United States

Who played a major part in banking?

Rapid economic development during the late 19th and early 20th centuries fostered the rise of many prominent industrialists. Tycoons like Cornelius Vanderbilt, John D. Rockefeller, and Andrew Carnegie led the nation's progress in railroad, petroleum, and steel industries. Banking became a major part of the economy, with J. P. Morgan playing a notable role. The American economy boomed, becoming the world's largest, and the United States achieved great power status. These dramatic changes were accompanied by social unrest and the rise of populist, socialist, and anarchist movements. This period eventually ended with the advent of the Progressive Era, which saw significant reforms including women's suffrage, alcohol prohibition, regulation of consumer goods, greater antitrust measures to ensure competition and attention to worker conditions.


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  • The United States fought Indian Wars west of the Mississippi River from 1810 to at least 1890. Most of these conflicts ended with the cession of Native American territory and their confinement to Indian reservations. This further expanded acreage under mechanical cultivation, increasing surpluses for international markets. Mainland expansion also included the purchase of Alaska from Russia in 1867. In 1893, pro-American elements in Hawaii overthrew the monarchy and formed the Republic of Hawaii, which the U.S. annexed in 1898. Puerto Rico, Guam, and the Philippines were ceded by Spain in the same year, following the Spanish–American War. American Samoa was acquired by the United States in 1900 after the end of the Second Samoan Civil War. The U.S. Virgin Islands were purchased from Denmark in 1917.

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  • In the early days of colonization, many European settlers were subject to food shortages, disease, and attacks from Native Americans. Native Americans were also often at war with neighboring tribes and allied with Europeans in their colonial wars. In many cases, however, natives and settlers came to depend on each other. Settlers traded for food and animal pelts; natives for guns, ammunition and other European goods. Natives taught many settlers to cultivate corn, beans, and squash. European missionaries and others felt it was important to "civilize" the Native Americans and urged them to adopt European agricultural techniques and lifestyles.

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  • With the 1860 election of Republican Abraham Lincoln, conventions in thirteen slave states ultimately declared secession and formed the Confederate States of America (the "South" or the "Confederacy"), while the federal government (the "Union") maintained that secession was illegal. In order to bring about this secession, military action was initiated by the secessionists, and the Union responded in kind. The ensuing war would become the deadliest military conflict in American history, resulting in the deaths of approximately 618,000 soldiers as well as many civilians. The Union initially simply fought to keep the country united. Nevertheless, as casualties mounted after 1863 and Lincoln delivered his Emancipation Proclamation, the main purpose of the war from the Union's viewpoint became the abolition of slavery. Indeed, when the Union ultimately won the war in April 1865, each of the states in the defeated South was required to ratify the Thirteenth Amendment, which prohibited slavery.

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