Economic history Essay Example | Topics and Well Written Essays - 500 words

Economic history - Essay ExampleThe growth of the United States parsimony in the period from 1790 to 1860 can be seen in terms of an expansion and a growing complexity (Suranovic, 1997). The local market relations that existed before canals and railroads were personally run on trade and a mixture of cash and barter. With the growth of the Souths cotton manufacturing in the period after 1815, the agricultural branched out and developed an interregional trade system that was structured around a growing number of banks and currency (Whitman, F.K., 2000, p. 535).Between 1807 and 1815, U.S. foreign trade was gravely disrupted by Jeffersons trade embargo, subsequent non-importation measures, and the War of 1812. These disruptions are commonly believed to have spurred early U.S. industrialization (Zuckerman, 2006). Because of the aforementioned disruptions, especially the embargo, domestic industry was encouraged and emerging local industries were protected from import competition by p reventing foreign manufactured goods from reaching the U.S. market (Davis, J.H., 2003, p. 228).Due to the resulting trend of interregional trade, new manufacturing firms were ceremonious and existing domestic producers rapidly expanded output to replace previously imported goods (Zuckerman, 2006). Interregional trading also led to the American economy becoming industrialized, low in the Northeast, in order for inter-region commerce to become more convenient (Herbst, 1997). New inventions and capital investment led to the creation of new industries and economic growth. As transportation improved, new markets continuously opened. The steamboat made river traffic faster and cheaper, but development of railroads had an even greater effect, opening up vast stretches of new grease for development. Furthermore, the United States became an economic power with the dramatic expansion of domestic markets, as the set of regional