Question

how did the Erie Canal illustrate the role of government, innovative technology, and entrepreneurship in American Capitalism

Answer 1

During the construction of Erie Canal the role of federal government grew. The American System was introduced by Congressman Henry Clay for the development of internal improvements, protection American industry through tariffs, and create a national bank. local and Federal governments, and also the private individuals. The State of New York government during the same time was also promoting the development of canals, roads, railroads, and improved the mobility of entire infrastructure system. The Erie Canal's completion in 1825 had been a tremendous engineering feat that opened the trade in West with markets on the east coast. With the developed systems of transportation the concept of Manifest Destiny came. The   railroad magnates, land developers, and other entrepreneurs capitalized for the westward settlement into American Indian land

In 1825 the Erie Canal was firstly opened; and it has a significant impact and immediate impact on the economy. Erie Canal was the main force in a market revolution which caused the modern capitalism in United States. It changed dramatically the way people lived and worked, and the way entrepreneurship was conducted. It decreased tenfold the costs to ship materials and goods between the Midwest and New York. Also now nearly triple times the volume of materials could be shipped through canal. Aggressive entrepreneurship, led by William Butler Ogden (former New York State legislator) lead to the opening of a route for trade from New York to Chicago. It opened the west for the exponential growth of economic activities and capitalized the success of the Canal. Moreover canal tolls revenues touched eight million dollars, and allowed to erase the original debt on construction