AQA A-level History - America 1865-1975 - economy 1890 to 1920

What economic milestone did the USA achieve between 1890 and 1914?

By 1914, the USA became the world's leading economy, producing 30% of the world's manufactured goods by 1900.

What were the effects of the 1893 financial panic?

The 1893 financial panic caused a three-year depression, severely affecting the South and West, with 2.5 million unemployed.

How did President Cleveland respond to the 1893 financial crisis?

He maintained the gold standard and laissez-faire policies. JP Morgan loaned $62 million to support gold reserves, leading to criticism of a "Government of Wall Street."

Who were the Populists, and what economic policy did they support?

The Populists were a radical political movement advocating for "free silver," an inflationary policy to help indebted farmers.

How did McKinley's 1896 election campaign influence politics?

McKinley's campaign, funded by Mark Hanna ($7 million), used 1,000 volunteers and promoted high tariffs and the gold standard, creating a strong Republican political machine.

What was Theodore Roosevelt's role in the 1902 coal strike?

Roosevelt mediated the settlement, marking the first time a president intervened in a labor dispute on behalf of workers.

How did Roosevelt enforce the Sherman Anti-Trust Act?

In 1904, the Supreme Court ordered Northern Securities to be broken up. Roosevelt used the Sherman Act against 44 corporations over 7.5 years, earning the title "Trust Buster."

How did JP Morgan influence the 1904 election?

Morgan donated $150,000 to the Republican election campaign.

What was the significance of the 1906 Hepburn Act?

It allowed for closer regulation of railroads, increasing federal oversight of industry.

How did JP Morgan help stabilize the economy in 1907?

During the 1907 financial panic, JP Morgan and other financiers injected millions into the stock market to restore confidence.

How did US exports change between 1895 and 1913?

From 1895-1900, manufactured exports increased by 90%, and between 1908-1913, there was a 77% growth in exports.

What was the impact of the 1892 iron ore discovery in Minnesota?

By 1907, US Steel controlled 75% of high-grade iron ore from Minnesota.

What role did oil production play in the US economy?

By 1910, oil fields in California and Texas produced as much oil as the rest of the world combined.

How much did US steel production increase by 1913?

Steel production increased by 400% by 1913.

How did communication and transport infrastructure expand?

The USA developed world shipping routes and undersea telegraph cable networks across the Atlantic and Pacific.

What economic policies did Wilson advocate in 1912?

Wilson called for lower tariffs, banking reform, and antitrust legislation.

What was the significance of the 1913 Underwood-Simmons Tariff Act?

It reduced tariffs by 20%, promoting free trade.

How did the 1913 Federal Reserve Act transform banking?

It established a strong central bank, requiring all national banks to join one of 12 regional Federal Reserve banks.

How did the 1914 Clayton Anti-Trust Act strengthen antitrust laws?

It extended the powers of the 1890 Sherman Anti-Trust Act, increasing restrictions on monopolies.

What was the state of US agriculture after 1900?

It was a golden age for agriculture, with farm incomes matching the general economy due to increased demand for US farm goods in Europe.

How did farming practices change in the early 20th century?

Farmers increasingly planted crops annually instead of using crop rotation.

How urbanized was the US population by 1914?

By 1914, 4/10 Americans lived in 200 large towns and cities.

What was the purpose of the 1908 Country Life Commission?

It was established to represent poor rural farmers and improve rural living conditions.

What was the 1902 Reclamation Act, and why was it important?

It funded irrigation projects in arid areas, including the construction of the Roosevelt Dam, to support agriculture.

How did the 1916 Federal Farm Loan Act support farmers?

It increased access to credit, allowing farmers to borrow up to 50% of their land's value, with a maximum loan of $10,000.

How did WWI impact the US economy in 1914?

A 1914 US recession was reversed by increased wartime demand, boosting exports.

What military equipment did the US export during WWI?

Between 1914-1918, the US exported 5,500 military locomotives and 6 million artillery shells.

How did finance boom during WWI?

JP Morgan became the sole underwriter of Allied War Bonds, transforming the US from a debtor to a creditor nation.

How did the government control the economy during WWI?

The War Industries Board and Food Administration Board controlled prices and distribution. Railways were nationalized but reprivatized after the war.

How did the government respond to labor strikes in 1919?

The administration sided with employers in most strikes, and few antitrust cases were pursued during the war.