WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Demand increased.
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The worldwide supply increased.
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It became easier to pick cotton using machines.
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There was no longer slave labor.
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Detailed explanation-1: -1 of 3 Page 14 Low prices for the cotton crop were the result of an increase in supply because too many farmers continued to depend on cotton as a cash crop and production of cotton increased in other parts of the world.
Detailed explanation-2: -An oversupply of goods, particularly cotton, coupled with inflation led to a reduced demand for American cotton and other products by 1818, resulting in decreased profits for cotton growers, brokers, and bankers.
Detailed explanation-3: -In 1794 Eli Whitney invented the cotton gin and South Carolina farmers had a new cash crop. They planted more cotton to increase profits and became even more dependent on slave labor. Cotton could be planted in the Upcountry and soon the upcountry farmers increased their ownership of slaves.
Detailed explanation-4: -Cotton accounted for over half of all American exports during the first half of the 19th century. The cotton market supported America’s ability to borrow money from abroad. It also fostered an enormous domestic trade in agricultural products from the West and manufactured goods from the East.