But with inventions like the cotton gin, and the assembly line, mass production evolved. The United States had one of the fastest economic growths than any other country during this time. The Industrial Revolution developed the world and how it produced its goods. There were numerous inventions that made everyday tasks easier to perform by eliminating the tedious work that people performed by replacing it with a machine. The invention that fired up the Industrial Revolution was the steam engine, which was invented by James Watt in 1775.
From the late 17th century to the early 19th century, industrialization was occurring in the United States and around Europe. The abundance of raw materials and the ambition of business men caused the industrialization before and after the Civil War. The First Industrial Revolution and Second Industrial Revolution, known as the Technological Revolution, caused the United States to thrive throughout those years because of population increase and all the new products or ideas there was. In the 1900s, the United States became the leading industrial power in the world because of both revolutions; the first revolution led into the second revolution because of the technology and economic changes occurring. The First Industrial Revolution changed agriculture customs and the Second Industrial Revolution caused changes in production techniques, but both helped the United States industrialize and become the most successful country in the world.
Imperialism in the late 1800’s blossomed when a new phase of global expansion erupted. One of the main goals of this global expansion focused on new markets and sources of raw materials. Due to the Second Industrial Revolution, the demand for new markets and the exploding numbers in production compelled business leaders to search out new sources of investment for the growing economy. Rapid territorial expansion redirected the competing ideologies of agricultural demands, Native Americans, European Immigrants, and industrial capitalist in this new empire. In this search, manufacturers needed to find new raw materials in order to better equip themselves to sustain against the newly rising competitors.
However, new technologies cau... ... middle of paper ... ...l in use today. Second innovation that this essay looks into was the importance of trade that resulted in changes in commerce between countries. It allowed specialization and increased production. More people were needed to produce goods for foreign markets which prevented the unemployment. Furthermore, it engendered cooperation between nations that lead to overall development, therefore the whole economy grew.
The railroad industry changed the nature of production because it became an important energy source that replaced human and animal power. Due to the important role of the railroads, workers became more productive, items were being shipped more quickly, and resources were becoming available to everyone including the working and middle class and not only the wealthy. The railroads became to be known as one of the biggest leaps of transportation in history. This is because it set up the next fifty years of America’s prosperity. The railroads became extremely popular and useful during the 1800’s to millions of people and other large companies.
Sparking off the invention of machines for mass production in the fields of textile, metallurgy, steam power and agriculture. Providing the British with goods to sell to the ever growing market and the need to explore for raw materials. The increased industry and ever growing trade created larger banks, generating a money economy replacing barter exchange. The domination of the trade was the key to capitalism which was an extreme motivator for many people in the western world as it enabled people with new
The economy also experienced an increase with the rapid population growth of the seventeenth, eighteenth, and nineteenth centuries, which led to a larger work force, allowing the innovations of the Industrial Revolution to become major manufacturing tools and to create factories and assembly lines. This imperialism, and thus boosted economy led directly to the Industrial Revolution, and allowed Great Britain to develop more
Globalization as generally understood involves the increasing interaction of the world's peoples through their national economic systems. Of necessity, these economic systems are reasonably compatible and, in at least some important respects, market oriented. During the past half-century, barriers to trade and to financial flows have generally come down, resulting in a significant broadening of world markets. Expanding markets, in turn, have enhanced competition and nurtured what Joseph Schumpeter called "creative destruction," the continuous scrapping of old technologies to make way for the new. Standards of living rise because the depreciation and other cash flows of industries employing older, increasingly obsolescent, technologies are marshaled, along with new savings, to finance the production of capital assets that almost always embody cutting-edge technologies.
New developments led to mass production, which allowed the average American to buy new items that were manufactured. Finally, this led to people believing that America was destined to be the strongest country in the world, encouraging them to buy more items and shares, which created the economic boom.
Those without money most sell their labor in exchange for money. Capitalism grew very fast with the start of the Industrial Revolution because the key fundamental feature of the Industrial Revolution was mechanization, introduction of new external power sources such as oil, steam to hand tools and modes of transportation. It killed the human pace and took the place of skilled workers, and was able to start mass production, mass transportation, and mass distribution. These systems are governed be the laws of supply and demand, so as the demand rises so does the price. With mechanization it was able to take over small businesses that were family owned and now they have competition with big corporations.