Economic History of the USA

: In the “Forgotten Man” passage, the one with characters A, B, C, and D, William Graham Sumner supports market theory as presented in class. For the final exam essay, make the case that opposes Sumner. Using the Clerisy Motives” diagram, handed to you earlier in the semester and reproduced on page 7, to make the case showing the need for state interference in the market process. In other words, 1) make the “social doctors” case or 2) make the case for socialism. To adequately accomplish this assignment, you must do all of the following (not necessary in order). First, you must make the social doctor’s case by reversing the Sumner model. Second, you must name and fully explain (at least a paragraph each) three of the moral justifications that intellectuals and politicians (A and B) might use to counter the free market argument. Third, you must explain the rent seeking side of the Required Midterm Essay Structure 7 diagram by showing how the social doctors interpret “crony capitalism” as another market defect. Finally, you must show how each of the moral arguments you identified can be used to justify three of the specific government policies listed at the bottom of the “Clerisy Motives” chart (at least one paragraph each). For examples of the policies, find examples from American economic history. For only one of the policies you chose, include a diagram and caption (like you did in the supply and demand essay for the midterm) to help explain the economic policies. Find the diagram you will insert on the “Diagrams” page on Canvas.