Thesis The economic perspective of an adolescent period of American History-1850-1900 is filled with opportunity, drama, and great success and it leaves us with its reticence today. Technology, great and not-so-great individuals, governmental applications, and the effects of the business cycle all contributed to the mix. Each of these played a part of the great success and or the great undoing of each other over the course of time. The 1850’s were an incredible beginning to a period in our nations economic history and in my opinion were the beginning of an era of adolescence. Our counties body, brain, and emotions were growing at different rates and at times, had to catch up to each other. Whether or not they caught up to each other is still …show more content…
Remarkably income per capita, over the same time frame, tripled and the rate of literacy rose by over 10 percent (Hughes & Cain 2011, p. 558 Table 28.2). We were in a spectacular cauldron of growth, change, and affluence. In typical American fashion, when someone else had more material wealth than another or someone felt they had more rights over another, a sense of unfairness set in. At times this was legitimate and some groups were taken advantage of. As Americans with rights and higher literacy, government was called upon for action. However, as you shall read more, later in this paper, the fourteenth amendment allowed for unbridled capitalism. Wealth, intellect, growth, and opportunity were abundant during this economic time frame and some were able to make their own rules as they went along. Our country became connected via railroad and telegraph. Government sponsored railroads had opened the west, allowing for coast-to-coast travel that initially took four to six months, was reduced to six days. Alongside the railroad tracks telegraph lines were installed, offering new high-speed …show more content…
The fourteenth amendment protected corporations and big new companies were adept at market manipulations. The Populist platforms gave rise to hatred of the corporation and the corporation came to be viewed as alien to American life (Hughes & Cain 2011, p. 371-372). The major players were: J.P. Morgan in banking, Andrew Carnegie in steel, Thomas Edison inventor, just to name a few. Williams Jennings Bryan was the Populist leader and went after industry in a loosing battle. Eventually trusts were busted big government came in, after the era. There were great influencers of the time and these individuals may be thought of as the good, the bad, and the
America in the late 19th and early 20th century was going through tremendous growth, with mass immigration and the consequent rapid growth of cities and urbanisation, industrialisation and mass production. Teddy Roosevelt, Taft and Wilson, the 3 main presidents of the early 20th century are often known for their many achievements both abroad and at home, and economic problems are one of the many problems that they dealt with during their terms as president. This essay will touch on the economic problems in that era and how the presidents dealt with those problems.
Between the 1870'S to the 1900’S the rise of big corporations whom had a lot of control over politics and the economy, increased. In determining the full impact of corporations in America, a person must asset to the extent some went to achieve richness and have such a big influence in the government as well as the economy. Politically the corporations had control over what was said in the government, economically the corporations took advantage of the poor factory workers, and farmers , by lowering wages and raising prices to export crops. Corporations began to ignite political, and economic issues in post industrial america.
Between 1835 and 1860, the social and economic models of the North and the South clearly collided. The North, linked to the Republicans, opposed the southern slave system and its plantation economic system, considering it antiquated. The South, on the other hand, defended its interests. The economic issue is very important to understand the disagreements between the North and the South. The southern economic model of plantation needed free trade policies to be able to sell cotton easily with the growth of European textile industrial demand. For its part, the North needed to defend its industrial products from British competition. But, in addition, there are other more complex economic issues in the relations between the North and the South.
Between 1865 and 1939 not all Americans accepted big business dominance. In the beginning of this era
The Era of 1800 to 1860 proved to be some of the most technologically advanced years of the 19th century. This Era saw a rapid technological change in communications, travel. Through these advances helped the United States grow and prosper. Communication was now possible from the most populated to the least populated areas of the country. Telegraph wires stretched from north to south and east to west. The introduction of the Pony Express allowed the physical movement of mail from the east to as far west as California and as far North as Wyoming. Transportation was at its heyday, via water, rail or land, people moved across the country faster than any other time in history. This era showed
In the late 1800's, American society began to burst with cultural activity. After the Civil War and the Reconstruction, Americans were eager to return to their normal lifestyles. The period that followed, however, was quite different from what the country was used to. During the war, many pushed hard for a rise in industry, leading to an explosive industrial revolution far beyond what people had expected. America's business and economy had boomed, and, as the new century approached, many had a new outlook on life. They were eager to escape the dull regiments of both the past Victorian era and the new urban lifestyle. This was easy for the upper and middle classes, both of which were growing due to the rapid increase in industry. It
• Early United States had mainly farming economy base • Even with settlers occupying a small portion of the area • Few had went to Georgia and South Carolina • 1850 meant change in south because its population went to Deep south • Souths economy was great • Slavery was extremely important to them though and their economy • Southerners grew a mix of rice indigo and tobacco • Euro's wanted cotton and the demand for those crops all increased • Eli Whitney created a solution known as the cotton gin • 1793 • Productivity increased greatly • 50 times more cotton a day • It made farmers grow more cotton • But they needed slaves to continue their work • So demand for slaves increased much more • 1860 mean Deep south and Upper south were concentrated
The Transcontinental railroad could be well-defined as one of the vast changes in America in the 18th century. The railroad has played significant roles in westward expansion and growth. From the West Coast to the East Coast no longer would people have travel in wagon's nor ships that would take months to reach the other side of the states. They could now travel faster, safer, and cheaper by train (Nelson). In addition, people, people’s belongings, like mail, supplies, and trade goods could now be shipped across the country in just a few days.
