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11-18-08_Lecture_Notes - ECONOMICS 323 Today Faragher...

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ECONOMICS 323 Today: Faragher, Walton 13 Thursday: Walton 10, Temin (Iron), Temin “steam” Tuesday: Hazard, Ware, Jeremy Transport rev- sequence of changes that dramatically reduces transport costs First successful steam boat in 1807- western 1811 Takes off in 1820s Western river steam boat- operating in very shallow water (shallow draft), uses high pressure engine to develop a lot of power (very simple and can be built by primitive means) Flat boats- used for downstream transport (glorified rafts), flat board later dismantled and sold as lumber Keelboats- used for upriver- rowed, pulled, or towed by animal on bank - can’t compete with steamboats where steamboats can navigate - flat boards survive steamboat companies were small scaled enterprises – proprietor ships or partnerships typical steamboat company had 1-4 owners ready market for shares in steamboat ownership very few steamboat companies owned more than 1-2 steamboats free access to rivers- no restrictions into market, no tolls, no river restrictions
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