In: Economics
Aside from the expansion of industrial capitalism, what factors affected American development during the late 19th centry? How important are those factors in comparison to capitalism’s growth?
During the late nineteenth Americans believed for the expansion of national borders in order to keep the America running upright. Moreover, the Americans believed that the United States was the most powerful of nations, and that they could take any land they pleased. The expansion of American started after the Civil War. The war made substantial use of the telegraph and railroads. Moreover there was a crucial expansion of railroads with a motive on combing the Atlantic and Pacific coasts, with movement.
This growing population and an advanced transportation is one of the main causes of expansions of America in late 19th century. Europeans with surplus wealth joined Americans in investing the economic expansion of the nation. Also the farmers during this time required arable land for livestock and crops which was unavailable due to overcrowding. Thus financial panics uprooted them and sent them west for a new start. Furthermore, the American government also motivated the citizens to move west, with the motive of acquisition of new territory from foreign powers.
The above discussed factors are different from the factors in capitalism’s growth. Capitalism is a system in an economy where private entities own the factors of production namely entrepreneurship, natural resources, capital goods and labor; and ensures that an economy will produce the most desired products at an acceptable price. The owners of capital goods, entrepreneurship and natural resources exercise control through companies.