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The Birth of a Great Economic Power

  • Vittorio Valli
Chapter

Abstract

The chapter analyses the main factors contributing to the rapid demographic and economic expansion of the US economy in the years 1870–1913. The main focus is on the advantages associated to the existence of the frontier, with its abundant and partially untapped national resources. The frontier made possible to increase immigration flows and population very rapidly and to foster extensive and intensive investment, total wages, total consumption, and technological progress. In a few decades, the US economy could surpass and then distance the level of total Gross Domestic Product (in purchasing power parities) of advanced economies, such as the UK, Russia, France, and Germany, and of very large and populous countries such as China and India.

Keywords

The American economy The economy of the US in the 1870–1908 period The frontier in the US economy The economic ascent of the American economy 

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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Vittorio Valli
    • 1
  1. 1.Department of Economics and Statistics “Cognetti De Martiis”University of TorinoTorinoItaly

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