The Postbellum period in America from 1865 to the 1920s was characterized by a transformation of the American economy and unprecedented growth. Some of the largest companies founded in this time period are still around and thriving today including the Ford Motor Company, J.P. Morgan Chase, and General Electric. In addition to economic growth, there was also rapid urbanization and population growth from 31 million people in 1860 to 91 million in 1910. A shift in the market from agriculture to manufacturing partially propelled this growth. Despite the decrease in agricultural market share, the output increased threefold. By 1910, America increased its share in world manufacturing to 38.8% from 23.3% in 1870. Some economic historians such as Beard and Hacker propose that this growth is due to the Civil War. In general, there were three main spheres of influence spurring economic growth in this time period including technological advances, economic advantages and big business, and institutional changes. The Civil War ended shortly before the postbellum period. Due to the proximity in timing, it has lead many economists to examine if there was anything about the civil war that spurred the economic growth. The Beard Hacker Thesis argues that the civil war stimulated the economy and propelled industrialization based on demand from the war industries and civil war legislation. During the war, many goods were in high demand such as firearms, boots, and iron. The wartime legislation
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After the civil war, especially during the late 1800s, the US industrial economy has been thriving and booming which reflected on the numerous improvements that occurred in transportation through new railroad, in new markets for new invented goods and in the increased farm yield. However, most of this wealth has been captured by the capitalists, they looked down on the working poor class and expected them to submit to them. Also, they had control over the government seeking to maintain a system of monopoly to allow them to grow richer from others. Thus, they were controlling both political and economic conditions of the country.
The United States post-Civil War era from 1875 to 1900 experienced massive economic and industrial growth, especially in the North. The rise of new machines, industries (railroad, oil, steel), and buildings contributed to a major upsurge in the prosperity of the American nation. In 1860, no American city had a population over one million; by 1890, three cities had passed the million mark. New York City became the second largest city in the world after London in 1900. The substantial growth of the U.S economically can be contributed to a group of wealthy capitalists that ran businesses/industries and stimulated economic growth. However, historians have argued over whether these capitalists were “robber barons” that were corrupt and took advantage of the American people or “captains of industry” that helped the U.S grow at unparalleled speeds. Wealthy capitalists such as Andrew Carnegie and John D. Rockefeller were indeed “captains of industry” who enlarged American industry and businesses, used their wealth to better their communities, and elevated the United States to new heights as one of the leading industrial powers of the entire world.
The economy grew more than 400% between 1860 and 1900. There was many things that helped the economy grow. We had technological advances, an expanding population, and transportation improved. John Rockefeller, Andrew Carnegie, and J.P. Morgan were considered “titans of industry”. Together they build monopolies and revolutionized business practices.
The late nineteenth century was an era of growth in the USA. It introduced railroads, telephone lines, opportunities for entrepreneurs, and cheap goods for consumers. Mark Twain dubbed this time period the Gilded Age; the period was glittering on the surface but corrupt underneath. Between 1870 and 1900, corporations grew significantly across the board in number, size, and influence. The newfound efficiency of resources and mass production resulted in an increase in the production of American goods and the amount of unskilled laborers but also created a wide divide between classes and a maldistribution of power. The American people responded to these impacts through both an increased participation in consumerism and the formation of both
The Civil War was the first modern war that helped strengthen the technology and industrial system. But their industry and technology distinguished the
The new era economy reflected the industrialization that the country had just undergone. Although there was a recession from 1921-1922, after 1922 we enter a period of uninterrupted prosperity, and growth. As Americans incomes increase, and prices decrease, this allowed for more of a disposable income. Middle class families are now able to buy cosmetics, fridges, vacuums, and automobiles. Technology also greatly influenced the major economic growth that occurred. The automobile industry became the most important industry in the nation. It was very similar to a domino effect, once auto manufacturing increased and was successful, other industries such as, steel, rubber, glass, and oil companies also increased their production due to the purchases made by the auto manufacturers. Automobile manufacturing created jobs, and as the radius of cities was extended, the demand for more automobiles increased. Unfortunately, farming became a double-edged sword. In the 1920’s tractor usage quadrupled, but the problem was that the demand for agricultural goods was not increasing with increasing production. This created
Jack Mazac Mr. Buckley History - H December 5, 2017 Big Corporations during the Gilded Age: What was the effect of the growth of the increasing size and influence of corporations on the United States? The Gilded Age, a period from 1870 to 1900 that mainly revolved around and was influenced by big business and corporations. The newly found mass production of resources positively brought about and created a huge array of products but also negatively led to a wide disconnect between social classes and unevenly distributed power that resulted in the formation of unions and the passing of antitrust laws and legislation.
In the 1920s, the United States was in the middle of a revolution in the area of production. With a 64 percent increase in manufacturing; outputting per work hour around 40 percent. The most difficult to grasp was the sale of electricity and the consumption of fuel oil doubled. Americans were spread to their limits. Around 1922 and 1927, the economy grew by at least 7 percent a year.
The end of the Civil War brought a whole new era of economy, political control, and Presidential intervention. The economy emerged from its agriculturally based economy into a flourishing big business dominated world and eventually in 1929 came crashing down. I agree only partially with the quote " The Civil War saw the beginning of an 80-year decline of real individual economic opportunity; nonetheless, the vast majority of Americans continued to profess their belief in individualism as evidenced by the Presidents they elected. Thus, between 1865 and 1939, the majority of Americans accepted big business dominance and rejected all forms of government interference and regulation contrary to
The American Civil War endured four long and bloody years, from 1861-1865. Many effects of the Civil War were permanent changes for America’s history from the battle between the bluecoats and the grey. Following reconstruction and the succession of a new president after Lincoln’s death, differences of the North and South remained from 1866 on into the 1900’s. Whether it being social, economic, or political discrepancies, the growth of the nation remained divided and suffered different complications in between.
By the time of the Civil War, the technologies upon which the First Industrial Revolution was based were established in the United States. In the years following the war, the nation's industrial energies were focused on completing the railroad and telegraph networks of the North, rebuilding those of the South, and expanding those of the West. Once the devastating depression of the 1870’s depleted, the stage was set for the Second Industrial Revolution.
After the Civil War, the United States went through a period of rapid industrialization which affected the nation dramatically. Industrial growth, the spread of railroads, the rise of big businesses, and the appearance of labor unions during these decades created a modern industrial economy, and American workers and farmers faced new challenges in adapting to these changes.
In the period after the civil war there were many consequences in the economy in such categories as agriculture, labor, industrialization, and transportation. Many of these economic categories took a hit because many suppliers, work areas, and and employees were hurt or destroyed during the war. It took many years after the end of the Civil War for the agricultural industry, labor industry, industrial industry, and transportation industry to regain their footing in the economic world. Even then some of the industries would forever be changed by the things that the great Civil War caused in our country.
The late 1800s saw many changes that occurred because of rapid industrialization, changes that affect us even today. Before the Civil War, America was just beginning to explore the frontier, develop railroads, and agriculture was just barely starting to become mechanized. The United States was only about half-way through it’s own industrial revolution when the war started, but the effects of industrialization after the war were so great that they are still seen today. One of the biggest consequences of the rapid industrialization in America was the change to a consumer-type economy.