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case study Economic history

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Economic history US economic expansion from the nineteenth century can be explained by the country's size, substantial natural resources, commercial structures, population growth, the characteristics of its people and the basic ideological principles that support its economic activity. Prior to the colonial period, the indigenous Native-American inhabitants of North America had varied economies, ranging from nomadic food-gathering, fishing and hunting to settled agricultural communities. A similar basic economy was adopted by colonial Americans, who later developed sophisticated agricultural systems based on small farms. British settlers in the seventeenth century were often employed by British companies that were granted trading charters by the English Crown, such as the Virginia Company which established Jamestown in 1607. The colonies provided Britain with raw materials but were not supposed to compete in manufacturing exports with the mother country. This relationship collapsed when Britain tried to impose taxation and further trade restrictions. After the War for Independence (1776-83), the USA developed its economic markets. A greater variety of goods was produced by the eighteenth century as Americans expanded agriculture, farmed the prairies, increased their commercial interests and exported more products. A belief in possibilities and personal advancement encouraged pragmatism, hard work and individual initiative in the people. These qualities have been linked to rel ...
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