Order from us for quality, customized work in due time of your choice.
Technological advancements in the field of transportation are essential to consider when discussing the subject of economics. Several researchers state that the period from 1865 to 1900 manifests a significant rise in nationwide profits in the United States, spurred by the transport system changes (Rosenberg 50). In this essay, the main factors of increasing economic growth through transportation will be discussed, and the reasons for such a connection will be presented.
The systems of transport have an incremental role in the countrys affluence. The ability to successfully transfer various goods can significantly impact the traders success, thus contributing to the economic expansion of the whole region (Rosenberg 115). The period between 1865 and 1900 has been referred to as the American economic expansion, which signifies the importance of these years in the global development of the USAs commerce (Rosenberg 115).
During these times, imperative advancements to the transportation system were implemented, namely the improvements to the railroad network (Rosenberg 117). The transportation revolution that transpired from 1815 to 1860 made it possible for the railroad complex to advance into different regions and countries, such as Canada and Mexico (Nettels 250). Supporting the trade with the business organizations from these states allowed the USA to expand its economic influence, securing the transfer of various goods and services (Rosenberg 172). Altogether, the growth of the railroad system that followed the transportation revolution was an essential part of the USAs economic advancements.
A lucrative trading connection requires fast rates of transportation to stay profitable. In the years between 1865 and 1900, excessive delivery times and costs significantly decreased the income received from this enterprise (Rosenberg 158). In order to acquire exceptional results of trade in this field, it was necessary to develop a more efficient system of transfer (Rosenberg 158). This process was made possible by recent technological advancements, which improved the steamship and railroad systems (Rosenberg 159). Lower shipping times remarkably elevated the amount of produce that could be transported, thus increasing financial surplus and contributing to the economic expansion (Pascali 2823). The technological changes to the systems of transport yielded significant outcomes for the American economy.
It is imperative to consider the effects of integrating a quality delivery complex. The railroad network is believed to be one of the most exceptionally developed in the period discussed, allowing the transfer of goods and services between remote regions (Pascali 2824). As this structure grew larger, it slowly became extensive, lowering prices and creating a transportation option affordable even for small local businesses (Pascali 2824).
The involvement of private organizations was an essential factor in the economic expansion between 1865 and 1900. Furthermore, promoting the development of transportation systems was highly beneficial for both the government and corporate investors, as it increased their economic range and generated more income from distant areas (Pascali 2824). In the long term, such benefactions proved to be highly profitable, further raising the contributors interest (Pascali 2825). It appears that both the American state and large business owners donated monetary resources to the transportation advancements to secure the financial success of their enterprises.
To conclude, several factors related to the development of transport systems can be beneficial to a specific countrys economic growth. Stable connections between the state and its neighboring nations improve the trading relationships and generate additional income, thus expanding the economic range. The improvements to the railroad complex, as well as the sea transport, significantly impacted the expansion of financial resources of the United States between 1865 and 1900.
Works Cited
Nettels, Curtis. The Emergence of a National Economy, 1775-1815. Routledge, 2017.
Pascali, Luigi. The Wind of Change: Maritime Technology, Trade, and Economic Development. American Economic Review, vol. 107, no. 9, 2017, pp. 28212854.
Rosenberg, Nathan. Technology and American Economic Growth. Routledge, 2020.
Order from us for quality, customized work in due time of your choice.