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FRtR > Outlines > American Economy (1991) > A historical perspective on the American Economy > Economic expansion, enlarged markets
An Outline of the American Economy (1991)3/12 A historical perspective on the American Economy7/14 Economic expansion, enlarged markets*** Index * < Previous * Next > *** The United States was greatly affected by the Industrial Revolution taking place in Europe during the 18th and 19th centuries. New inventions and capital investment led to the creation of new industries and the spread of economic growth. Much trade, for example, was made possible by developments in the field of transportation.
River traffic also improved when the steam engine was fitted to boats. The steamboat could travel up-river, against the flow, markedly reducing the amount of time involved in shipping goods to market. Like canals and turnpikes, railroads received large amounts of government assistance in the early years. However, unlike other forms of transportation, railroads also attracted a good deal of domestic and European private investment.
Europe also caught the excitement of investing in American railroads. At one time foreign investors owned the majority of stock in six major railroads. With the discovery of gold in 1849, the United States became more able to finance additional imports of railroad machinery and materials.
Nevertheless, through a combination of vision and foreign investment, the discovery of gold, and a major commitment of America's public and private wealth, the nation was able to develop a large-scale railroad system, providing the base for the industrialization that followed.
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