BOOM AND BUST ECONOMIC DEVELOPMENT and ITS ISSUES
BOOM AND BUST: ECONOMIC DEVELOPMENT and ITS ISSUES
THE FARMER • • • THE SPANISH: Live among the Natives but oppressed them. Encomiendas: Native workers forced to farm the land.
THE FARMER • v • • THE BRITISH: Colonized using joint stock company JOINT STOCK COMPANY: Corporations which allowed investors to pool their wealth (people put their money in stock; they would make money along with the government.
THE FARMER • • • Jamestown, VA: First settlement by the Brits “Brown Gold” was discovered: TOBACCO! HEADRIGHT SYSTEM: In 1618, the British Government promised 50 acres of land 50 more acres to any family member that migrated. Why have this promotion? ? !! INDENTURED SERVITUDE: Usually 4 -7 years of service was done in exchange for food and shelter.
THE FARMER • • • FIRST AFRICAN LABORERS: 1619: First Africans came on a Dutch ship. About 20 came as indentured servants. Because of ECONOMIC reasons, colonists turned to slave labor
THE FARMER • AGRICULTURE IN THE NORTH: • Usually established small farms • Grew what they needed to survive • Farms were not large; therefore, slaves were not needed • By 1804: Slavery died out in the North
THE FARMER • 1793: In the South, the COTTON GIN helped create a CASH CROP for farmers • Plantations sprang up all over the deep South: LA, MS, and AL • Slavery became deeply entrenched.
THE FARMER • CLAY PROPOSES the AMERICAN SYSTEM – Establish a protective tariff – Resurrect the National Bank – Develop transportation system – North=would produce manufactured goods; farmers in the South and West would buy; – South=would raise grain and meat and cotton to sell
THE FARMER • By mid-19 th Century: – Lots of industrialization in the NE – Farmers began to shift from producing only for themselves to selling 1 -2 crops abroad – SPECIALIZATION – MARKET REVOLUTION: • People bought and sold goods rather than making them for themselves • Goods and services multiplied • 1840 s alone: National economy grew
THE FARMER • By the 1850 s: – Railroads are opening the West – Homestead Act of 1862: 160 acres of land for free to anyone willing to cultivate it for 5 years!!!!! – IN 1889: a major land giveaway in what is now OK attracted thousandsless than 24 hours, 2 million acres of land was claimed!!
THE FARMER • http: //www. youtube. com/watch? v =j. Fr. Vo. G-ed. Fc
THE FARMER • CHALLENGES OF THE PLAINS – Dugouts and Soddies – Not a lot of trees on the plains – Many pioneers had to ‘dig’ their homes out of sides of hills/ravines
THE FARMER • New Technology for the FRONTIER – 1837: John Deere invented a steel plow that could slice through the heavy soil – 1847: Cyrus Mc. Cormick produced a reaping machine – 1869: Spring toothed harrow – Grain Drill – 1874: Barbed Wire – 1890: 900 manufacturers of farm equipment sprang up
THE FARMER • Morrill Land Grant Acts (1862, 1890) • Gave federal land to the states to help finance agricultural colleges
THE FARMER • Machinery =EXPENSIVE • Farmers often went into debt right away! • Wheat prices=high; debt could be paid off; when low=can’t! • Railroad Companies=charging higher fees for shorter hauls of coprs • Farmers began to unite to fight this!
THE FARMER
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