Which industry most spurred economic growth

Feb 05 PM. Expert's Answer Solution. Feedback :. Next Previous. Related Questions. Problem 1: Provide a brief overview of the evolution of market research and intelligence as support factors for marketing strategy. Problem 2: Chart the growth and development of e-Marketing in your selected industry. Problem 3: Evaluate the key Write 10 page essay on the topic Creative Ventures and Enterprise.

In , the young women employed by the Boston Manufacturing Company in Waltham went on strike for two days when their wages were cut. In , workers in Pawtucket went on strike to protest reduced pay rates and longer hours, the latter of which had been achieved by cutting back the amount of time allowed for meals.

Similar strikes occurred at Lowell and in other mill towns such as Dover, New Hampshire, where the women employed by the Cocheco Manufacturing Company ceased working in December after their wages were reduced. In the s, female mill operatives in Lowell formed the Lowell Factory Girls Association to organize strike activities in the face of wage cuts and, later, established the Lowell Female Labor Reform Association to protest the twelve-hour workday.

They distributed legislative petitions, formed labor organizations, contributed essays and articles to pro-labor newspapers, and protested through turn-outs or strikes. Even though strikes were rarely successful and workers usually were forced to accept reduced wages and increased hours, work stoppages as a form of labor protest represented the beginnings of the labor movement in the United States.

In the antebellum era—that is, in the years before the Civil War—American planters in the South continued to grow Chesapeake tobacco and Carolina rice as they had in the colonial era. In , Eli Whitney revolutionized the production of cotton when he invented the cotton gin, a device that separated the seeds from raw cotton.

Suddenly, a process that was extraordinarily labor-intensive when done by hand could be completed quickly and easily. American plantation owners, who were searching for a successful staple crop to compete on the world market, found it in cotton. A cotton gin on display at the Eli Whitney Museum : The invention of the cotton gin revolutionized the textile industry in the early nineteenth century and transformed the economy of the South.

As a commodity, cotton had the advantage of being easily stored and transported. A demand for it already existed in the industrial textile mills in Great Britain, and in time, a steady stream of slave-grown American cotton would also supply northern textile mills.

Southern cotton, picked and processed by American slaves, helped fuel the nineteenth-century Industrial Revolution in both the United States and Great Britain.

New Orleans, Louisiana, and Galveston, Texas, were shipping points that derived substantial economic benefit from cotton raised throughout the South. Additionally, the development of large-scale mills and metal machine tools dramatically increased textile production in northern mill towns in the early s. Though cotton was primarily grown for export to Europe, this textile boom in New England created an important domestic market for southern cotton producers.

Due to its profound effect on American slavery, the growth of the cotton industry is frequently cited as one of the causes of the American Civil War. The number of slaves rose in concert with the increase in cotton production, increasing from approximately , in to roughly 3. A congressional ban on the importation of slaves from Africa in only increased the demand for domestic slaves on cotton plantations, hindering the work of abolitionists who sought to end slavery.

Slave market in Atlanta, Georgia, : This image depicts the site of a slave market in Atlanta in The cotton industry in the South was fully dependent on the institution of slavery. The United States experienced a communication revolution in in the early s, during which the penny press and the electrical telegraph emerged.

Advances in forms of communications greatly expanded in the United States during the early s. The penny press and the electrical telegraph were among the innovations that emerged during this communications revolution. In the early s, newspapers were largely meant for the elite. They generally took two forms: mercantile sheets intended for the business community, which contained ship schedules, wholesale product prices, advertisements, and some foreign news; and political newspapers, which were controlled by political parties or their editors as a means of sharing their views with elite stakeholders.

Journalists reported the party line and editorialized in favor of party positions. Mass production of inexpensive newspapers became possible due to the shift from handcrafted printing to steam-powered printing. Penny papers—specifically targeting the working class urban population—quickly became widespread. The cheap sensationalized news sources covered crime, tragedy, adventure, and gossip, and these newspapers easily shifted allegiance on political issues.

The changes made during the Penny Press era set the standards for all future newspapers, and those standards are still implemented today. In , Samuel Morse and Alfred Vail developed an electrical telegraph capable of transmitting text messages over long distances using wire.

Together, they developed the Morse code signaling alphabet system. In , the U. Improved communication systems fostered the development of business, economics, and politics by allowing for dissemination of news at a speed previously unknown. Privacy Policy.

Skip to main content. The Market Revolution: — Search for:. The Market Revolution. The Market Revolution The Market Revolution of the nineteenth century radically shifted commerce as well as the way of life for most Americans.

Learning Objectives Summarize the key technological, political, and geographic factors that contributed to the Market Revolution in the United States. Key Takeaways Key Points The Market Revolution was characterized by a shift away from local or regional markets to national markets.

Large-scale domestic manufacturing, concentrated in the North, decreased dependence on foreign imports and resulted in an increase in wage labor. The rapid development and westward expansion during the Market Revolution resulted in land speculation which caused economic boom and bust. Key Terms wage labor : The socioeconomic relationship between a worker and an employer, in which the worker sells his labor under a formal or informal employment contract.

American System : A set of manufacturing methods that evolved in the nineteenth century, characterized by a system for making interchangeable parts and a high degree of mechanization that results in a more efficient use of labor compared to hand methods. Eli Whitney : An American inventor best known for inventing the cotton gin.

Transportation: Roads, Canals, and Railroads In the nineteenth century, the construction of roads, rails, and canals dramatically improved national mobility. Learning Objectives Describe the revolution in transportation in the nineteenth century and its contribution to economic growth. Key Takeaways Key Points During the first quarter of the nineteenth century, the federal government, state governments, and private investors directed significant resources to the transportation sector.

