Lecture 2--The American Industrial Revolutions

Lecture 2--The American Industrial Revolutions - The...

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The Development of American Capitalism MGMT 1030 Schulich School of Business
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The First Industrial Revolution in America (1790s to 1850s) 1)Agricultural Improvements and the National Economy The importance of Southern cotton Eli Whitney and invention of cotton gin (1793) Spurred westward migration and growth of slavery Cotton exports accounted for more than 50% of all American exports from 1835 to 1860 Westward movement from Northern states Incentives Soil exhaustion Improved farming technology Government sold land at low prices 2)Transportation and Improvements Roads 4,000 miles of turnpike roads by 1821 Canals Erie Canal completed in 1825 Railroads 3,400 miles of track in 1830 30,600 miles of track in 1860 3)Growth of Industry Textile manufacturing Domestic handicraft system Mechanized factories widespread in New England by 1815 Technological improvements McCormick reaper (1841) Vulcanizing rubber Telegraph 4)Immigration Irish 1840s famine resulted in one million Irish coming to U.S.
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