Economic growth and development - developments in agriculture. Flashcards
How was agriculture an important, still growing part of the economy?
Well over half the population lived in rural areas, and the number of people living on farms rose from about 10 million in 1865 to 25 million by 1890.
What happened as industrialisation developed?
The population grew, and the railroads expanded, more and more land was brought under cultivation; the number of farms more than doubled.
When was the Homestead Act and what did it do?
- It made hundreds of thousands of acres available as free land to settlers.
What did the railroad companies do with the Homestead Act?
They bought up large tracts of land and made big profits out of selling the land to settlers.
What was the increase in large-scale commercial agriculture assisted by?
Technological advances, such as refrigeration, and the development of new machinery, such as reapers, threshers and wire binders.
Describe how farmers were not completely in control of the development in agriculture.
They had little control over prices and depended more and more on finance from banks, railroad companies and local merchants, both for investment and for getting their produce to distant markets.
What were farmers vulnerable to?
Fluctuations of the market, as was shown by the period of depression that followed the financial Panic of 1873.
