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Electrification revolutionized American industry and commerce. Benjamin Franklin pioneered the study of electricity by being the first to describe positive and negative charges, [ 61 ] as well as advancing the principle of conservation of charge. [ 62 ]
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 .
Commerce is the organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered large-scale distribution and transfer (exchange through buying and selling) of goods and services at the right time, place, quantity, quality and price through various channels among the original producers and the final consumers within local ...
Henry Clay's "American System," devised in the burst of nationalism that followed the War of 1812, remains one of the most historically significant examples of a government-sponsored program to harmonize and balance the nation's agriculture, commerce, and industry. This "System" consisted of three mutually reinforcing parts: a tariff to protect ...
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]
American business history is a history of business, entrepreneurship, and corporations, together with responses by consumers, critics, and government, in the United States from colonial times to the present. In broader context, it is a major part of the Economic history of the United States, but focuses on specific business enterprises.
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 February 2025. "American history" redirects here. For the history of the continents, see History of the Americas. Further information: Economic history of the United States Current territories of the United States after the Trust Territory of the Pacific Islands was given independence in 1994 This ...
The United States Department of Commerce and Labor was a short-lived Cabinet department of the United States government, which was concerned with fostering and supervising big business. It existed from 1903 to 1913. The United States Department of Commerce is its successor agency, and it also is the predecessor of the United States Department ...