HIS-144 The Development of the Amercian Economy

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1 HIS-144: Development of the American Economy Dankyra Saintil HIS- 144 Dr. Michael Rollins Date: 10/23/2022

2 Question 1 Henry Clay's system was developed in the wave of nationalism following the war of 1812. The system was based on three key factors: tariffs, subsidies, and a national bank (U.S. Senate, 2022). The tariff was to promote and safeguard the American Industry, a national bank to encourage trade, and federal funding for canals, infrastructures, and other internal improvements to generate feasible markets for farmers (U.S. Senate, 2022). According to Clay, tariffs and the sale of public land would provide funding for the subsidies. He contended that a return to the British system could be avoided if a system of sectional economic interdependence was rigorously maintained. Question 2 The early 1800's significantly influenced the beginning of the industrial revolution, notably the transportation revolution. Thomas Jefferson ordered the building of a national road in 1806, and construction started in 1811 (Schultz, 2018). After the American Revolution, a more efficient method was needed to link the east to the border of the expanding American west. The 620-mile road, also known as the Cumberland road, was utilized by families heading west along with businesses and politicians (Schultz, 2018). Steam-powered boats and canals were also significant modes of transportation. The Erie Canal was constructed in 1828 and considerably cut transportation costs (Schultz, 2018). Before the canal, travel by stagecoach and cart was arduous and costly. It enabled bulk transit throughout the Great Lakes region. Eventually, the Erie Canal grew too small and expanded into a network of canals, and by 1840, the United States had approximately 300 miles of canals (Schultz, 2018). The Great Lakes and rivers powered by steam could convey more freight than

3 all other modes of transportation combined. As with most products of the industrial revolution, it was once viewed as unsafe and sluggish, but it rose in popularity and developed with time. The employment of steamboats benefited the south and west by allowing the east to ship more commodities westward from 1800 to 1830 (Schultz, 2018). The traveling time from New York City to other important cities, including Pittsburgh and Detroit, was reduced significantly. Question 3 After the Civil War, the steel industry underwent one of the most significant technological breakthroughs. The invention of steel was a driving force behind the entire revolutionary movement. It was used to construct skyscrapers, bridges, and heavy machinery (Schultz, 2018). Although production costs were high, it became possible to produce by the early 1800's, but it was still considered costly. Bessemer Process, introduced in 1859, reduced production costs and increased production speeds (Schultz, 2018). John D. Rockefeller essentially monopolized the petroleum industry in the 1800's, which was another significant economic force at the time. To achieve his goal of dominating the oil industry, Rockefeller enlisted the aid of his rival oil firms, thereby putting an end to any threat of competition. Power was the driving force behind the rise to prominence of the individuals who ruled the steel and oil industries. These men wielded such influence that rival companies were practically compelled to collaborate with men like Rockefeller and Carnegie to stay afloat. The fact that these business titans could exert such influence was crucial to their ultimate success. Question 4 The United States labor unions were founded in response to widespread dissatisfaction with the status quo (Schultz, 2018). It was inevitable that socialist and capitalist ideals would

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4 eventually conflict with the prevailing economic model in the United States. For various reasons, employees worried that they would be laid off, factories ran with poor conditions, resulting in injuries and layoffs, immigrants came willing to work for less, and technology improved, removing the need for workers (Schultz, 2018). As a group, these worried employees would make requests. The concept of collective bargaining is still applied to this date when workers go on strike. Between 1864 and 1874, national labor organizations were created, including numerous communist ideals from immigrants (Schultz, 2018). Some unions resorted to violence, and those around them were worried the unions would be violent. Nevertheless, labor unions successfully achieved aims that continue to affect modern culture. In modern times, we have laws protecting workers' rights to organize, speak out, and receive a living wage. Even in modern times, labor unions serve as workers' voices and shield them from their employers.

5 References Schultz, K., 2018. HIST, Comprehensive . 5th ed. Boston: Cengage. Senate.gov. 2022. U.S. Senate: Classic Senate Speeches . [online] Available at: https://www.senate.gov/artandhistory/history/common/generic/Speeches_ClayAmericanS ystem.