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Business & Industry

Business & Industry - B usiness and I ndustry in the...

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Business and Industry in the North- east I. Changes in Business A. Factors Encouraging Expansion 1. business is the activity related to the distribution and sale of goods 2. by 1860, entrepreneurs were selling ice to India on fast-sailing ships to take advantage of export 3. overall span of business was expanding a) people were providing a more systematic ability to distribute goods B. Increasing Specialization and Complexity of Business Institu- tions 1. after 1820, growing number of businessman chose to specialize in dif- ferent aspects a) by the the 1830s and 1840s, many American cities began to display geographical pattern b) downtown areas contained number of specialized retail shops (clothing, groceries, hardware) c) in nearby areas, once could find exporters and importers and "middlemen" 2. some merchants became increasingly wealthy - took profits and put them into various forms of industry 3. by the time that the Civil War broke out, significant amount of develop- ment had already taken place - by 1860, the amount of production was 8 times greater than 1815 4. between 1840 and 1859, the amount of capital in production had
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