HIST309 Study Guide - Fall 2018, Comprehensive Midterm Notes - Copper, Coal, American Civil War
12 Oct 2018
School
Department
Course
Professor
HIST309
MIDTERM EXAM
STUDY GUIDE
Fall 2018
HIST309 – Money, Markets, and Mischief
August 28 Notes
Jonathan Russ
“Americans are most content when producing and consuming. The business of the American
people is business”
-Calvin Coolidge, 1931
Business that has unfolded after 1865 (end of the Civil War) = modern American business
• Before the Civil War the 20 wealthiest counties were slave counties – the Civil War
upended a huge economic sector
• The Civil War ending started an industrial revolution
“Modern” – late 1800s/early 1900s – urbanization, faster transport, easier communication
• Telegraph in 1840 – first modern form of communication
• 1869 – transcontinental railroad in the US
1 million+ European immigrants came to the US by 1914 and thousands from Latin America
• 18-24 years old
• Desperate for work
o Entrepreneurial spirit – give everything they have for a better future
o Willing to work for cheap
The US is self-sufficient in the materials it needs for the industrial revolution – oil, coal, natural
gas, silver, gold, tungsten, copper, etc.
• Technology allowed for excavation of these goods and transformation into useful
products
Agricultural revolution and industrial revolution happened at the same time – they aided the
development of one another – technology goes to farms and farms bring food to the people
People were barely making enough money to scrape by, so they started looking for political
reform
• Wanted simple things like trash pickup, water, etc.
• Big cities like Philadelphia created public works like public water and sewage
o This helped keep people healthier
Government as a customer (early 1900s)
• In 1900 the US had become the world’s largest creditor nation – the “world’s bank”
o US had to purchase things like ships, military uniforms, etc.
o Dupont is the oldest big business in DE (1802) and made the most money it has
ever made during WWI from selling gunpowder – 1/3 of the explosives used by
both sides were purchased from Dupont
o Currently, the US is the world’s largest debtor
o US stops being customer around 1920 when the American people decided war
wasn’t worth the minimal change, so the US went into a period of withdrawl
▪ The individual still functioned as a consumer, and there was an economic
boom
• People were buying not only larger products like cars, but smaller
products like toothpaste, clothing, food
• Advertising convinced people to buy things instead of making their
own
o Ex: cigarettes were advertised as something to make you
“glamorous”
▪ Marlboro came with a red filter tip so women
wouldn’t leave lipstick stains on it – this was
desirable
o Older ads have a lot of text in them explaining why you
“need” the products
In the 1930s the majority of Americans are unemployed or underemployed (Great Depression,
fail of American capitalism)
• The New Deal (FDR) helped, but did not end, the Great Depression
• WWII ended the great depression
o The production capability of the US was just as relevant to the US winning WWII
as was the fighting
▪ Used women, Native Americans, Asian-Americans, etc. – previously
“unneeded” or cast aside minorities
o By 1945 the US produced more steel every day than Japan produced in a year
1950s – another consumer (consumption) revolution – household income surged after WWII and
people had saved money due to rationing – the money went into the bank and into bonds since it
couldn’t be spent on anything
1960s – civil rights movement was largely influenced by economic revolution
1970s – rapid inflation, high unemployment, energy crisis – president resigns in 1973 – vice
president resigns – constitutional crisis
1980s – economic recovery
Document Summary
Americans are most content when producing and consuming. The business of the american people is business . Business that has unfolded after 1865 (end of the civil war) = modern american business: before the civil war the 20 wealthiest counties were slave counties the civil war. Calvin coolidge, 1931 upended a huge economic sector: the civil war ending started an industrial revolution. Modern late 1800s/early 1900s urbanization, faster transport, easier communication: telegraph in 1840 first modern form of communication, 1869 transcontinental railroad in the us. 1 million+ european immigrants came to the us by 1914 and thousands from latin america: 18-24 years old, desperate for work, entrepreneurial spirit give everything they have for a better future, willing to work for cheap. The us is self-sufficient in the materials it needs for the industrial revolution oil, coal, natural gas, silver, gold, tungsten, copper, etc: technology allowed for excavation of these goods and transformation into useful products.
