Prompt was to detail the U.S. economic growth and development following the civil war. it is suppose to be 3 or 4 pages but I only managed 2 and 1/4 page. Thank the heavens for MLA format!
I forgot about having to do this because I was working on the other essay. So I rushed this essay out. I read the how to write a paper without research essay and I tried to do what it suggested.
It's also due tomorrow.
Lee Iacocca, former Chrysler CEO, once said that "People want economy and they will pay any price to get it." After the Civil War, the United States experienced rapid economic development due to industrialization and urbanization. It is evident that the United States experienced transitional pains while the modernization took place. The United States' economy embarked on an arduous journey to get where it is today.
At the end of the civil war, the United States experienced a rapid growth of the railroad industry. At the time, the railroad industry provided many American with employment. Jay Cooke and other wealthy businessmen planned to construct another transcontinental railroad. However, Cooke's financing firm discovered they had ran out of money and filed for bankruptcy. This sparked the Panic of 1873. The bankruptcy created a ripple effect throughout the country and caused a major upset in the U.S. economy. The New York Stock Exchange was closed down for 10 days. Many businesses and railroads closed, unemployment reached 14% in 1876. Many railroad workers went on strike causing the president, Rutherford Hayes, to send in federal troops.
In 1910, there still a large amount of farms in the United States. There were approximately 5.4 million farms. During this decade, the work hours were 12 hours a day, 6-7 days a week. The government collected only 567 million dollars in taxes and is spending only 1.8 percent of the GDP. The World War I began and there was a surge in government spending. There was need for military goods during this time. During the 1920s, there was a big business boom. Factories, machinery, and a standardize mass production method which resulted from WWI help for quick and efficient production of goods. Higher wages helped for more demand of consumer goods. Farmers were increasingly moving to the urban area. Farmers who stayed were faced with problems such as weather and shortsighted farming practices. President Hoover helped to ease the farmers' pain with the creation of the federal Farm Board. It helped to regulate the farmer market and was the first step to provide stability to the farmers. There was a major tax reduction under the republicans which is one of the causes of the Great Depression. Black Tuesday, Wall Street Crash of 1929, was widespread and considered to be the beginning of the great depression.
The Great Depression occurred in the 1930s and ended in 1941. It was a decade of poverty and unemployment which soon spread to other continents. President Roosevelt initiated the New Deal which was to provide help and aid to the U.S. people and economy. It was created with the 3 Rs in mind: Relief, Recovery, and Reform. He also signed the bill to legalize the sale and manufacture of alcohol. As the 1930s gave way to 1940s, the economy is raising, banks are reformed, and there were significant government spending on reform programs. World War II began and the economy saw the GNP rise to 40% by 1943. Technological advances helped farmers to become efficient with the use of gasoline, fertilizers, and pesticides. More Americans are joining the middle class. There was large number of educated workers thanks to the GI bill. Unions won contracts and benefits from businesses. By the 1950s, Employment in the farm area began to decreased; farms are now increasingly managed by family members. In 1961, President Kennedy passed the largest tax cut in U.S. history. 200 billion dollars of war bonds had matured. In the 60s, there was an increase in government spending and aid for inner cities. The government financed ARPANET which is now the Internet. Federal spending increased even more with Medicare, food stamps, and educational initiatives. The end of the 60s met with inflation as the government failed to raise taxes to support the Vietnam War and various government programs.
The United States certainly came a long way since the ending of the civil war. There were various ups and downs of the United States economy. The United States is amazingly resilient, always recovering from bad times.