Oil and Economic Change in Texas
Oil and Economic Change, 1890 – 1945
History 226 Fall 2012
i. Texans were more innovative and wanting to lead the march into the west. ii. Memory changes from southern memory to Alamo Texas revolution. 1. 1890-1945 attitude changed as Texas Economy grew b. Politics
iii. Often been the case that politics either helps or hurts economic iv. Doesn’t have a federal government to actively enforce the 13th, 14th amendments. v. One of the reasons for astounding growth of Houston – federal investment. More willing to go to federal government or state government. vi. Government helps to make a more rational government c. The Beyond
vii. Texas influenced by lower south as it moves toward succession. 2. Drug in by succession
3. Markets in Europe cotton
4. Inventions of machines empowered by Petroleum 5. Had there been no market, there would be no oil boom. a. Connections with all of these points.
b. All part of the same puzzle
6. Connections between economic things and other prominent features. d. Slight decline in island communities
ix. Going to the store, using the railroads through transportation x. Economic change had an effect on social change. 7. Parts of history, parts of transformation process II. Extension of the Market
e. Transportation and communication
xi. Revolution in the 1840’s
8. Extensive railroad construction and Texas has telegraph, radio and telephone. f. Money and banking
xii. Technology of railroads and communications
xiii. Texas after the civil war was land rich but cash poor. xiv. Flow of capital was investments.
9. Became easier, had the creation of a better money and banking system g. Consumer demand and supply
xv. Someone has to work the system of supply and demand for petroleum. xvi. Production of cotton – much demands
h. Texas was a place that had a relatively sophisticated banking system. xvii. Reinvest earnings into local banking economy. i. Economic Colonialism?
xviii. People who control the money and control momentum have an ordinant control over prices of transportation and colonialism. 10. Large corporations milked Texas
11. Texas was able to react to economic colonialism c. Texans in banking out of state banks could not do business in the state of Texas. i. Only Texas banks so money made in banking remained in Texas 12.
xix. Making oil and leaving cake on stock car.
13. Put oil onto stock market.
14. Market becomes more sophisticated as money and banking increase xx. Same is true of consumer demand and supply
15. Cash only scores
xxi. Modern consumer site – specialize in one or two things and buy what you need j. Greater stratigation – maybe we can make it up in land owner level. xxii. Poor got poor and the rich got richer
xxiii. More people able to listen to radio and predict where cotton prices could go and what they could do. III. Role of the government and emerging Culture
k. Financing of Transportation and communication
xxiv. Reason that Texas had a higher educational rating. xxv. Still have examples of public or private
xxvi. Investment in infrastructure was important
xxvii. Railroads paid for by public.
16. Periodically engaged in railroad expansion
17. On some level even though some didn’t make money. Texas as a whole made money. 18. Expands beyond simply growing cotton. – uses train....
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