1890-1920 Economy Flashcards
what was the driving force behind the US’ emergence as the world’s leading economy?
industrialisation: massive output in productivity as an American industry modernised, and natural resources fully exploited
what was industrial growth accompanied by?
golden age of agriculture
Big businesses were built by men like:
Cornelius and Henry Vanderbilt, Andrew Carnegie, John D Rockefeller
What did mass immigration provide?
flexible supply of labour
What changed due to the Second Industrial Revolution?
US stopped being a net importer
When were the two intense surges in the US manufactured exports?
90% between 1895 and 1900, and another of 77% between 1908 and 1913
By 1913, what was the US?
a net exporter. exports concentrated on iron, steel, copper and oil
What were the reasons for US industry growth?
efficiency, labour supply, rising world demand, vast natural resources
What had steel production gone up by in 1913?
400%
By 1910 what did oil production equal?
that of the rest of the world
What was the booming economy underpinned by?
favourable political circumstances. Limited regulation of business, with many govts sympathetic to business interests. This was true in Republican dominance 1896-1912
What was the foundation of the economy in the south?
Cotton
Agriculture issues in the 1890s?
1893 panic intensified problems in agriculture. Small farmers in South and West faced difficult economic conditions, with falling prices.
What was the agriculture economy?
volatile. after railroads, farmers became part of a wider commercial network, more dependent on railroads and banks in order to invest in seed, livestock, equipment, fertilisers
What were many AA trapped as?
sharecroppers
What happened in the late 1880s and 1890s?
huge expansions of farm settlements in places like Missouri, Nebraska, Oklahoma, Colorado. Thousands of farms covered these territories, many established on marginal land.
After the land rush of 1880s, what became clear?
the apparent success was illusory. farms fuelled by ‘easy credit’, loans based on unrealistic expectations and when the credit boom subsided, many small farmers left in deep debt. This led to the rise of populism. Another factor was the climate. rush happened during time of high rainfall, and climatic conditions returned after 1887.
When/what was the ‘golden age of agriculture’?
years following 1900. expanding domestic economy boosted demand for agricultural production. Exports increased. Modernisation and mechanisation spread widely.
What govt acts helped with the ‘golden age of agriculture’?
*Reclamation Act 1902- irrigation in arid areas
*Meat inspection act 1906- regulate food quality
*Federal Farm Loan act 1916
*Vocational Education act of 1917
what enhanced the ‘golden age of agriculture’?
outbreak of war in Europe. Many farmers could buy more land, secure in knowledge they would receive good prices
What was the impact of economic change?
Urbanisation changed the face of America, vast increase in urban population and range of economic activity.
between what years did the population of NYC double?
1870 and 1890. by 1910 it doubled again.
in 1900 how many US cities had a population over 100 000?
38
How was urbanisation in the south?
smaller than the north
