Why did the American Economy expand so quickly after 1865?

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  • Created by: Lily
  • Created on: 29-04-13 22:13
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  • Why did the American Economy expand so quickly after 1865?
    • Natural Resources
      • Huge mass of coal, iron ore & oil.
    • Victory of North in Civil War
      • "go getting", commerical society triumphed
      • culture of self reliance & hard work
    • Legacy of rule of law
      • Security to landowners
      • Possibility of business expansion
      • Trustworthy & sophisticated business culture
    • Application of New Technology
      • Bessemer process
      • bottling, canning, refrigeration on the railway
      • Mass production
      • Telephone
        • Improved comminication
        • Lightbulb
          • Longer working hours
        • Electrical Industry
          • Lightbulb
            • Longer working hours
          • electrical goods, motor cars
    • Immigration
      • Provided masses of labourers
      • Cheap and contast supply
      • Strong work ethic
    • Transport
      • Coal-fired steam ships - faster & carried more!
        • Transported the masses of immigrants
        • Imported & Exported goods
      • Railroads
        • Huge employers
        • Linked east & west coast
        • stimulated iron & steel industries
        • Helped agriculture - sold cattles & brought foregin utensiles
    • Growth of corporations
      • Trusts
        • Reduced competition
        • Efficient
      • Wealthy businessmen
        • Employed many people
        • Philanthropists
        • had social, economic & political power
        • Resented
        • Brutal
        • exploited new technology to gain benefits e.g railroad
    • Henry Ford
      • Model T
        • Affordable for everyone!
        • Transport!
      • System engineering
        • Trained craftsmen for individual roles
        • Conveyor belt (mass production)
        • economies of scale = reduction in production cost

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