The National Road, or Cumberland Road, was the first highway built by the federal government. The development of the Erie Canal, extending from New York State to the Great Lakes, cut the costs of freight transport by 95 percent and contributed greatly to the wealth and stature of New York City.

Though canals offered tremendous advantages over land shipment, they could not compete with the efficiency and flexibility of the railroad. With improved methods of transportation came the concept of Manifest Destiny; land developers, railroad magnates, and other investors capitalized on westward settlement into American Indian land.

Baltimore and Ohio Railroad : One of the oldest rail lines in the United States and the first common carrier rail line. National Road : The first major improved highway in the United States to be built by the federal government. As discussed above, the adoption of electricity in American manufacturing initiated a rapid evolution in the organization of plants and rapid increases in productivity in all types of manufacturing.

The steel industry was already highly concentrated by as U. Recreational activities such as traveling, going to movies, and professional sports became major businesses. However, the lamps proved a false dawn because they became unsafe very quickly and provided a weak light. Their vast capital requirements required the use of incorporation, a legal innovation that protected shareholders from losses.

Skyscrapers were being erected in most major cities, the automobile manufacturers produced over four and a half million new cars in ; and the stock market, like a barometer of which industry most spurred economic growth and innovation in related industries prosperity, was on a dizzying ride to higher and higher prices. GDPR also incentivizes enterprise compliance and accountability through punitive fines. The Industrial Revolution was the transition to new manufacturing processes in Europe and the United States, in which industry most spurred economic growth and innovation in related industries period from between to and In all this diversity of technological improvement, the unity of movement is apparent: change begat change.

The information and communications technology ICT industry stands at the center of much of this activity, underpinning the digital economy and serving as a reliable yardstick of its performance. The New York City bank insisted that moral suasion would not work which industry most spurred economic growth and innovation in related industries backed up by literal credit rationing on a bank by bank basis which they, and the other district banks, were unwilling to do.

A few of these early locomotives were used in mines. Post was not sent - check your email addresses! ICT and economic growth — Comparing developing, emerging and developed countries. Because of this element of subjectivity, not only can we never accurately know those values, but also we can never know how they varied among individuals. In addition to the employment boost provided by the IT and related industry, associated industry productivity has grown as well. There was a very mild recession in and another mild recession in both of which may be related to oil price shocks McMillin and Parker, To do this they sold securities and, in three steps, raised the discount rate to 5 percent by July On aggregates, the professional services sector significantly expanded between and The recovery reduced unemployment to an average rate of 4.

The crash began on Monday, October 21, as the index of stock prices fell 3 points on the third-largest volume in the history of the New York Stock Exchange.

The continuous substitution of tractor power for horse and mule power released hay and oats acreage to grow crops for human consumption. Just as the construction of skyscrapers that began in the s resumed in the s, so did real economic growth and progress resume.

The convergence around this inflection point toward enterprise cloud-based digital transformation and innovation will remain a key source of opportunity for IT-service-based providers.

Cisco Real wages were not keeping up with the price of food. What are the major industries of South Dakota? The remaining Lowell and his partners built America's second cotton-to-cloth textile mill at Waltham, Massachusettssecond to the Beverly Cotton Manufactory.

The IT services sector distributes innovative technologies from consulting services to downstream business organizations seeking to improve efficiency, generating significant multiplier effects across the industry value chain. This trend exemplifies the role of the IT service delivery industry in supplying services to other sectors and its influence on the expansion of the U.

Whereas aggregate IT spending is expected to rise on a global scale, growth will be unevenly distributed across key geographical markets: North America the U. The simultaneous existence of growing and declining industries has been common to all eras because economic growth and technological progress never affect all sectors in the same way. Rather, the Fed knowingly pursued a deflationary policy because it felt that the money supply was simply too large and prices too high.

Peasant resistance to industrialisation was largely eliminated by the Enclosure movement, and the landed upper classes developed commercial interests that made them pioneers in removing obstacles to the growth of capitalism. Declining prominence in goods-producing sectors is not exclusive to the U. The Dale Company used several Newcomen engines to drain its mines and made parts for engines which it sold throughout the country.

The logistical effort in procuring and distributing raw materials and picking up finished goods were also limitations of the putting out system. This jumps to about 30 percent in Jamaica and more than 40 to 50 percent in the smaller Caribbean islands. The path of the stock market boom of the twenties can be seen in Figure There were other problems with international economic activity in the twenties. Firms desperately wanted to stabilize and reduce the production of crude petroleum so as to stabilize and raise the prices of crude petroleum and refined products.

Job growth in this sector also signifies further integration of the IT service industry with other-sector economic activities. From toSweden experienced its "first" Industrial Revolution with a veritable explosion in export, dominated which industry most spurred economic growth and innovation in related industries crops, wood and steel.

Economic growth in the s was impressive. A growing share of technology spending will be diverted toward newer capabilities such as AI, robotics, and augmented reality, fueled in part by the cost savings generated by cloud-based technology and automation. These moves of Sears Roebuck and Montgomery Ward expanded department store retailing and provided a new type of chain store.

But the dramatic expansion in the financial sector came in new corporate securities issues in the twenties—especially common and preferred stock—and in the trading of existing shares of those securities. He created the cotton mill which brought the production processes together in a factory, and he developed the use of power—first horse power and then water power —which made cotton manufacture a mechanised industry.

AI has spearheaded this explosive trend; large companies have sought to integrate AI into cloud-based technologies and have delivered these tools on a mass scale. By contrast, the industry sector which industry most spurred economic growth and innovation in related industries 73 percent of its inputs.