This economy was very helpful to the rich but detrimental to the poor. The gap between these two classes was expanded immensely. It was almost as if the rich could control everything about their well-being; because if you were rich, you had power. During this era, the immigration increased after the Civil Wr. Cities like New York, Boston, and Chicago were overwhelmed with immigrants.
This is getting into the Industrial Revolution, a time where big business controlled the way millions lived and worked. Production was up and spirits were down. Business was booming and conditions got worse. Populations as well as prices skyrocketed. The U.S. was truly stepping up its game, but at a cost.
Initially effecting the economy of Britain, the industrial revolution increased the amount of trade, and growing rapidly Britain was known as ‘’’the workshop of the world’, the centre of the world manufacturing, finance and trade. By the 1870’s, Britain had the most extensive railway system in the world to make transportation of raw materials easier, meaning more trade could occur, and English businessmen could acquire new markets for their trade. soon was a cause of the economic decline. Although the economy kept growing, the rate of growth wasn’t as much, meaning competition from America and Germany was a threat. This was named the ‘Great Depression’ and was a major change for the economic state of Britain.
(2002) Although the United States economy experiences a great deal of negative effects based on international trade, there are some benefits to foreign trade. The United States economy drastically improves because of a wider variety of goods imported from other countries. When Americans buy more products, the economy is stimulated. When foreign countries demand American made goods, this causes an increase in productions of those demanded goods, causing the United States labor force to go to work. On the other hand, the United States receives exotic goods within a reasonable time and price range due to foreign trade.
How far was the growth of the American economy in the years 1890 to 1914 due to the rise of big business? (24 marks) From the years 1890 to 1914, the rise of enormous business prompted mind-blowing development of the American economy. Formation of trusts among the nation's heading organisations, for example, Carnegie Steel and Rockefeller Oil took up a dominant part of the business sectors. The American economy developed quickly amid this period, despite the fact that it was not developing as emphatically as in the 20s. Huge business unquestionably had impact in this development of the economy, yet there are still other additionally political and social impacts to consider.
The United States, at the end of the 19th century went through a drastic economic change in what is considered the Second Industrial Revolution. The economic change experienced was the amount of growth the American economy went through during that time. Many things can be attributed to this growth during that time period. A growing population of laborers, a larger market for manufactured goods, a vast amount of natural resources, and the government’s role in actively pushing post civil war industrial and agricultural development. During this time period, one of the changes that lead to this economic growth was the migration of the American population from small rural farming communities to the urban industrial cities.
After the Civil War, the United States experienced a time of great social and economic change. Americans encountered an onslaught of innovations in technology and science and the rampant rise of big business. Rapid urbanization and industrialisation enveloped much of the north and eventually consumed the frontier. The United States renovated its former rural republic into an urban state as the once barren frontier disappeared and was replaced with steel mills, large factories, transcontinental railroad lines, capacious agricultural acreage, and prosperous cities. However, the accelerated progression of the country’s economy and affluence wrought consequential effects.
With mass production taking over the American work force, the standard of living was on the rise. People could now afford to buy products that were at one time considered luxury items (Mercer, 2006). The next major shift in our economy took the form of globalization. Outsourcing our labor to the cheapest country became the new business model. Business leaders wanted a flexible labor force to help drive down production costs and help boost profits.
The US has become a major world power in the late 19th century because we have created so many things to become industrialized. Many people came into the cities because there were many jobs available so the city growth increasingly populated. Working conditions of these jobs where horrible. The populists seen this and tell the world about the small farmers problems. Carnegie seen that the rich becoming more rich will help the economy prosper and become better.
The increase of minimum would help the economy by generating more money in to the society, boosting the economy, and eliminating the demand for jobs. Raising minimum wage will have a great and long lasting ending. The United States would see a flow of money that they haven’t seen in years. This flow of money would show immediately giving the consumers more money to spend since 78 percent of the working force are minimum wage employees. Business owners will appreciate more money being spent in their fast food restaurants, grocery stores and clothing stores etc.