What are the four factors that promoted industrial expansion?
There were several factors that promoted industrial expansion. One was the availability of resources. Our country was blessed with many resources. Having many rivers and streams provided power to the machines. Being near resources like coal also helped as industries converted to the steam engine.
A second factor was the availability of workers. We had many people available to work. Immigration was increasing. This added to the available supply of workers. Because there was an abundance of labor, industries didn’t have to pay workers a lot of money. Workers were needed for industrialization to occur.
A third factor is having favorable government policies. Our government took a hands-off policy toward businesses. There were few rules and regulations for businesses. This made it easier for businesses to be successful. It also encouraged the development of new ideas and inventions.
Finally, there was an availability of capital. People were willing to invest in new ideas and in businesses. With few government rules and regulations, the opportunities for making and keeping profits were very good. Thus, people were interesting in taking risks with their capital. This was essential for the growth of industrialization.