The Rise of Industrial America

The Rise of Industrial America - The Rise of Industrial...

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The Rise of Industrial America, 1865-1900 The rapid growth of the U.S. economy was the result of a combination of Factors The country was a treasure-house of natural resources, including raw materials essential to industrialization—coal, iron ore, copper, lead, timber, and oil An abundant labor supply was, between 1865 and 1900, supplemented yearly by the arrival of hundreds of thousands of immigrants a growing population, combined with an advanced transportation network, made the U.S. the largest market in the world for industrial hoods Capital was plentiful, as Europeans with surplus wealth recognized a good investment and joined well-to-do Americans in funding the economic expansion The development of laborsaving technologies increased productivity. Over 440,000 new patents were granted by the federal government from 1860 to 1890 Businesses benefited from friendly government policies that protected private property, subsidized railroads with land grants and loans, supported U.S. manufacturers with protective tariffs, and refrained from either regulating business operations or heavily taxing corporate profits Talented entrepreneurs emerged during this era who were able to build and manage vast industrial and commercial enterprises The Business of Railroads o The development of a nationwide railroad network had the greatest impact on American Economic life o Soon after the American Railroad Association divided the country into four time zones in 1883, railroad time became standard time for all Americans o The creation of the modern stockholder corporation and the development of complex structures in finance, business management, and the regulation of competition o Western Railroads Promoting settlement on the Great Plains Linking the West with the East and thereby creating one great national market Federal land grants The federal government provided railroad companies with huge subsidies in the form of loans and land grants Negative consequences o The land grant cash loans promoted hasty and poor construction o They led to widespread corruption in all levels of government Transcontinental railroads The Union Pacific was to build westward across the Great Plains, starting in Omaha, Nebraska, while the Central Pacific took on the formidable challenge of laying track
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This note was uploaded on 04/17/2008 for the course HIST 101 taught by Professor Dr.dolittle during the Spring '08 term at Cedarville.

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The Rise of Industrial America - The Rise of Industrial...

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