American Economic History

The harvest-tide of industry in the last fractional of the nineteenth century laid the foundation for American prudence of the twentieth century [1] . The expansion was driven by large-scale industrial develop handst and railroads that led to an urbanized industry primarily in the Northeast , and promoted population increase through immigration at a rate of 300 ,000 persons per year . The mho half of the 19th century brought an explosion of new discoveries and inventions that amounted to a second industrial revolution Examples included : petroleum discoveries , typewrites refrigerated rail line 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 development of the U .S . economy . The great tycoons were fierce competitors , singleminded in their pursuit 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 according to business standards of their day others used force , bribery and guile to strain their wealth and power . Their example and the fact that most Americans -- victuals in a society with a more politic class structure -- embraced the idea of moneymaking with enthusiasm created the movement for the American economic engine at the beginning of the twentieth century . The era of progressivism is characterized by the reluctance of the US government to get too involved in the private vault of heaven . This freed everyone to do whatever they could to get ahead , and ultimately turn out the downfall of many small and large business men by the time of the Great Depression (1929-1940 . The tremendous growth of the economy was unsustainable , and the lack of regulations meant that the inevitable 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 nation s history .

The New Deal enacted by Roosevelt s attempt to alleviate the emergency and prevent it in the future day by extending federal authority in all field notably banking , agriculture , social security and public eudaimonia . It gave immediate attention to hollow problems , creating minimum standards for wages , hours , relaxation and security -- and served as a catalyst for the expansion of labor unions in such industries as steel , automobiles and rubber . During this expiration organized labor unions were developed as a pip roots response to business past excessesThe US economy probably 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 but the outbreak of WWII in which the US played a major role economically and technologically in tell apart 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 unionize the nation s productive capabilities so that military priorities would be met . reborn consumer-products plants...If you want to get a full essay, order it on our website: Orderessay

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