Question

Briefly describe the development of the market economy in the 1800’s

Answer 1

During the 1800's, the development of the market economy in the United was the result of different factors such as the boom period in agriculture with the introduction of new staple crops and the advancements in farm equipment. Besides, millions of acres of Native Americans' land were taken by the federal government and sold to speculators due to the federal land policy. In addition, there was a high cotton demand from the textile industry in Great Britain, so the US became one of the world's cotton supply since more than fifty percent of American cotton was exported. In addition, new agricultural equipment -such as the John Deere steel plow- allowed farmers to cope with the demand for wheat, corn and other cereals. What is also important, is the urban growth caused by the improvements in transportation, industrial labour opportunities, and different flows of immigration.