Economic history of American

Introduction

The coming up of the factory, the development of American industry needed particular technological advances, which include the system of the factory, steam power, cotton gin, and interchangeable parts.

The economic life changing nature in the world implied that America had no any other choice but to do better. Even though the first factories brought very meager resemblance to the huge industrial firms of the 19th century in America, their factories brought profits from the start. Different small manufacturing factories had started around the 1800 and after that the industries boom started to go to high levels. It brought a full revolution in the social ways and domestic life.

Railroad- by the 1840 the United States had miles of the railroad and in the year 1860 it had increased to 30, 600 miles that had been constructed in the 1850s.  The railway roads had the hugest impact on the economy of America of any development in the whole of the 19th century. The railways roads changed so many things even the concept of time of America; as a matter of fact the railway roads invented four-time zones. Also, the railway roads motivated other types of economic activity. They had an influence on the value of real estate, spurred the industry concentration, raised the business unit’s size, and stimulated the development of banking. Also, the railways roads revolutionalized the management and organization of the business, and they decreased the rates of passenger and freight sharply. At last, the railways roads transformed the western agriculture; the wheat production center moved into westward.

Financing the systems- the construction of railways roads needed the huge amount of money. Due to the basic laissez-faire approach of the America to the private enterprise, the state would not give money the railway loads directly. Nevertheless, the giving of huge tracts of lands by the state and federal government assisted in financing the construction of the lines and the state recouped its invest due to the land that was then sold in the railway roads vicinity commanded higher cost than the land that had no access to a system of transportation. In the 19th century, the state and the federal government gave big and many tracts of lands to the railroads, still the investment gave profit to all the parties concerned.

The slavery in United States between the year 1820 and 1960 has been normally depicted as paternalistic and benevolent system. After the evolution that occurred that period, the masters loved their slaves, and they begun to have them feel like they were among the extended plantation family unit.  In return, the slaves used to look up at their owner with loyalty and devotion. As incredible as it may seem to several progressive individuals today, this vague history version remained like that for several years. Even though, slavery was an ancient system of labor, in the context of the North, amerce, it was there as an important part of the system of the capitalists. The planters raised their plants to sell to the worldwide market and the plantation economy stayed interwoven tightly with the upcoming of large-scale industrialization in the United States.

Conclusion

The economic growth in America in the 1820 got formed for commerce and agriculture. The achievement of carrying trade changed the investment from the risky ventures of manufacturing, even though, some development, particularly the industry of textile did appear.