The Financial Infrastructure Of The Industrial Revolution

In the late 1800s, manufacturing became a large part of American lives. This era affected the way that the Americans used to live, the standard of living for many people in the United States improved and increased wealth. “During this time, pioneering agricultural innovators created simple machines that made farming easy, faster, and more efficient. Among the most notable of these machines was English inventor Jethro Tull’s (1674–1741) seed drill” (Industrial Revolution). Businesses started to boom due to the simplicity and the load these machines took of their shoulders. Another vital role in the Industrial Revolution was the development of new methods for producing iron and steel. Andrew Carnegie, the Scottish-born American industrialist, amassed a

During the Industrial Revolution, robber barons corrupted the government. The greedy robber barons overpowered the working class. With that massive wealth, they created monopolies.

The Industrial Revolution took place from the 18th to 19th centuries. It was a period primarily agricultural, rural cultures in Europe and America became a manufacturing and urban. Prior to the Industrial Revolution, which started in Britain in the late 1700s, engineering was often done in folks’ homes, using hand utensils or simple machinery. Mechanization marked a change to motorized, special-purpose technology, workshops, and quantity construction. The iron and fabric businesses, along with the expansion of the steam engine, played crucial roles in the Industrial Revolution, which also saw better-quality systems of transport, communication, and banking.

The Panic of 1873 was a financial crisis that began a depression in Europe and North America that lasted from 1873 until 1879. Throughout the 1870s there were ups and downs on a mass level in the economy from the stock market crashing. The stock market crashed from investors investing too much in the railroads with borrowed money after the Civil War and panicking once the bank Jay Cooke and Companies credit became close to worthless. Investors tried to get their money out of the market by trading their shares and going to the bank to get their money out, but there were mass amounts of investors wanting their money from the bank Jay Cooke and Company along with other banks; everyone could not get their money due to the

The United States attracted many immigrants as it gave opportunity to farm or work in urban areas, which was appealing for people like the Irish, who experienced famine and depression in their home, many Irishmen moved to America, and population wise

The exploitation and pillage of the West Indies and the Americas, and that of Africa by means of the slave trade, and finally, the discovery by Europeans of the sea route to the Far East and India, led to a rapid growth in world trade by the 16th century. The vital role of India and the Far East in generating the system of British industrial capitalism and capital accumulation in Britain is undeniable. In that role, were great monopolistic chartered trading corporations that emerged in England during 16th and 17th century, such as the Baltic Company and the Levant Company? The greatest of which was the East India Company, which conquered and had rule over India.

From the period of late nineteenth through early twentieth century, American civilization endured vast changes based on the western exploration of the country as well as the industrial revolution it had undertaken. The different genres of its people all endured hardships and historic changes from the times of the Native Americans being forced out of their lands, to changes in population with the amassing amount of immigrants and lack of jobs through the Gilded Age, all the way through the change of the United States becoming an empire based on its acquisitions. But through all these events whether viewed as positive or negative, the powers that were in control, always viewed these changes as progression of the country.

7. What were the principles of mercantilism and what impact did it have on economics

In the past 100 years, the world has shifted enormously. Once, a world that only communicated when one nation was trying to take control of another, is now connected more than ever. This transformation began with the Industrial Revolution in a period from around 1760 to 1840. Thinking back to that time, we can easily think of noticeable differences between how the world was and how it is today. The United States was a small, developing country, still trying to overcome the effects of a costly revolution. Across the ocean, once the United States’ major rival, Great Britain, was still the greatest power in the world. And around the world, China and Japan were nowhere near the economic leaders they are today. However, the biggest changes weren’t the countries with the greatest power and size.

The Industrial Revolution that occurred in the late Nineteenth Century brought many new jobs that were drastically different to the jobs that previous Americans held. While agricultural jobs still existed and were vitally important to the sustainability of the American economy, the new factory jobs that opened up created many new work opportunities for Americans and immigrants who came from Europe. However, the problem with all these new industrial jobs was that they had very poor working conditions and the work hours were long and unfair. This along with the low wages made these jobs undesirable. Despite this, immigrant workers continued to work under these conditions because they had nowhere else to obtain work and quitting would make it almost impossible for them to find a job somewhere else with better working conditions and wages. The result of the low wages meant that many immigrants living on the East Coast of the United States lived below the poverty line. There was a fundamental problem with the working and living conditions the immigrants were experiencing. Two political organizations of this era sought to fix this problem with two contrasting methods. The Progressive Reformers were a political organization that sought out to set permanent fixes to these conditions and make it possible for the immigrants to be self-sustaining. On the other hand, the political machines, more specifically Tammany Hall of Manhattan, sought to make changes by directly helping the

Although modern day economic conditions are vastly different when compared to the economic conditions that the British had while they were industrializing, China most closely resembles Britain as it entered into the industrial revolution. Today, China is one of the fastest growing industrializing economies in the world (GDP growth rate ~8%) and can credit this to their shift from an agrarian economy to an industrial economy, their abundance of natural resources, cheap labor, and rapid urbanization.

Capitalism started up as a system of investing and sharing money in order to increase the value of resources in the future. Capitalism was just an economic system, but then soon turned into a complex system of ethical practices. Harari defines capitalism as, “a set of teachings about how people should behave, educate their children and even think” (Harari 314). This economic system evolved along with the people that were endorsing it. Capitalism enables the rich to get richer, while the poor continue to get poorer. There are many benefits to capitalism, but there are downfalls as well, and these downfalls tend to be masked because of the rapid speed capitalists grow at. Harari first presents a definition for capitalism, and soon goes into great detail on why capitalism, while fast paced and unforgiving, is able to stand unwavered while other productions fail.

Think about your life for one second: you communicate with people, travel, make purchases, and utilize those commodities. But have you ever wondered what made those things possible? After all, you go to the store to buy things you need. You drive a car to work and to visit your friends. If you need to talk to someone, you simply pick up your phone or computer. However, none of this would be possible without a means of communication, factories to manufacture the products you need, places to work, and ways to travel and transport goods. And what made these possible? The answer is the Industrial Revolution, which started in Europe around the year 1730. A revolution is a major change or turning point in something. The Industrial Revolution

The Industrial Revolution in Europe changed Europe to this day. This began in the United Kingdom in the 1700s and expanded to Western Europe in the 1800s. During the Industrial Revolution, this provided new technology, a surplus of food, trading and different ways of producing goods for countries. The women and children in Europe had to work hard and work in the mills. They did this to give enough money for their family to live on. Politics also changed during the Industrial Revolution. Thus, the Industrial Revolution affected many people and to discover new technology and ways of thriving life.

The Industrial Revolution was the quintessence of capitalistic ideals; it bred controversy that led to Karl Marx’s idea of communism as a massive grass roots reaction to the revolution’s social abuses. Firstly, the Industrial Revolution featured the construction of machines, systems and factories that allowed goods to be manufactured at a faster rate with a lower cost. The seed drill made it so there could be “a semi-automated, controlled distribution and plantation of wheat seed”(Jones 2013). Secondly, there was a great social and economic divide between the wealthy owners and the poor workers, which gave rise to the mass’s vulnerability to the advent of extreme socialism. Figures of authority severely oppressed their employees by giving them insufficient pay, a treacherous work environment, and even making some children work more than 12 hours per day (Cranny 150). Finally, far right capitalism created a brutal boom and bust cycle of economics that made, for the multitude at the bottom, a perpetual nightmare of poverty and death. People responded to this social situation by taking part in violent protests; oppression sires rebellion. The Industrial Revolution was the chassis of great imagination and progress of political, economic, and social force that still affects this world today.