1.2 Growth of the American Economy 1890-1918

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How much did the GDP rise from 1890-1904?
GDP rose from $15 billion in 1890 to $37 billion in 1904
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What were the main reasons why the economy grew in the 1890s?
Industrial organisation, workforce, government, investment capital, raw materials, cultural attitudes, communication and markets
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What was the increase in immigration from 1890-1910?
62 million in 1890 and 92 million in 1910
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What percentage of American companies produced 57% of American goods in 1914
4%
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What percentage of oil did Rockefella control of the American oil industry?
90%
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What was the increase in track mileage from 1860 to 1900?
In 1860 track mileage was 30,000 miles and in 1900 it was increased to 190,000 miles
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What percentage of the nation's electrical power did General Electric control?
75%
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How many vioations of the Sherman anti trust act were prosecuted?
36 cases in 11 years but only 12 victories
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What did the McKinely tariff act raise the tariff on imported goods and when was it brought in?
49.5%and it was brought in in 1890
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What were the advantages of the US having high tariffs?
Boosts economy and jobs, cheaper goods, short term benefits and american goods benefit
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What are the disadvantages of the US having high tariffs?
Difficult to export, farmers suffer, no competitive pricing and not sustainable
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What did the Silver Purchase Act do and when did it begin?
The government promised to buy 4.5 million ounces of silver a month from mine owners and it was brought in in 1890
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What was the relationship between Edison and J.P Morgan?
After Edison founded his light company in 1878, 2 of his major backers were J.P Morgan and the vanderbilts
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By the late 1890s what was the percentage of immigrants in New York and Chicago?
Half of Chicago was foreign born, and 80% of people in New York were immigrants and their children
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How many companies were taken over by corporations between 1897 and 1904?
4000
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What did the Sherman Anti Trust act do and when was it brought in?
It tried to limit the power of the trusts by making it illegal, and it was brought in in 1890
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What was the rise in wage of most industrial workers?
$532 to $687 over 15 years
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How much did the American Federation of Labour grow from 1897 to 1920?
Grew from 0.5 million in 1897 to 4 million members in 1920
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What are the main reasons for the 1893 US depression?
Production began to slow, farm production and prices fell, investments in railroads declined, there was a slow down in the European economy and the gold reserves fell
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How much did the price of a bushel fall from 1816 to 1819?
A bushel in 1816 was $1.50 by 1819 it was 60 cents
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How much did the gold reserves fall from 1892 to 1893?
In 1892 there was $192 million, by 1893 there was $59 million
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How many companies/railroads/banks failed during the 1893 depression?
15,000 companies, 74 railroads and 600 banks failed
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How much did unemployment rates rise from 1893 to 1897?
8% in 1893 to 12.5% in 1897
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How much did farm prices fall during the 1893 depression?
20%
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How much did Cleveland borrow off the bankers J.P. Morgan and Belmont after repealing the Silver Purchase Act in 1893?
$62 million
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What did the Federal Farm Loan Act do and when was it brought in?
It gave low cost federal loans to farmers and was brought in in 1916
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What did the Clayton Anti-Trust act do and when was it brought in?
It did much to protect trade unions by ensuring strikes and pickets were legal and was brought in in 1914
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What did the Underwood Tariff Act do and when was it brought in?
It reduced tariffs on more than 1,000 products and abolished it completely on others making goods cheaper to buy, and was brought in in 1913
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What was the Federal Reserve Board and what relation did it have to Wilson?
It controlled the money supply which helps keep prices stable, Boyer calls it "Wilson's greatest achievement"
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By 1922 how much did Britain, Italy and France owe America?
$22 billion
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How much did the farm incomes rise during WW1?
30%
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What was American's position by the end of WW1?
Poised to be the richest and most advanced nation in the world
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Card 2

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What were the main reasons why the economy grew in the 1890s?

Back

Industrial organisation, workforce, government, investment capital, raw materials, cultural attitudes, communication and markets

Card 3

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What was the increase in immigration from 1890-1910?

Back

Preview of the front of card 3

Card 4

Front

What percentage of American companies produced 57% of American goods in 1914

Back

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Card 5

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What percentage of oil did Rockefella control of the American oil industry?

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