University:
Missouri State University
Course:
HST 122 | Survey of the History of the United States since 1877
Academic year:

2020
Views:

258

Pages:

15
Author:

guablogb9h

Outcome: 7 Factors of America’s Industrial Growth 1. Setting the Stage: a. The U.S. has enjoyed many distinct advantages many other countries lack b. Democracy and Capitalism allow for a prosperous nation c. Unity following the Civil War along with Industrialization fever led America to evolve into a super producer 2. Natural Resources: Become goods a. Raw Materials – coal, iron ore, timber b. Fertile soil -‐> surplus agriculture -‐-‐-‐-‐> Industrial Revolution c. Swift moving water = power & transportation 3. Capital ($) Needed to pay for the production of goods a. Stable currency = safe buying and selling (commerce) b. Corporations formed to raise money through the sale of stock c. Bank loans = start-‐up for factories and businesses 4. Labor Supply: Used to make goods a. High birth rate b. Immigration from Europe and Asia c. Women & Children 5. Technology: Better ways to make more & better goods a. Telephone = better & faster communication b. Electricity = more production power c. Factory system = faster production Interchangeable parts -‐-‐-‐-‐-‐> Assembly line ii. Examples Today: Cars, computers, houses d. New inventions = more & better goods i. 6. Consumers: Bought & used goods & services Mail order catalogues expanded sales of goods (Wards & Sears) b. Department stores became common in large cities. c. Overseas Markets = Exports to other countries = mores sales a. 7. Transportation: Linked raw materials to factories & factory goods to consumer markets a. River & canals b. Roads c. Railroads (By 1900 5 Transcontinental Systems in U.S.) 8. Government Cooperation a. High tariﬀs (tax on imports) -‐> Buying American goods b. Patent System protected & encouraged inventions c. No Interstate Tax = Free Trade (Rural Free Delivery) d. Land Grants to railroads encouraged westward growth e. Laissez-‐Faire philosophy = Hands-‐Oﬀ (limited) Government  Result: Due to these 7 factors coupled with our strong democratic & capitalistic beliefs, America was primed to become an economic superpower in the next 50 years. However, economic power does not come without its share of problems and those who are able to exploit the laissez-‐faire system.