The Industrial Revolution was a time of rapid development in industry that began in Europe, especially Great Britain, in the late eighteenth century, then spread to the United States and other countries. It was brought about by the introduction of machinery, and was characterized by the growth of factories and the mass production of manufactured goods . During this time, new technologies were created and made available to the public through the use of new production and transportation methods. Manufacturing goods became much easier, new businesses began, and as a result, America grew, both in population and influence. However, due to the Industrial Revolution, America began to stray from the vision the founding fathers had for the nation in the late 1700’s and 1800’s.
The fact that people would travel West and have a new way of life using the new technology and at the same time being able to have land that was all their own. The national economy grew because more people were making money since they had very nice industry jobs. People could afford more things in life that were not considered a necessity. One of the major inventions during the Industrial Revolution was the railroad. It played a major role in the westward expansion during the Industrial Revolution.
In this essay I will discuss if hyperinflation was completely caused by the Treaty of Versailles (1918-19). The Treaty of Versailles was responsible for thee suspension of the Ruhr, this was a place of great industrial power and brought in a lot of money to Germany. However when it was taken away from the Germans, there was halt in the industrial production which caused the collapse of the German economy. This meant that there were very few goods therefore the government printed the money. This lead to prices rocketing and the savings unfortunately became worthless.
Labour promised to create a New Jerusalem, a prosperous country where all strive for the better. However, Source A states that “They had disastrously overestimated Britain’s ability to export”, Britain needed to create money for itself after America’s Lend Lease policy which left Britain in debt for over 50 years, Britain was unable to export a sufficient amount of goods to provide itself with enough money to stabilize the economy, the source follows up with “underestimated her need for dollars”. Britain’s way of dealing with debt was to create more debt for itself; John Maynard Keynes went over to the United States in order to ask America for a loan without interest, the loan which was bestowed upon Britain by the United States and Canada was $9.5 billion. One of the reasons Labour was unable to create a New Jerusalem was due to the fact that they were unable to shut down the debt which anchored Britain’s economy, Labour had little funds to initiate its promises and plans, leading to the failure of a New Jerusalem. Another reason that Labour failed to build a New Jerusalem was the fact that they were unable to upkeep their promise of housing.
However, due to the industrial revolution, factory owners and those involved with business had the new wealth of Britain. This new wealthy middle class wanted a say in the running of the country, they argued that because they created a lot of the country’s wealth that they deserved a say in how the country is run. The working class was becoming more politically aware. This ways due to the development of the railways giving them access to political awareness. They thought that as the wealth creators of Britain that they also deserved a say in British politics.
All of these issues helped to shape the American nation and its people. After the Civil War, the development of improved industrial methods and the arrival of masses of immigrants eager for factory jobs launched a new era of mass production in the United States. The nation turned its efforts toward economic recovery and expansion. America's abundant supply of natural resources, such as coal and oil, encouraged investment. Much of this investment came from already industrialized countries like Germany, Great Britain, and France whose business owners looked for new investment opportunities in the United States.
Moreover, this then led to changes in the supply of money, the concept of credit, and in forms of investment. This in turn brought new understandings of economics. Along with this, the industrial revolution led to the prosperous trade not only across the English Channel to Europe, but across the oceans to Africa, Asia, and North and South America. Not only this, but between 1800-1850 the national income rose by two-hundred-thirty percent. Economic stability and growth led to people being well fed, to have proper housing, and gave people opportunities to not be dependent on an agricultural income.
Based on this theory, the formation of classes occurred because of the continual development of the industry and the growing demand of the middle class. So as the industrial middle class transformed into wealthy, industrial individuals, the feudal system collapsed and changed to a primarily two-sided classification- the bourgeoisie and the proletariat. Since the bourgeoisie predominantly owned the factories during the time, they were able to gain wealth and economic power; their economic power also gave them a lot of political sway. Additionally, unlike any other time before, the power that the industrial development brought the bourgeoisie changed the way people viewed their services. Before, those in power were able to manipulate the workers of the feudal system through religious
Economic growth is defined as the increase in the quality and quantity of goods and services, which results in hundreds of thousands of entrepreneurs hiring more workers, presenting technological innovations and improving worker productivity. Entrepreneurs tend to expand businesses and hire more workers when they perceive a profit will be made. Workers offer their labor when they believe that the profits are equal or more than the labor required. Through excessive spending, the government negatively disturbs the growth in the output of goods by reducing business profits and worker’s pay. Not every dollar spent by our government is a poor choice.
This is because the proportion of income spent for the poorer is higher so the redistribution of income will increase consumption and therefore increase aggregate demand. This will lead to an injection into the economy since those of much lower income will see an increase, which will increase their spending. They will be able to afford access to crucial resources, such as education and medical care. This may lead to the amount of quality of productive resources available to a country to increase. A better education and health care will improve the labors’ output, as productivity will be higher.