Growth Of Economy Flashcards
How many people still worked in agriculture
1/2 population in agriculture, farm pop increased from 10-25 million 1865-1890
What was the Homestead Act of 1862
Made thousands of acres available as free land to settlers. Accelerated migration to the west.
Impact of railroads on agriculture
Meant farms could sell produce across the whole country. Allowed for farms to make more money
How were farms impacted in 1873
Panic 1873 due to much speculation and many banks failed. Impacted agriculture as loss of income
What was the economy like in the north east
Had expanding markets and towns, large industrial hubs with large distribution networks. Pittsburgh shipped products such as canned food across the country
Impact of railroads on the north east
Massive as it had monopoly power meaning that it could set their own freight prices
What was the economy like in the south
King Cotton still ruled, farmers found it hard to buy land and increasing numbers of sharecroppers. Some economic improvements due to railroads but still lagged behind the rest of the country
Economy in the West at this stage
Native American land was colonised and the West was carved up by railroads (Union Pacific), ranches and farms. Oklahoma land rush 1889, railroads transported thousands westward.
What was the population in the West
1860 760,000 by 1890 6 million
Challenges living in the West
The West was prone to droughts like in 1887. Land marginal and dry
Impact of urbanisation on the economy
Larger towns and cities located in the north east. Cities grew creating new market forces and business opportunities
