Economic Developments: Reasons for Industrial Growth Flashcards
What did the government need to do in order to pay for the Civil War?
Raise federal funds
Why would raising federal funds be significant to the banks?
It would mean that bank infrastructure would need to evolve to control more money
What type of currency was introduced during the Civil War? What year was it introduced?
Paper Notes, introduced in 1861
How would Paper Notes help economic growth?
Another incentive for banks to develop to gain control of more money
What had to be developed in order to help soldiers get supplies for fighting better?
More railroads
What was significant about lots of land in the USA? What did this mean?
Lots of land in the USA was fertile, meaning crops could be grown everywhere.
What was a benefit for farming with slavery being abolished in terms of developments?
It meant there was more of a reason to modernise agriculture
What was the population of the USA in 1860?
30 million
What was the population of the USA in 1880?
50 million
How many people immigrated to the USA from 1870-1879?
2.8 million people
How can you link population growth to improvements in housing?
More people being born means more of a need for good quality housing to survive
Why would you have had a better chance of getting established in the USA if you were in the North-east in the 1870’s?
Because the North-East of the USA was the most developed part of the USA
When did the first Transcontinental Railroad open up?
1869
How many kilometres of railroad was laid down from 1868 to 1873?
53,000 km
How many people were employed in railroad networks by 1900?
1 million
