Jason Hayes
7/24/2014
History- Strayer University

I. The three major aspects of industrialization during 1865 and 1920 that influenced U.S. society, economy, and politics.

a) Geography b) Entrepreneurship c) Legislative

II. The half-century or so following the Civil War was a period of extraordinarily rapid economic growth in the United States.

a) As the much higher growth rates of total compared to per capital GDP suggest, the economy expanded more by adding new inputs than it did by increasing productivity. b) These productivity figures, moreover, greatly underestimate the extent of technological progress. c) They are calculated as residuals, they do not capture improvements embodied in capital or other inputs to production.

III. If ever there was a time or place when entrepreneurs were the most admired figures in society, it was the United States during the late nineteenth century.

a) Studies of the origins of the country’s business leaders showed that the vast majority had middle- or even upper-class backgrounds. b) Such examples were powerful incentives to entrepreneurship because they showed that the way to move upward in society was to start one’s own business. c) According to this view, business people were engaged in a competitive struggle.

IV. For a quarter century after the demise of the Second Bank of the United States in 1836, the federal government neither chartered banks nor regulated them.

a) The legislation taxed the notes of state banks out of existence, but national banks could issue currency in the form of national banknotes backed by holdings of U.S. government bonds. b) The federal government thus aimed to achieve two policy goals at the same time: to create a market for its war debt; and to provide the country with a uniform currency that, unlike the hodgepodge of