The American Economic Miracle:

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The American Economic Miracle
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The American Economic Miracle

• What Made It Possible?

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1.Factors of Production
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1.Factors of Production

• Natural Resources

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1.Factors of Production

• Natural Resources
• Fertile Land

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1.Factors of Production

• Natural Resources
• Fertile Land
• Mild Temperature

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1.Factors of Production

• Natural Resources
• Fertile Land
• Mild Temperature
• Forests

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1.Factors of Production

• Natural Resources
• Fertile Land
• Mild Temperature
• Forests
• Ores

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1.Factors of Production

• Natural Resources
• Fertile Land
• Mild Temperature
• Forests
• Ores
• Oil

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1.Factors of Production

• Natural Resources
• Labor

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1.Factors of Production

• Natural Resources
• Labor
• 1815 8.5 million pop.

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1.Factors of Production

• Natural Resources
• Labor
• 1815 8.5 million pop.
• 1820 9.6 million pop.

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1.Factors of Production

• Natural Resources
• Labor
• 1815 8.5 million pop.
• 1820 9.6 million pop.
• 1.9 million square miles

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1.Factors of Production

• Natural Resources
• Labor
• 1815 8.5 million pop.
• 1820 9.6 million pop.
• 1.9 million square miles
• 5 inhabitants per square mile

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1.Factors of Production

• Natural Resources
• Labor
• Public Education

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Horace Mann

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Horace Mann

• An early advocate for public education, he would
  be instrumental in initiating the nations first
  state public educational school system

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Horace Mann

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Horace Mann
• Cult of Domesticity

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Cult of Domesticity

• A new idea regarding the role of women in an
  industrial society. Women had a vital role to
  play as the mothers and teachers, educating our
  nations future leaders

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Horace Mann
• Cult of Domesticity

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1.Factors of Production

• Natural Resources
• Labor
• Public Education

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology
• Oliver Evans

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology
• Oliver Evans
• Eli Whitney

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology
• Oliver Evans
• Eli Whitney
• Robert Fulton

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology
• Oliver Evans
• Eli Whitney
• Robert Fulton
• Samuel Morse

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology
• Growing Markets

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology
• Growing Markets
• Government Action

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology
• Growing Markets
• Government Action
• Pacific Railroad Act

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Pacific Railroad Act

• The federal government would pay any company a
  certain amount of money for every mile of track
  constructed

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Pacific Railroad Act

• The federal government would pay any company a
  certain amount of money for every mile of track
  constructed

• 1 mile Flat land 18,000

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Pacific Railroad Act

• The federal government would pay any company a
  certain amount of money for every mile of track
  constructed

• 1 mile Flat land 18,000
• 1 mile - Foothills 36,000

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Pacific Railroad Act

• The federal government would pay any company a
  certain amount of money for every mile of track
  constructed

• 1 mile Flat land 18,000
• 1 mile - Foothills 36,000
• 1mile - Mountain 48,000

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1.Factors of Production

• Natural Resources
• Labor
• Public Education
• Technology
• Growing Markets
• Government Action
• Pacific Railroad Act

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1.Factors of Production

• Government Action
• Pacific Railroad Act

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1.Factors of Production

• Government Action
• Pacific Railroad Act
• Theodore Judah

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1.Factors of Production

• Government Action
• Pacific Railroad Act
• Theodore Judah
• Big Four

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1.Factors of Production

• Government Action
• Pacific Railroad Act
• Theodore Judah
• Big Four
• Collis Huntington

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1.Factors of Production

• Government Action
• Pacific Railroad Act
• Theodore Judah
• Big Four
• Collis Huntington
• Mark Hopkins

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1.Factors of Production

• Government Action
• Pacific Railroad Act
• Theodore Judah
• Big Four
• Collis Huntington
• Mark Hopkins
• Charles Crocker

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1.Factors of Production

• Government Action
• Pacific Railroad Act
• Theodore Judah
• Big Four
• Collis Huntington
• Mark Hopkins
• Charles Crocker
• Leland Stanford

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2.The Course of Economic Development
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2.The Course of Economic Development

• South

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2.The Course of Economic Development

• South
• Birth of the Cotton Gin

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2.The Course of Economic Development

• South
• Birth of the Cotton Gin
• 1793 2 million lbs.

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2.The Course of Economic Development

• South
• Birth of the Cotton Gin
• 1793 2 million lbs.
• 1811 80 million lbs.

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2.The Course of Economic Development

• South
• Birth of the Cotton Gin
• 1793 2 million lbs.
• 1811 80 million lbs.
• 1859 2.5 billion lbs.

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2.The Course of Economic Development

• South
• West

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2.The Course of Economic Development

• South
• West
• Reaper (Cyrus McCormick)

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2.The Course of Economic Development

• South
• West
• Reaper (Cyrus McCormick)
• Wheat

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2.The Course of Economic Development

• South
• West
• Reaper (Cyrus McCormick)
• Wheat
• In 1830 New York, Pennsylvania Virginia produce
  45 of nations wheat

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2.The Course of Economic Development

• South
• West
• Reaper (Cyrus McCormick)
• Wheat
• In 1830 New York, Pennsylvania Virginia produce
  45 of nations wheat
• By 1860 Illinois, Indiana, Ohio, Wisconsin are
  producing over 60 of the nations wheat

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2.The Course of Economic Development

• South
• West
• Transportation System

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2.The Course of Economic Development

• South
• West
• Transportation System
• River Transportation

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2.The Course of Economic Development

• South
• West
• Transportation System
• River Transportation
• Canals

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2.The Course of Economic Development

• South
• West
• Transportation System
• River Transportation
• Canals
• Railroads

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2.The Course of Economic Development

• South
• West
• Transportation System
• Factory System

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2.The Course of Economic Development

• South
• West
• Transportation System
• Factory System
• Francis Cabot Lowell

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2.The Course of Economic Development

• South
• West
• Transportation System
• Factory System
• Francis Cabot Lowell
• Lowell Factory System

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Lowell Factory System

• This system used Yankee farm girls. These young
  women could earn money to provide for themselves
  with dowries or to help pay off a family debt.
  They were attracted to Lowell by the promise of
  good wages and attractive dormitories, built at
  company expense

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2.The Course of Economic Development

• South
• West
• Transportation System
• Factory System
• Francis Cabot Lowell
• Lowell Factory System