Autarky and Aggression in the 1930s | Brightspace docs |

Week 12

Week 13

Week 14