American Industry

Paper Summary:

This paper examines how the question of whether American industry was involved in a 'take-off' relates directly to Rostow's "The Stages of Economic Growth." It looks at how in his theory of social change Rostow pinpoints five key stages in a country's economic progression. It attempts to establish if American industry was in the 'take-off' stage in the 1840s by examining the phase's pre-requisites and unique features.

From the Paper:

"The 1840s, especially 1842 through to 1847 saw an unprecedented expansion in the production of pig iron. Output increased from 230,000 gross tons in 1842 to 765,000 gross tons in 1847, an annual growth rate of 27%. The demand was created by the immense amounts of iron needed for railway construction. However, the supply could only be achieved by a series of technical improvements that are a hallmark of Rostow's 'Take-off' stage. Imported new blast furnace technology, predominately from Britain led to a higher standard of metals. New Jersey started using the 'hot blast' that had been developed in 1834 in England, and in 1839 it became possible after further advances to use anthracite coal from Pennsylvania where there was an abundant supply."

More papers on American Industry:

• Analytical Essay # 3904 : "Global Outsourcing in American Industry"
• Research Paper # 47237 : "Mediocrity, the Bane of Mastery in American Industry"
• Term Paper # 120691 : "American Industrial Revolution"

APA Citation:

MLA Citation: