The Industrial Revolution

The Industrial Revolution first started in 1790 in the United States. When that happened, it brought a new age of increased productivity and with that bigger economic growth.

The textile industry

The textile industry helped pave the road for the industrialization in the United States. One of the earliest industrial advances in the United States was the advance of the machinery required to operate a textile mill. The inventor of that machinery was Samuel Slater (1768-1835) who came to the United States from England. He used to worked in a textile mill with mechanical spinning machine, also other mechanical equipment, that were invented by one of the owners, Richard Arkwright. With his experience, Slater assisted the construction of a mill in Pawtucket, Rhode Island, using Arkwright’s [... continue reading]

Economic Development

Mercantilism

Around the 15th century, mercantilism was the current economic policy of most European countries. With mercantilism, countries strive to increase their wealth, mainly by creating a favorable balance of trade to ensure more wealth come in than out. Countries that understand the favorable balance of trade under Mercantilism may get gold and silver were the main measure of wealth during that time.

Mercantilist or Mercantilism policy favored the establishment of a balance of trade favorable to the control country at the expense of a colony.

Businesses were strictly controlled under the mercantilism policy, producing the goods that each government wanted and can only export goods approved for export. Normally it was illegal to export gold, silver, [... continue reading]