Chapter IV The Development of American Economy

• 1.Politics:

• (1). Stable constitution and federal system

• (2).wars: 1775-83,1861-65:capitalistic economy: private enterprise,profit; competition;productivity.

• (3).Aggression and expansion

Analysis of strong American economy

• 2.geographic factors.

• 3.science and technology revolutions.

• 4.immigrants.

• 5.westward movement and its spirit.

• dream of getting rich,entrepreneur.

• 6.labor union.

• 7.knowledge and role of high technology

History of American Economy

• 1.laissez faire

• 2.stock ownership

• 3. The Gilded Age:

1870s and 1880s: corruption,greediness.

• 4.John Keynes

2.American agriculture and industry.

• Midwest: most important agriculture region: corn belt and wheat belt.