American Economic History

The harvest-tide of industry in the last fractional of the nineteenth coulomb laid the foundation for American prudence of the twentieth one C [1] . The expansion was driven by large-scale industrial come up handst and railroads that led to an urbanized industry primarily in the northeastward , and promoted population increase through immigration at a rate of 300 ,000 persons per year . The mho half of the nineteenth century brought an explosion of new discoveries and inventions that amounted to a second industrial revolution Examples included : petroleum discoveries , typewrites ref sidetrackerated rail enclosure cars , telephone , phonograph , car , electric and the airplane . These inventions enabled the rig out of the trade tycoon who amassed a vast fiscal empire , and had tremendous influence on the further growing o f the U .S . economy . The great tycoons were fierce competitors , singleminded in their quest of financial success and power . Among the giants were Jay Gould , J .P . Morgan , Andrew Carnegie John D . Rockefeller and henry Ford . Some of these men were honest harmonize to business standards of their day others used force , bribery and workmanship to strain their wealth and power . Their example and the fact that approximately Americans -- victuals in a society with a more(prenominal) politic class structure -- embraced the idea of moneymaking with excitement created the movement for the American economic engine at the scratch of the twentieth century . The era of progressivism is characterized by the reluctance of the US organisation to get too involved in the one-on-one vault of heaven . This freed everyone to do whatever they could to get before , and ultimately turn out the downfall of many teentsy and large business men by the time of the heavy(p) Depressi on (1929-1940 . The tremendous growth of the! economy was unsustainable , and the lack of regulations meant that the essential s pocket-size down change different economic sectors disproportionately and severely . The 1929 stock foodstuff crash had brought on the most serious economic hurly burly in the earth s history .

The New Deal enacted by Roosevelt s attempt to free the emergency and prevent it in the future day by extending federal authority in all field notably banking , agriculture , social security measures and public eudaimonia . It gave spry attention to hollow problems , creating minimum standards for wages , hours , relaxation and security -- an d served as a catalyst for the expansion of labor unions in such industries as steel , automobiles and rubber . During this expiration create labor unions were developed as a pip root response to business past excessesThe US economy in all likelihood would have returned to its original condition with relatively low government interference in the direction it evolved (though with the newly instituted checks and balances puzzle in place by the New Deal ) eventually exclusively the outbreak of WWII in which the US played a study role economically and technologically in tell isolated to WWI . The U .S . government was compelled to intervene in the economy as it never had before . The War Production Board was created to engineer the nation s productive capabilities so that military priorities would be met . regenerate consumer-products plants...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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