History of American Economics Essay Example | Topics and Well Written Essays - 1750 words

History of the Statesn Economics - Essay ExampleThe 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 Confederate 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 centre of attention colonies, that most settled land in North America by 1750 was devoted to the husbandry of a cash crop. New England turned its land over to the raising of meat products for export. The middle colonies were the drumhead 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 nigh tied to the cash crop system. South Carolina, aided by British incentives, turned to the production of sieve and indigo. North Carolina, although less oriented toward the market economy than South Carolina, was nevertheless one of the principal suppliers of ocean stores. Virginia and Maryland steadily increased their economic dependence on baccy and on the London merchants who purchased that tobacco and for the most part they ignored those who recommended that they diversify their economies by turning part of their land over to the last of wheat. Their near-total dependence upon the world tobacco price would ultimately prove disastrous, but for most of the 18th vitamin C Virginia and Maryland soil remained productive enough to make a single-crop system reasonably use ful.As America evolved from subsistence to commercial agriculture, an influential commercial class increased its origin in or so every colony. capital of Massachusetts was the centre of the merchant elite of New England, who not only dominated economic life but also wielded social and political power as well.. And it is clear that the commercial importance of the colonies was increasing. During the years 1700-10, or so 265,000 sterling was exported annually to abundant Britain from the colonies, with roughly the same amount being import by the Americans from Great Britain. By the decade 1760-70, that figure had risen to more than 1,000,000 sterling of goods exported annually to Great Britain and 1,760,000 annually imported from Great Britain. (Source Britannica encyclopedia)Situation now daysThe United States of America holds the honor of worlds greatest economic power in terms of gross national product (GNP) and is among the greatest powers in terms of GNP per capita. The natio ns wealth is partly a reflection of its rich natural resources. With only 5 percent of the worlds population, the United States produces nearly fifth of the worlds output of coal, copper, and crude petroleum. The agricultural sector produces nearly one-half of the worlds corn (maize) nearly one-fifth of its beef, pork, mutton, and lamb and more than one-tenth of its wheat.