History of American Economics - Essay Example

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History of American Economics

The US economy has overthrown all other economies since then and is ever-growing with the passage of time. A brief chart is given below for further understanding.
Table 1: RAILROAD MILEAGE INCREASE BY GROUPS OF STATES 1850 1860 1870 1880 1890 New England 2,507 3,660 4,494 5,982 6,831 Middle States 3,202 6,705 10,964 15,872 21,536 Southern States 2,036 8,838 11,192 14,778 29,209 Western States and Territories 1,276 11,400 24,587 52,589 62,394 Pacific States and Territories 23 1,677 4,080 9,804 TOTAL USA 9,021 30,626 52,914 93,301 129,774 SOURCE: Chauncey M. Depew (ed.), One Hundred Years of American Commerce 1795-1895 p 111 (Source Wikipedia)
The independent yeoman farmer continued to exist, particularly in New England and the middle colonies, but most settled land in North America by 1750 was devoted to the cultivation of a cash crop. New England turned its land over to the raising of meat products for export. The middle colonies were the principal producers of grains. By 1700 Philadelphia exported more than 350,000 bushels of wheat and more than 18,000 tons of flour annually. The Southern colonies were, of course, even more closely tied to the cash crop system. South Carolina, aided by British incentives, turned to the production of rice and indigo. ...Show more

Summary

The roots of economic history of the United States are in European settlements in the 16th, 17th, and 18th centuries. The American colonies advanced from slightly successful colonial economies to a small, but independent economy of farming, which in 1776 became the United States of America…
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