Video instructions and help with filling out and completing Fill Form 5495 Historical

Instructions and Help about Fill Form 5495 Historical

Hi I'm John Green this is crash-course US history and today we're gonna discuss economics and how a generation obscure and mr. green is this gonna be one of those boring ones with no wars or generals who had cool last words or anything all right me from the past I will give you a smidge of great man history but only a smidge so today we're gonna discuss American industrialization in the decades after the Civil War during which time the u.s. went from having per capita about a third of Great Britain's industrial output to becoming the richest and most industrialized nation on earth yeah you might want to hold off on that libertagia stand because this happened mostly thanks to the not particularly awesome civil war which improved the finance system by forcing the introduction of a national currency and spurred industrialization by giving massive contracts to arms and clothing manufacturers the Civil War also boosted the Telegraph which improved communication and gave birth to the Transcontinental railway via the Pacific Railway Act of 1862 all of which increased efficiency and productivity so thanks Civil War if you want to explain America's economic growth in a nutshell chalk it up to G D and L Gerard Depardieu and Lohan know geography demography and law however while we're on the topic when was your our Depardieu and mins you go and have a baby stand can I see it yes yes geographically the US was a huge country with all the resources necessary for an industrial boom like we had coal and iron and later oil initially we had water to power our factories later replaced by coal and we had amber waves of grain to feed our growing population which leads to the demography America's population grew from 40 million in 1870 to 76 million in 1900 and a third of that growth was due to emigration which is good for economies many of these immigrants flooded the burgeoning cities as America shifted from being an agrarian rural nation to being an industrial urban one like New York City became the center of commerce and Finance and by 1898 it had a population of 3.4 million people and the industrial heartland was in the Great Lakes region Chicago became the second largest city by 1900 Cleveland became a leader in oil refining and Pittsburgh was a center of iron and steel production and even today the great city of Pittsburgh still employs 53 Steelers last but not least was the law the Constitution and its Commerce Clause made the u.s. a single area of Commerce like a giant customs union and as we'll see in a bit the Supreme Court interpreted the laws in a very business friendly way also the American Constitution protects patents which encourages invention and innovation or at least it used to and despite what Iran would tell you the American government played a role in American economic growth by putting up high tariffs especially on steel giving massive land grants to railroads and by putting Native Americans on reservations also foreigners played an important role they invested their capital and involved Americans and their economic scandals like the one that led to a depression in 1893 the u.s. was at the time seen by Europeans as a developing economy and investments in America offered much higher returns than those available in Europe and the changes we're talking about here were massive in 1880 for the first time a majority of the workforce worked in non farming jobs by 1890 two-thirds of Americans worked for wages rather than farming or owning their own businesses and by 1913 the United States produced 1/3 of the world's total industrial output now bring out the Libertas tan awesome and even better we now get to talk about perennial e underrated railroads let's go to the thought-bubble although we tend to forget about them here in the US because our passenger rail system sucks railroads were one of the keys to America's 19th century industrial success railroads increased commerce and integrated the American market which allowed national brands to emerge like Ivory soap and ANP grocery stores but railroads changed and improved our economy and less obvious ways to for instance they gave us time zones which were created by the major railroad companies to make shipping and passenger transport more standards also because he recognized the importance of telling time a railroad agent named Richard Warren Sears turned a 50 dollar investment in washes into an enormous mail-order empire and railroads made it possible for him and his eventual partner Roebuck to ship watches and then jewelry and then pretty much everything including unconstructed freaking houses throughout the country railroads were also the first modern corporations these companies were large they had many employees they spanned the country and that meant they needed to invent organizational methods including the middle managers supervisors to supervise supervisors and for the first time the owners of a company were not always day-to-day managers because railroads were among the first publicly traded corporations they needed a lot of capital to build tracks and stations so they sold shares in the company in order to raise that money which shares could then be bought and sold by the public and that is how railroads created the first captains of industry like Cornelius they named a university after me Vanderbilt and Andrew me to Carnegie Mellon and Leland I named the University after my son Stanford the railroad business was also emblematic of the partnership between the national government and industry the Transcontinental Railroad after all wouldn't have existed without congressional legislation federal land grants and government-sponsored bond issues big thought bubble a barely it's time to mystery document the rules here are simple I guess the author of the mystery document and if I'm wrong which I usually am I get shocked all right the belief is common in America