US ECONOMY 1890-1914
- Created by: edie cooke
- Created on: 08-05-13 13:32
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- Explain why US economy expanded 1890-1914.
- Workforce.
- Mass immigration, labour force always growing, construction industry thus boomed!
- Immigrants worked for little money, meant cheaper produce.
- Workers and markets came with immigration.
- Population grew, supply and demand grew with it.
- Trebelled to over 3 million by 1890.
- Immigration made the rapid growth in the economy possible.
- NOT: depressed wage levels.
- Big Business.
- Created further westward expansion.
- Competition made prices lower.
- Developed transport.
- Boosted economy so US could rival Europe.
- Prior to big business labour short supply in the North.
- Mass employers.
- Industrial Companies such as Bethlehem Steel Corporation.
- NOT: Put loads of people out of business, the profits were private.
- Technology.
- Railway.
- Companies such as Vanderbilt's became huge employers.
- Stimulated iron and steel industries.
- Transporting goods by railway 10% of transporting by road.
- Production line, cheap labour meant cheaper things to buy!
- Steamships.
- Cheaper to transport goods to foreign markets. Stimulated trade.
- Brought over the workers.
- Railway.
- Raw Materials.
- Great Plains opened new land and production of surpluses.
- Huge mineral deposits.
- Exploited by big businesses.
- Besecher Process, steel and coal overtook Britain.
- Introduce Tarrifs that benefit the economy.
- Workforce.
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