In the decades leading up to the 1920s, industry in America boomed. Not only were monopolies created but mass production of many goods was the source of an economic boom. During the 1920s the economic boom led to some of the best times in history. However, later in the decade, devastation came in the form of the Great Depression and Dust Bowl. These two factors left a sour taste in the mouthes of Americans as they moved into the thirties. The drastic difference between the economic high and low of the 1920s are due to a combination of the economic boom at the beginning of the decade and the Great Depression at the end, with numerous factors in between these two bookend events. During the best of the decade there was economic boom,
After the Civil War and Reconstruction, America rapidly shifted from agriculture to a more industrialized economy. Coined by Mark Twain, the term “Gilded Age” referred to the opportunistic but brutal period that catapulted America’s economy to the world stage. During this time, many people came to the United States looking for a better life, but only few accomplished this. The influx of immigrants into America were following the ‘American Dream’, the idea that America’s wealth could be shared by many, given one’s hard-willed labor. Although the Gilded Age positively developed America as a world competitor, it came at the expense of the people due to corruption between businesses and the government, as well as divided the social classes, not
At the peak of expansion in the 1800’s, communication between the east and west was at the forefront of importance. A document from the State of Pennsylvania regarding railways in 1825 remarked that there is extreme “importance and necessity of effecting a communication between the eastern and western divisions of the commonwealth” (Wade, 5). The appearance of the railroads in the early 19th century decreased and nearly diminished the communication gap as it provided a reliable and speedy method of communication. As the railroads became more prominent across the United States, the western states naturally became linked to the Midwestern and eastern states through the Union Pacific Railroad. This railroad running from the east coast to the west coast opened up new doors in trans-continental communication. Businesses between the east and the west were able to communicate more effectively, and thus, trans-continental trade became more defined throughout the United States. The mail services began using railroads as well, which was a large factor in improving communication across the US. Trans-continental communication was broadened simply by the increased number of people traveling across the country. And, even when the railroads seemed an impractical method of transportation, “they might make possible long
As an economist in the late 1920s, I see several problems that could lead to a possible economic downturn during a prosperous era for the United States. An economic decline is inevitable at this stage of the business cycle, which is why investors should take caution when investing during a bull market. I understand the appeal of contributing to a seemingly never ending economic boom, but if a small group of investors begin to sell their shares, others will follow along, leading to a drop in stock prices. This would cause a rapid stock market crash and a major crisis for banks. Since many investors purchased stocks with borrowed money, they would not be able to pay it all back. As a result, a stock market collapse would affect all Americans
In 1850 a new economic system rose in America, Industrial Capitalism. The rise of Industrial Capitalism brought many Changes to America. Cities and transportation, such as automobiles and railroads, become popular during this time. The three social classes became distinct during this time. The benefits of Industrial Capitalism were increase in production, because the creation of the assembly line. More jobs were created and high salaries for workers. This all created a more controlled economy. Despite the Benefits, there were many problems that came with Industrial Capitalism. The biggest problems were social class inequality and that people were unhappy. There were many groups in the next 100 years that would try to solve these problems; Progressives
Socialism was at its peak during the late years of the 1st Industrial Revolution into the early years of the second Industrial Revolution that started in 1850. As there was a shift from the oppressive feudal and agrarian systems of the conservative order, industrial jobs that paid more and produced more capital for the economy became prominent. Governments were slowly but surely turning into constitutionalized monarchies, a step up from the absolute monarchies. However the working class still had most of the short end of the stick when it came to their health and democratic rights. They were crowded in unsanitary slums, overworked, underpaid for their labor, and overshadowed by the prioritized wants of the bourgeoisie. Unlike the theories of
These companies would operate monopolies that controlled every aspect of there industry. Some examples of this would be the Norther Securities Company, and the Knickerbocker Trust Company. These companies were huge and very powerful, and was Americans were sick of being controlled by the big companies. Thus Trust era came to and end and the formation of Unions became a vital part of the American economy(Collins, Alan )