1865-1890 Economic Flashcards
between 1865-90 what was the increase in the farm population?
10m-25m (over half of pop was rural)
what did the 1862 homestead act do?
made thousands of acres available as free land to settlers
what industrial advancements were good for farms?
- railroads (could transport more for more $)
- machinery allowed for larger scale farming
what power did railroad companies (i.e Vanderbilt) have that was bad for other industries?
could control own prices through monopolies
what ruled the southern economy?
king cotton
what were the key features of the southern economy?
many smalltime farmers had to become sharecroppers
economy behind rest of country
when was the union pacific railroad completed and what did this allow?
1869
rapid movement west
by when were natives lands colonised?
1877
what was the population difference in the west between 1860 and 1890?
1860=760k
1890=6m
what ultimately hindered western economic expansion?
droughts (particularly after 1887)
what were the effects of the panic of 1873?
- slowed progress for a bit
- 5 years of recession
- many small firms bankrupted and bought by big firms (creating monopolies/cartels)
how many miles of railroad tracks was there in 1893?
200k miles
which industry emerged as the bullies of US business?
railroads
could literally make or break an emerging town depending on the route of the lines
what was the annual growth rate of the steel industry?
7%
what was found near lake superior?
high quality iron ore (class for steel)
