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Government Policies and Economic Growth: The Role of Production Factors in U.S. Development

The U.S. experienced rapid economic growth due in part to government policies influencing production factors: land, labor, capital, technology, and entrepreneurship. Government actions like protective tariffs protected domestic industries and fostered a conducive business environment. Expansion westward was promoted through land grants to railroads and settlers, while legal decisions protected inventors' rights, spurring technological innovation. These initiatives led to rising living standards, new workplace opportunities for women, and urban growth through advancements in transportation and infrastructure.

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Government Policies and Economic Growth: The Role of Production Factors in U.S. Development

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  1. Government promotes Growth Standard 4.2 E.Q. What did the government do to motivation economic growth?

  2. Rapid Growth • The United States entered a period of rapid economic growth that was due to part to government policies that contributed to change in the factors of production in the US. • Factors that contribute to economic growth are: • Land • Labor • Capital • Technology and entrepreneurship

  3. Government involvement • Fostered by both government actions and changes in each of the factors of production. • In addition to protective tariffs to protect jobs and the industry from foreign competitors. • Government provided the business environment in which entrepreneurs could be successful. • National bank provided needed capital and at the same time regulated lending.

  4. Land • Expansion to the West promoted by government actions through purchase, treaties, and war opened up a vast region rich in natural resources: • Coal • Iron Ore. • Government was involved in removing or controlling the Native Americans who threaten to these resources.

  5. Promoting Land • Promoting Land • Subsides: grants given by the government; land given to RR’s stimulated westward expansion. • Exodusters: former slaves moving to the Great Plains. • Congress passed laws which stimulated westward expansion by offering subsidies in the form of land grant to railroads and by giving free land to settlers.

  6. Promoting Land • The reorganization of banking fostered a more secure financial climate. • During war and post – war time, the U.S. government provided protection for settlers in the West against the Native Americans.

  7. Technology • Dartmouth v. Woodward: • Supported business growth by court decisions that upheld the sanctity of contracts and passed patents laws that protected the rights of the inventor. • Gibbons v. Ogden: • Regulated interstate commerce and protected infant industries with a protective tariff.

  8. Technology • As a result of Civil War technology the application of the steamboat, oil drilling and the railroad moved forward. • New consumer products: • Rising Standards of living • New opportunities for women in the workplace & new conveniences in the home, allowing for more free time. • Cities were also growing upward and outwards. • Harnessed Electricity

  9. Technology • Patent laws protected the rights of inventor • Electricity, Steel, elevators, suspension bridges, electric trolleys, subways, typewriters, telephone, steam engine, steamboat, oil drilling & RR. • And the creation of the camera.

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