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Economic Growth in the United States Essay
Economic Growth in the United States Paper
The epoch of modern economic growth is, undeniably, a European phenomenon that began in the 19th century. The United States is one the counties that experienced stellar economic growth during the period. Towards the end of the century, the US was at the apex of industrialization in the whole world yet its economic relations— in terms of capital flows, trade, and migration— were underpinned on Europe. In 1790, when the US conducted the first federal census, the population was just 4 million. By 1870, the population had burgeoned tenfold, making the US population larger than any other European country but Russia (Neal and Cameron, 2015). High rate of natural increase and almost-unrestricted immigration policy, which led to massive flow of immigrants from Europe before the end of World War I, were the main causations of this trend. The fast-growing population provided labor and consolidated domestic market.
Nevertheless, income and wealth surged more rapidly than population. The dearth of labor in relation to land led to increase in wages and improved standards of living (Neal and Cameron, 2015). After adopting the Constitution, per capita income doubled until the outbreak of Civil War thanks to rich natural resources and abundant land, proliferation of technology, and development of regional specialization (Neal and Cameron, 2015). By then, the American economic growth had surpassed Europe’s. Specifically, the greater scale of regional specialization than Europe was stimulated by vast physical dimension of the US, coupled with varied resources and climates.
Before independence, most of the American labor worked on plantations. Agricultural sector absorbed 90 percent of the workforce and large share of the remainder on commerce (Neal and Cameron, 2015). Soon after 1789, the New World began to diversify; setting up factories .....................GET A PLAGIARISM FREE COPY