Economic Developments and Differences between the North and South Flashcards
How much did food production go up from 1840 to 1860?
Sevenfold
How many miles of rails were there by 1860?
30,000 miles
What was significant about the scale of rails in America?
Largest rail system in the world compared to all other countries combined
What was America on the verge of?
An Industrial Revolution
How was there wealth inequality in America?
Top 5% owned 53% of the wealth
What percentage of wealth was owned by the bottom 50%?
1% of wealth
What percentage of the Northern Population lived in towns by 1860?
25%
What percentage of the Southern Population lived in towns by 1860?
7%
What did the low amount of people living in towns in the South mean?
It was less likely for factories to be set up
What percentage of America’s population was in the South in 1860?
35%
What percentage of everything produced in America was produced by the South?
10%
What were the South’s main exports?
Cotton, Tobacco, Rice
What percentage of factories were located in the South?
8%
What happened to cotton in the second half of the 1800s?
It became less expensive due to it now being globally farmed
What happened in the 1860’s which impacted the South’s economy?
Slavery was abolished
