Analysis of economic growth in the US 1815-1860 - 1428 Words

The period between the American Revolution and the Civil War had great significance for the United States economy. Although initially the economy seemed unstable at first, after the second war that America fought with England, the economy began to show considerable growth thereafter. This can be seen as the result of the cotton trade in the South and the eventual industrialisation of America, especially in the Northeast and later the West. From the invention of cotton gins to the adaptation of railways one can see how the United States used their opportunities and resources to their full advantage, transforming their economy to be able to compete among the worlds leading economical countries. The year 1793 was a doubly significant one†¦show more content†¦Britain therefore determined American industry at this point due to its need of cotton and It was the behaviour of prices that decided the way southern development was to take place. Due to this, the economy of America at this period of time was centred around cotton and as Clement Eaton stated, After the invention of the cotton gin in 1793, the tempo of life in the South quickened. The industry was able to achieve large profits through the use of slaves-the cheapest labour of all-and eventually Three-fourths of the worlds supply of cotton came from the southern states. Although the South produced the huge amounts of cotton needed, and exported it as a primary product to the rest of the world, it did not lead the way in industrialisation-this was dominated by the Northeast. What America lacked was manufacturing efficiency and as the Historian J.G.Rayback explains the war made Americans profoundly aware of other areas besides their own; in the post-Revolutionary period they made a vigorous effort to increase their knowledge of the entire nation and to take advantage of its limitless opportunities. It was from this that the merchant-capitalist arose becoming the significant figure behind the American factory system, wanting to promote economic growth for his ownShow MoreRelatedInstitution as the Fundamental Cause of Long Tern Growth39832 Words   |  160 PagesNBER WORKING PAPER SERIES INSTITUTIONS AS THE FUNDAMENTAL CAUSE OF LONG-RUN GROWTH Daron Acemoglu Simon Johnson James Robinson Working Paper 10481 http://www.nber.org/papers/w10481 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2004 Prepared for the Handbook of Economic Growth edited by Philippe Aghion and Steve Durlauf. We thank the editors for their patience and Leopoldo Fergusson, Pablo Querubà ­n and Barry Weingast for their helpful suggestions. TheRead MoreLiterary Criticism : The Free Encyclopedia 7351 Words   |  30 PagesGerman: novel of formation, education, culture),[a] novel of formation, novel of education,[2] or coming-of-age story (though it may also be known as a subset of the coming-of-age story) is a literary genre that focuses on the psychological and moral growth of the protagonist from youth to adulthood (coming of age),[3] in which character change is extremely important.[4][5] Contents [hide] 1 Origin 2 Plot outline 3 Examples 3.1 Precursors 3.2 17th century 3.3 18th century 3.4 19th century 3.5 20thRead MoreMGT1FOM Key Management Theorists26579 Words   |  107 Pages Contents Babbage, Charles (1792–1871) 2 Barnard, Chester Irving (1886–1961) 4 Fayol, Jules Henri (1841–1925) 9 Follett, Mary Parker (1868–1933) 18 Lewin, Kurt T. (1890–1947) 24 Mayo, George Elton (1880–1949) 25 McCallum, Daniel Craig (1815–1878) 29 Poor, Henry Varnum (1812–1905) 29 Taylor, Frederick Winslow (1856–1915) 31 Weber, Max (1864–1920) 36 1 Babbage, Charles (1792–1871) (pp.66-69) To call Charles Babbage an irascible genius is to pay him the greatest compliment, forRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pageswhich was ushered in by the industrial and political revolutions of the late 1700s. But at the same time, without serious attention to the processes and misguided policies that led to decades of agrarian and industrial depression from the late 1860s to the 1890s, as well as the social tensions and political rivalries that generated and were in turn fed by imperialist expansionism, one cannot begin to comprehend the causes and consequences of the Great War that began in 1914. That conflict determined