Reconstruction economy Flashcards
Main reasons for economic growth
Availability of land, Technological advancement, Railroads, availability of capital, Civil war, Trusts and Corporations, economic growth, government policy
How many were employed through railroads
1 million by 1890
What was the n ew invention by Carnegie
Bessemer Belt
How much railroad mileage increased in between 1865 to 1880
Tripled
What was the population growth
From 1865 to 1880 population went from 31.5 million to 50 million
What was the NY stock exchange annual turnover by 1865
6 Billion dollars
How high were tariffs
Up to 50%
how did railroads impact economic growth
Employed workers, stimulated other industries, built towns and roads, allowed for westward expansion, increased competition
how did growth in population cause economic growth
provided a large source of cheap labour, allowed for rapid industrialisation, more consumers to increase demand
How many immigrants arrived in the US in the 1970’s
2.8 million
How did the civil war stimulate growth
Provided a financial infrastructure through the NY stock exchange, created US note currency, required to establish ways of mass production and distribution to provide for the war
How did the government allow for economic expansion
low tariffs protected US goods, no federal intervention allowed for unrestricted working hours and wages selected by businesses, no tax of profits, businesses were allowed to thrive and use any methods to survive and grow without caution or consequence
how did availability of land allow for economic expansion
allowed development of railroads, mass farming and demand which leads to better mechanisation, expanded further
what were the effects of industrial growth
Depression of 1873, Agriculture suffering, Urbanisation
who were cities run by
bosses who were mayors and used corrupt techniques to gain profit from contracts and political support
