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.
In the long run, industrialization raised the standard of living and overcame the poverty that most Europeans, who lived d... ... middle of paper ... ...ndustrialization spread to the United States then across Europe. The BBC website indicates France, by contrast, was home to some of the finest scientific minds, but had an absolute monarchy which wielded great control over economic and political life. In Britain people believed that through industrial production they could create untold wealth - and the government believed that it was its responsibility to make this happen. In conclusion, the Industrial Revolution had profoundly impacted Europe in the 18th century. The Industrial Revolution also had considerable impact upon the nature of work, people, geography, and technology.
The incandescent light bulb, invented and patented by Thomas Edison, brought industrialization to a new place. Funded by JP Morgan, Edison launched his business in 1882 and later year, opened “the United States’ first central power plant in lower Manhattan—the Pearl Street Station” (instituteforenergyresearch.org). The emergence of powerplants created opportunity for expanded manufacturing in major cities. Since it was more cost effective to produce electricity in larger cities rather than farms and other urban areas, most factories were concentrated in urban, more developed areas (americanhistory.oxfordre.com). With this growth came the demand for workers, many of whom moved from farms, to fill some of these positions (Urbanization and Industrialization, 28).
The railroads opened the western half of the nation to economic development, connected raw materials to factories and retailers, and in so doing created an interconnected national market. At the same time the railroads were themselves gigantic consumers of iron, steel, lumber, and other capital goods". (Tindall, Shi) The undertaking of a project as large as building a railroad across the expanse of the United States seemed impossible and way too expensive for any railway companies to undertake; therefore, in the early/mid 1800’s, railway companies and business people began approaching legislators in an attempt to convince them to support railroad expansion. This, combined with economic necessity, helped to pass the first of several land grant bills. The bills entailed the gifting of public land to railroad companies in exchange for railroad track being laid in designated areas.
Over the course of the nineteenth century, Great Britain underwent many social and economic changes due to the prosperity of the country. England’s superiority to other European countries in this era can be attributed to many different factors. First, the simple presence of a Parliament helped to maintain a strong government that granted an unprecedented number of rights to its citizens. Another cause was that this country laid the foundation for the Industrial Revolution globally. The Industrial Revolution was the general name given to a time period that marked the transition from hand-made products to machine-made products, leading to a booming economy and an abundance of jobs for unskilled workers.
The Industrial Revolution began over two centuries ago and has had a major impact on every current world power. It began in a group of islands off the North West coast of Europe and has been imitated or tried by every nation looking to increase its wealth and power throughout the world. Industrialization came out of the basic ideas of capitalism because it fostered to individuals who were willing to take high risks in hopes of high returns on their investments. These investments included factories and machines that would be put to use by people to better their standard of living. These entrepreneurs would return their profits back into the expansion and improvement of their factories and machines.
The purchase was critical to the success to the early 20th century America by bailing the economy out of a recession, facilitating victory in WW1, and building efficient and safe cities for immigrants. The USSC went on to become the largest steel producing company in the US, buying out other companies such as Carnegie Steel and Federal Steel. By securing its resources, coal and iron, it secured America's future.
The GDP’s newfound growth was both a cause and effect of the Industrial Revolution. Economic changes allowed people to buy more and growing populations led to heightened demand for goods. Inventions accelerated trade phenomenally by producing new products for the masses, and making old luxuries available to the public. Yet, the Industrial Revolution was only the beginning of a long and challenging path to civilized life for most Americans. “In the first decades of the Industrial Revolution, the standard of living of the factory workers was shockin... ... middle of paper ... .... Watt, James.
The technological change made the growth of capitalism. The entrepreneurs who manipulated the production rapidly became richer. The invention of the Morden technology in industry such as machines inspired the economic growth of the country and it doubled the purchasing power and also the total national income in the years of 1800 and 1900. In the start of the 19th century the mechanization of the textile industries in the Great Britain was placed from the previous manual work done by the workers. The increasing use of refined coal and iron-making techniques lead the industries in search of minerals from the silent places.
President Calvin Coolidge once said, "The business of America is business" (Napolo 35). During the 1920's, America saw a shift toward widespread business expansion and economy prosperity. Economic expansion created new, booming businesses and thriving business profits which in turn raised the standard of living for many Americans. During this time in America, businessmen advocated a return to laissez-faire economics, less government regulation of business, and less government support for labor unions. The federal government supported big businesses by way of high tariff policies and cutbacks in the Federal Trade Commission (FTC).