Economy of the USA 1820-1877
- Created by: Bobwilliams
- Created on: 03-06-15 15:08
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- Economy of the USA 1820-1877
- Forms of wealth creation
- North
- Industrialising
- Only 4 Northern manafacturing industries employed over 50,000
- Produced 90% of nations manafactured output in 1850's
- 1800 - 68% in agriculture 1860 - 40%
- 85% factories located in the North
- North West dominantly rural
- Farmland was on a far smaller scale
- Only 16% of large farms in the South
- Based on manafacturing
- Industrialising
- South
- King Cotton
- 1850 cotton sales made up 50% of US exports
- Better geographical location for farming
- 84% Of large farms located in the South
- Fertile soil
- Climate
- Cotton became the most important crop after Ely Whitney’s invention of the cotton gin 1793
- 1850 cotton industry valued 1 billion 1860 it valued 2.3 billion
- Industrialising
- The Tredegar Iron works in Virginia ranked fourth among nations producers of iron products
- Slower rate of industialisation
- 1800 - 82% in agriculture 1860- 81%
- Only 15% of industry located in the South
- Slavery
- Slave prices increased by 50% in 1850
- 1840-1860 rate of increase in per capita income in the South exceeded the rest of the USA
- 35% more efficient than small scale faming
- Impending crisis of the South 1857
- Didnt utilise the pottentail skills of the labour force
- Poor investment could of been spent on indusrty
- 1850 one in 3 Southern families owned slaves by 1860 only one in 4 were slave owners
- King Cotton
- North
- Growth in population
- 1840 - 17 Million
- 1860 - 31 Million
- Reasons for growth
- Natural increase
- Immigration Irish and German
- Between 1830 -1860most of the 5 million immigrants that entered the USA settled in the NOrth
- One in 6 Northerners in 1860 was foreighn born compared to 1 in 30 in the South
- Western expansion
- 1815 - 1850 population West of the Appalachians grew 3 times faster than the original 13 states
- 1850 - 1 in two lived in the West
- North
- Huge population increase due to immigration
- 21 million
- South
- 1/3 of population slaves
- 1860-9 milllion
- Impact of western expansion
- Manifest destiny
- Opitunity to gain land
- Railroads, such as the Union Pacific and Transcontinental, were built
- Railroads' economic profit helped to develop more towns along the way
- Immigration occured with huge numbers due to oppurtunity to own land
- It reduced food prices for people in the East
- Could produce food much more efficiently and cheaply than Eastern farmers generally could.
- Calafornia gold rush
- Trail of tears
- Manifest destiny
- Expansion of urbanisation and industrialisatin
- Industrilisation
- Mirrored Britains industrial revolution
- Technological developments
- Iron and steel
- Textiles
- Use of steam power
- Mashines introduced and contunously improved
- Transportation
- Steamboats
- By 1850 there were over 700 steamboats operating on the Mississippiand its tributaries
- Railway
- 3000 miles of track 1840 by 1860 had 30,000+ more than the world combined
- Steamboats
- Urbanisation
- Fewer than 1 in 10 lived in town in 1820
- 1 in 5 Americans lived in towns in 1860
- Some cities experienced spectacular gowth e.g Chicago had population of 40 in 1830 by 1860 had 109,000
- New York had over 800,000 inhabitants in 1860
- One in 14 Southerners lived in a town in comparison to in 4 in the North
- New Orleans with a population of 175,000 inhabitants was the only city that compared to that of the North
- Industrilisation
- Forms of wealth creation
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