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Questions: History of American Capitalism - Coursework Example

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For instance, he was responsible for proposing the establishment of a national bank. Then, he also encouraged the government to build infrastructure designed to foster development of…
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Questions: History of American Capitalism
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Questions: History of American Capitalism

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Erie Canal’s construction began in 1817 and got completed in 1825. It impacted American capitalism greatly through its numerous contributions to the economy. For instance, it facilitated the movement of bulky goods yet at the same time reducing the time it took to transport them. In addition, it led to the rapid movement of the population towards the west (Craver, 2008). The population surge resulted to the creation of employment opportunities as well as availing of affordable labour, increased trading activities and industrial growth. It was also responsible for making New York a major port.
Before the American Civil war, the South did not develop as much as the North due to many reasons. The South’s economic interests were not development oriented as compared to the interests of the North. For instance, the South was opposed to the raising of tariffs or taxes for its people. The outcome of such was an increased cost of manufacturing goods (McMurtry, 2013). The North on the other side was able to achieve its targets hence benefitted greatly. In addition to this, the North was more advantaged because it had five times more manufacturing industries than the south.
During the 19th Century when railroads were expanding at a very high rate, many creative innovations came about. One of the most outstanding innovations was the creation of the cotton gin machine. Eli Whitney created Cotton gin, and it was meant to help in making work easier. The cotton gin was used in removing the cotton. While being operated by one person, it would significantly reduce the effort and time to clean the cotton. The invention also led to the need for the transportation of the harvested cotton from the firms to the industries and the ports whereby they were being exported. (Steele, 2004)
The Progressive movement was a reform movement which occurred between the years 1900 ...Download file to see next pagesRead More
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