The Making of a Superpower USA - Economy (1890-1920)

What weakened the US economy in 1893?

Market panic

Who aided Cleveland in 1895?

J. P. Morgan - have $62 million to support gold reserves

What limits Roosevelt’s progressivism?

Accepted aid from J.P. Morgan during 1907 stock market panic

What was the impact of the 1914 Federal Trade Act?

Created FTC + regulated big business

What was an impact of the 1913 Federal Reserve Act?

By 1923 70% of the nations banking resources were part of the system

Why was the 16th amendment needed?

To raise funds as tariffs had been lowered t

What % did trade with Britain and France increase by?

400% between 1914 - 1916

How much was the US exporting to Britain by 1914?

$549 million worth of goods

How was US aid to allies economically motivated?

Allied debts amounted to $7 billion

How much did farming profits increase by?

30% between 1915 and 1918

What were the impacts of the 1893 depression?

15,000 companies / 600 banks collapsed + 20% of people were unemployed

How much did iron production increase by?

920,000 tons in 1860 to 10.5 million tons by 1901

What was the impact of iron production increasing?

Pittsburg became the centre of the iron industry

What % of the largest companies produced for the rest of the industry?

4% produced 57% of the total industry in 1914

What was the cause of the 1892 Pittsburg strike?

Wages were cut + union attempts to negotiate were ignored