![]() ![]() Critics challenge this position, claiming that the costs associated with neutrality and export-driven expansion have been understated, and the benefits overstated. growth and prosperity also believe this prosperity laid strong foundations for further economic growth after 1815. Supporters of the position that an export-led economy led to significant increases in U.S. But while scholars agree that the United States experienced increased prosperity during this period, they disagree over the role that export trade played in its growth. After 1803, the United States again experienced another period of rapidly expanding trade. The growth did hit several temporary slumps: between 17 when an undeclared sea war with France produced a brief dip in export earnings, and also between 18 when the Peace of Amiens allowed European countries to resume peacetime trade activities. This boom in American export trade reflected heavy European demand for re-exports (foreign goods repackaged in American ports), American cotton, (used to supply the British textile industry), and American food to meet European shortages. In 1807, the per capita figure was $22.76. Per capita income from exports, shipping services, and ship sales averaged $6.77 in 1792. Moreover, the rate of growth in foreign trade far outstripped that of population. exports doubled they doubled again in 1801, and by 1807 were five times what they had been fifteen years earlier. By 1796 these earnings had tripled to $21.6 million and eventually peaked at $42.1 million in 1807.Īs income from the trade boom diffused throughout the economy, the United States experienced dramatic export-led growth. In 1792, American shippers earned an estimated $7.2 million. ![]() American ships carried commodities from all over the world and distributed European manufactures in ports worldwide. As a neutral country the United States could claim unfettered trade with all countries, including Britain and France, and for the most part American ships were welcomed with open arms. ![]() ![]() This indecision was salutary for the nation's commerce, however, since the declaration established free trade, and overnight the restrictions of the old mercantilist system evaporated. The Federalists tended to favor Britain while the Republicans favored France. The declaration itself reflected domestic political divisions, since the United States was divided on whom to support. From roughly 1789 till the beginning of the War of 1812 (1812 –1814), the United States went through two economic phases that were linked directly to the political factors associated with the wars in Europe.Īs a result of the American declaration of neutrality during the French Revolutionary and Napoleonic Wars, the United States experienced a period of rapid growth in foreign trade. As the Napoleonic Wars drained the energies of Britain, France, and the rest of Europe, America was free to develop its own economic potential. The strife disrupted both French and European trade, and even the economic position of the newly formed United States began to change drastically. He brought domestic tranquility to France, but his ambition and military genius embroiled Europe in a long and bloody conflict, the Napoleonic Wars (1803 –1815), which only ended with Napoleon's defeat at Waterloo in 1815. From the chaos of the Revolution, a general, Napoleon Bonaparte (1769 –1821) emerged to lead the nation, first as a republican magistrate and finally as an emperor. It destroyed the French monarchy and established a republic, but it also divided France and threw much of Europe into turmoil. The French Revolution (1789 –1793) was a watershed in European history. ![]()
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