Economic 1890-1920 Flashcards
Reasons for grown in economy 1890-1920
P1) big business
P2) government policies
P3) natural resources / innovations / ww1
When did the us become the worlds largest economy and due to what
1890-1914
Due to mass industrialisation and huge increase in productivity
Between 1890 and 1914 regarding agriculture , what was this time known as’
Golden age of agriculture
Between 1890-1920 what struggled to modernise and why
Banking and finance industries
Stock market crashes - panic or 1893 and 1897
When was the second industrial revolution and what was revolutionised
1890-1914
Surge in technological developments
When were the major surges in exports
1895-1900 grew 90%
19018-1913 grew 77%
Why did exports grow from 1895?
- Efficient production / infrastructure
- Cheap labour (immigration)
- Vast natural resources ( iron ore , oil fields)
- Technical innovations
- Electricity
- Political circumstances ( reps left business alone)
- World shipping access
- Undersea telegraph network
Regarding agriculture what was the US world leader in production of
Wheat
Corn
Grains
Cotton
When did agriculture have a crisis and because of what?
1893 PANIC
Caused a 3 year depression
Farmers in south and west faced falling prices , credit hard to get
Dependant upon bank and railroads to buy seeds etc
What were southern farmers reliant upon in order to succeed
Big agriculture such as tobacco sugar and cotton
Sharecroppers for cheap labour
How did white farmers in the west struggle
Unrealistic expectations due to and early credit boom
Climate change - drought
When was the western drought
1887 onwards
By 1900 how did farming improve
Demands increased
Exports increased
Success of gamers co-operatives
Govt helping with reclamation act of 1902
War - demand for wheat and corn so farmers bought more land
What was the reclamation act of 1902
Provided machinery to help crops grow by watering them to 20 different states of south and west
By 1900 how many us cities had populations of over 100,000?
38
What were the regional differences in the south regarding the economy 1890-1920?
Limited urbanisation
Dependant on cotton sugar and tobacco
What were the regional differences in the west 1890-1920 regarding the economy
Distant
Isolated
extractive industries dominated (prone to booms and busts
Dependant upon Eastern financial investments
What was the Alaska-Yukan gold rush and when was it
1896
Klondike creek was found people rushed to get gold and then spread to Pacific coast
How did the Alaska-Yukan gold rush better the economy
Increased gold reserves resulting in McKinley putting us on GS
When did McKinley put us on gold standard
1900
Overall who dominated and how did people feel? 1890-1920
Big businesses and poverty remained
Industrial workers felt increasingly resentful and organised trade unions as well as strikes
They wanted regulation of banking
What helped to start the panic of 1893?
Various strikes such as homestead Pennsylvania 1892
Why did the 1907 panic happen?
Banking finding difficult to keep up with economic developments
3rd largest trust in NY collapsed( knickerbocker trust)
How did the panic of 1907 effect
The stock exchange
NY stock exchange prices fell by 50%
How did the 1907 panic end
J.P Morgan pumped millions into the US economy , this forced govt to accept responsibility to help secure banking
=
federal central reserve bank 1913 established
How was the US economy when ww1 broke out?
In a recession
However, colossal spending by GB and allies made an economic boom
How did WW1 help big firms
Made them expand such as US steel to full production
How did the start of ww1 effect farmers ?
Helped them as more food was needed so they could sell more crops
How did the start of ww1 effect in employment
It fell
How did start of ww1 effect industrial relaitons
They improved
