State the relationship between economics and history.

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mkoren | Middle School Teacher | (Level 3) Senior Educator

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There has been a long-standing connection between economics and history. Most major historical events have an economic basis to them.

In looking at the major wars fought since the 1890s, economics has played a key role in the start of the war. The United States wanted to become a world power in the 1890s. We were looking for a war that would lead us to gain colonies. By having colonies, we could get stronger economically. Our businesses would benefit. Thus, we went to war with Spain in 1898.

In World War I, Germany wanted more land. They wanted colonies for reasons very similar to why we wanted colonies. They knew winning a war would be good for their businesses and economy.

There is some evidence that suggests the United States joined World War I so our businesses could benefit. The Nye Committee came to this conclusion after explaining why we joined the war.

Business leaders have opposed laws that allow unions to form. Business leaders believe unions will ask for more money and benefits. They believe this will hurt the company economically. Thus, business leaders have supported laws that curtail collective bargaining, make it harder for unions to exist or form, and that require people or business to reveal to whom a person or business is making political contributions.

Slavery was based to a degree on economic factors. Southerners believed they would lose money if slavery ended, and they had to pay the workers on the farms. Southerners argued that ending slavery would be economically a disaster for the South. Economics has always been tied to history.

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