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By Robert P. Rogers

This publication presents a easy define of the background of the yankee metal undefined, a area of the economic climate that has been a major a part of the economic procedure. The booklet starts off with the 1830's, while the yankee iron and metal resembled the conventional iron generating region that had existed within the outdated global for hundreds of years, and it results in 2001. The made from this undefined, metal, is an alloy of iron and carbon that has develop into the main used steel on this planet. The very measurement of the metal and its place within the sleek economic climate supply it an strange relevance to the industrial, social, and political system.

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Extra resources for An Economic History of the American Steel Industry

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The process was invented in 1809, and from 1809 until the 1840s, glass jars were used for canning. In the 1840s, a shortage of jars led to the use of tin-plated iron and steel. At first, it was a small industry geared to special uses. The demand for canned food brought about by the Civil War led to a great boom in canning and tin-plated iron, but it was the 1890s before the United States built a successful tinplate facility. 24 An Economic History of the American Steel Industry A small but important new source of demand for steel was the bicycle industry.

Between 1860 and 1883, the tariff-business cycle interaction described in Chapter 2 broke down. The high tariff of 1861 was followed by a boom which resulted from the Civil War. This war affected the industry more than any change in trade policy. Consistent with the earlier cycle, the low tariff of 1867 was followed with a slight lag by the depressed business conditions starting in 1869. After this recession, however, the older pattern did not reassert itself; tariffs were not raised on steel products.

Two examples of this sequence were the Pennsylvania Steel Company of Steelton, Pennsylvania and the Maryland Steel Company of Sparrows Point, Maryland. A firm operating one of the plants might go broke, but within a short time another firm began to use the capacity again. The ability of firms to stay in operation even in times of low prices increased the instability of the environment. As stated above, the firms had two reactions to the problem: price-fixing and consolidation. It was thought that firms could be put in a more secure position if the competitors in particular cooperated on fixing prices.

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