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Early Forms Of Transportation In The United States Essay

457 Words2 Pages

This graph of the early forms of transportation in the United States fascinates me because it gives a timeline as to when transportation entered the economy, while also showing the efficiency of price dropping within transportation during these times. Specialization provokes revolutions in markets and transport. The westward push along with land sales, are making the country larger. New forms of transportation are needed to reach these new parts. Specialization and trade are what promote growth. External trade widens the market and makes possible greater division of labor and specialization. Internal trade widens the market and makes possible a greater division of labor and specialization. Early on, canals are better. “Will the “Nation” hold? One nation indivisible?” needs efficient …show more content…

Guesstimating, Measuring the Impact of the Railroads (Fogel, Fishlow, Chandler)Impact on Productivity: rrs advance, even though it slowed over time = 2% annually. paving the way for the creation of a NATIONAL MARKET. Many Linkages and a Variety of Impacts: commercial flows, agriculture, industry, labor, finance, conceptions of time, notions of progress, regulation, but by no means “indispensable” to growth. Population growth. Unevenness of patterns and geographical spread Fishlow: cost of moving freight and passengers carried by rail in 1859 estimated as if rrs vanished and shippers relied on wagons; found that higher costs figured to be about 4% GNP in 1859. railroads had 846 miles of tracks, and 26 different types of bonds payable in British pounds, U.S.dollars, and gold. responsibility for 14 different bonds of leased companies, in addition to 6 mortgage bonds and equipment certificates. Investment banks and investment bankers: make loans by creating securities (e.g. bond issues) and selling the loan as a contract in the market place. Commercial banks: loan assets that they

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