Economic 1890-1920

Question 1

Reasons for grown in economy 1890-1920

Answer 1

P1) big business
P2) government policies
P3) natural resources / innovations / ww1

Question 2

When did the us become the worlds largest economy and due to what

Answer 2

1890-1914

Due to mass industrialisation and huge increase in productivity

Question 3

Between 1890 and 1914 regarding agriculture , what was this time known as’

Answer 3

Golden age of agriculture

Question 4

Between 1890-1920 what struggled to modernise and why

Answer 4

Banking and finance industries

Stock market crashes - panic or 1893 and 1897

Question 5

When was the second industrial revolution and what was revolutionised

Answer 5

1890-1914

Surge in technological developments

Question 6

When were the major surges in exports

Answer 6

1895-1900 grew 90%

19018-1913 grew 77%

Question 7

Why did exports grow from 1895?

Answer 7

• 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

Question 8

Regarding agriculture what was the US world leader in production of

Answer 8

Wheat
Corn
Grains
Cotton

Question 9

When did agriculture have a crisis and because of what?

Answer 9

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

Question 10

What were southern farmers reliant upon in order to succeed

Answer 10

Big agriculture such as tobacco sugar and cotton

Sharecroppers for cheap labour

Question 11

How did white farmers in the west struggle

Answer 11

Unrealistic expectations due to and early credit boom

Climate change - drought

Question 12

When was the western drought

Answer 12

1887 onwards

Question 13

By 1900 how did farming improve

Answer 13

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

Question 14

What was the reclamation act of 1902

Answer 14

Provided machinery to help crops grow by watering them to 20 different states of south and west

Question 15

By 1900 how many us cities had populations of over 100,000?

Answer 15

38

Question 16

What were the regional differences in the south regarding the economy 1890-1920?

Answer 16

Limited urbanisation

Dependant on cotton sugar and tobacco

Question 17

What were the regional differences in the west 1890-1920 regarding the economy

Answer 17

Distant
Isolated
extractive industries dominated (prone to booms and busts
Dependant upon Eastern financial investments

Question 18

What was the Alaska-Yukan gold rush and when was it

Answer 18

1896

Klondike creek was found people rushed to get gold and then spread to Pacific coast

Question 19

How did the Alaska-Yukan gold rush better the economy

Answer 19

Increased gold reserves resulting in McKinley putting us on GS

Question 20

When did McKinley put us on gold standard

Answer 20

1900

Question 21

Overall who dominated and how did people feel? 1890-1920

Answer 21

Big businesses and poverty remained

Industrial workers felt increasingly resentful and organised trade unions as well as strikes

They wanted regulation of banking

Question 22

What helped to start the panic of 1893?

Answer 22

Various strikes such as homestead Pennsylvania 1892

Question 23

Why did the 1907 panic happen?

Answer 23

Banking finding difficult to keep up with economic developments

3rd largest trust in NY collapsed( knickerbocker trust)

Question 24

How did the panic of 1907 effect

The stock exchange

Answer 24

NY stock exchange prices fell by 50%

Question 25

How did the 1907 panic end

Answer 25

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

Question 26

How was the US economy when ww1 broke out?

Answer 26

In a recession

However, colossal spending by GB and allies made an economic boom

Question 27

How did WW1 help big firms

Answer 27

Made them expand such as US steel to full production

Question 28

How did the start of ww1 effect farmers ?

Answer 28

Helped them as more food was needed so they could sell more crops

Question 29

How did the start of ww1 effect in employment

Answer 29

It fell

Question 30

How did start of ww1 effect industrial relaitons

Answer 30

They improved