US ECONOMY 1890-1914

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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.
    • 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.

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