MGMT 1030 Lecture Notes - Lecture 2: Cotton Gin, Franklin D. Roosevelt, Roaring Twenties

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20 Jul 2016
Department
Course
Professor
The Development of American
Capitalism
MGMT 1030
Schulich School of Business
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The First Industrial Revolution in America (1790s to
1850s)
1)Agricultural Improvements and the National Economy
The importance of Southern cotton
Eli Whitney and invention of cotton gin (1793)
Spurred westward migration and growth of slavery
Cotton exports accounted for more than 50% of all American exports from
1835 to 1860
Westward movement from Northern states
Incentives
Soil exhaustion
Improved farming technology
Government sold land at low prices
2)Transportation and Improvements
Roads
4,000 miles of turnpike roads by 1821
Canals
Erie Canal completed in 1825
Railroads
3,400 miles of track in 1830
30,600 miles of track in 1860
3)Growth of Industry
Textile manufacturing
Domestic handicraft system
Mechanized factories widespread in New England by 1815
Technological improvements
McCormick reaper (1841)
Vulcanizing rubber
Telegraph
4)Immigration
Irish
1840s famine resulted in one million Irish coming to U.S.
Concentrated in urban areas of the Northeast
Comprised more than half of New York and Boston by 1860
German
1.2 million German-born Americans in 1860
Mixed populations in terms of religion, occupation and gender
Chinese
36,000 Chinese-born immigrants in America in 1860
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