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The prohibition of imports under the Embargo Act resulted in the expansion of new, emerging US domestic industries across the board, particularly the textile industry, and marked the beginning of the manufacturing system in the United States, reducing the nation's dependence upon imported manufactured goods. [20] [21]
Another major advantage enjoyed by the United States was the absence of an aristocracy or gentry. The eastern seaboard of the United States, with a great number of rivers and streams along the Atlantic seaboard, provided many potential sites for constructing textile mills necessary for early industrialization.
The intellectual leader of this movement was Alexander Hamilton, the first Secretary of the Treasury of the United States (1789–1795). [12] The United States rejected David Ricardo's theory of comparative advantage and protected its industry. The country pursued a protectionist policy from the beginning of the 19th century until the middle of ...
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP .
As late as 1900, most industrial workers in the United States worked a 10-hour day (12 hours in the steel industry), yet earned 20–40% less than the minimum deemed necessary for a decent life; [159] however, most workers in textiles, which was by far the leading industry in terms of employment, were women and children. [44]
The American system of manufacturing was a set of manufacturing methods that evolved in the 19th century. [1] The two notable features were the extensive use of interchangeable parts and mechanization for production, which resulted in more efficient use of labor compared to hand methods.
The United States Census Bureau currently conducts a comprehensive Economic Census [1] every five years. The results of this survey are tabulated according to the NAICS and provide statistics about the U.S. economy.
Manufacturing is a vital economic sector in the United States of America. [1] The United States is the world's second-largest manufacturer after the People's Republic of China with a record high real output in 2021 of $2.5 trillion. [2] As of December 2016, the U.S. manufacturing industry employed 12.35 million people.