Flashcard Deck 2_Industrial Revolution and Inventions

Front

How did the First Industrial Revolution influence the growth of industry and Americas 2nd industrial revolution?

Back

The First Industrial Revolution provided technological advancements and infrastructure that laid the groundwork for future economic growth.

Front

How did natural resources affect American economic growth?

Back

The availability of natural resources such as coal, iron, and oil contributed significantly to economic expansion.

Front

How did the Civil War affect American industry?

Back

The Civil War acted as an economic catalyst, boosting industrial production and innovation.

Front

How did government help or hinder industrialization?

Back

Government policies and support played a crucial role in facilitating economic development and growth.

It encouraged expansion and industrialization through policies such as Laissez Faire and Land grants.

Front

How did the American “Free Enterprise” System affect the economy in this period?

Back

The free enterprise system encouraged competition and innovation, driving economic progress.

Front

Legacy of the First Industrial Revolution

Back

The 18th century marked the First Industrial Revolution, which brought many inventions such as steam power and mass production. It led to the development of the steamboat and expansion in manufacturing.

Front

Economic Stimulus Provided By Civil War

Back

Northern manufacturing doubled during the Civil War.

Front

Laissez-faire Capitalism (Adam Smith)

Back

Government would interfere with the free market as little as possible, hands off

Front

Patent System

Back

Encouraged inventiveness by guaranteeing an inventor exclusive rights for a limited period

Front

Tariffs

Back

Taxes on foreign imports that protected American manufacturing from foreign competition