United States Economy Essay Sample
The United State’s economic growth period is referred to as the gilded age and it is during this period the United States jumped to lead in industrialization. The nation was then rapidly expanding and its economy was moving to new areas like into the industry of factories, coal mining and railroads. This period ranged from 1870’s to 1990’s and larger markets grew, commercial farming increased, ranching and mining stabilized and further a national market place was established. “Steel production in America is mentioned to have risen to surpass that of Britain” (Tindall and David, 67). Mechanization of industries also increased and this marked the gilded age’s search that would provide cheaper ways to creation of more products. This paper aims at describing economic changes that took place in the US around 1870’s and how these changes differ from the ones that took place in 1900’s. The paper will further indicate consequences and reactions to the changes of industrial work, law, urban development, agriculture and foreign relation.
During the 1870’s and 1880’s, economy of the United States had the fastest rate of rise ever in history. Wealth, wages, growth domestic product and formation of capital rose in a steady manner. Wages, distribution of wealth, human costs, labor unions, rural to urban migration, industries and technology increased beyond 1880’s and in the 1900’s the state was close to perfection. Wages that were paid to workers and employees increased more during the 1900’s as compared to the 1870’s, wealth became more distributed and most people could access wealth with poverty reduced and human costs rose with more salaries that would be paid to workers (Brynjolfsson and Kahin,142). Labor unions arose and grew to fight for workers, industrialization increased with most people moving from the rural to urban areas in search of better lives and employment and technology started becoming familiar. More industries came up, expanded and were able to accommodate more workers, products and services. For purposes of transportation, the railways if measured tripled around 1870’s to 1880’smore than before but later in the 1900’s it doubled making it improve more. The railways improvements gave rise to increase in commercial farming, mining, ranching and creation of market places.
Development of the rail system in the United States during the periods of development has had positive reactions on the urban development, agriculture and industrial work domains. Railways began to be built in the south although it only concentrated on short lines that would link regions of growing cotton to river ports and oceans. The reactions given to the railway building increased the railway networks and later the rails were also linked to the sides of the cities (Spulber, 54). Faster developing financial systems followed and railways later attracted the subsidies of the local governments of the United States. Freight rail road came up and played important roles in the economy of the United States. They got the use of moving imports and exports by use of containers and both coal and oil were being shipped form areas of production to areas of consumption. More freight locomotives arose together with those of passengers. These railways further led to rapid industrial growth and several far5ms got ready for mechanization. Cost of food lowered, national sales in the market increased, and engineering culture started to excel and modern management systems arose.
During the nineteenth century, the railway system of transportation impacted the United States economy on bases of industrial work, urban development and agriculture. Development of United States changed over time and developed more as the railway system also developed. Railways became the common mode of movement and connected one business to other. Markets could have sufficient goods to provide to clients and customers and this ensured a good flow of money in the market further increasing stability of the economy. These rails needed maintenance and at times could cost United States a lot of money for repairs and updating and this derailed the economy (Spulber, 89). So far the maintenance and damages of rails was the mentioned negative part of it in all dimensions. People were employed to operate and manage these rails creating a good form of employment. The railway system thus had its changes making positive results to the urban development, industrial work and agriculture domains.
Wages for workers was less and many people were put to slavery, especially people from the African countries. Workers had no voice in what they were paid yet they worked tirelessly to make ends meet. In the period of 1880s, 1890s and 1900s, this changed and however little the changes could be noticed. People who worked on farms, urban areas and in slums all had some voice that could cater for their needs. Wages increased and workers could be paid depending with how they worked and their posts. Labor unions arose in the United States, making workers to know their rights and amount of wages that they should earn (Gallman and Wallis, 81). In the industrial work, urban development and agriculture, increased and meaningful wages had implications of bringing improvements. People’s lives improved since they were in a position to meet more needs. Besides, poverty and low living standards decreased, leading to further revolution in the industries and farms. Wages also increased transportation because the available salaries could now make the worker to afford transportation easily.
Increased wages on the other hand also negatively affected the industrial work, urban development and agriculture domains. By making workers earn more the available budgets became interrupted and derailed further development. Industrial work and urban development was most affected since most of their funds were used to pay workers. Labor unions that acted as openers also ensured the officials were paid and employed properly with some benefits that any employee could have. Reactions even wanted more wages to be paid to workers and the race to industrialization became stiffer and tougher. Workers underwent encouragement to work even harder and technological developments accompanied the system. Output of textiles increased, efficiency of steam power increased and iron making lowered the cost of fuel (Westlund, 17). With both positive and negative effects on the domains that are important, increase of wages still deserves fluctuations and not only in the United States but worldwide.
Inequality trends in the United States began revolving around the eighteenth and nineteenth centuries. Long term trends in inequality were now being erased several economic disparities was reducing. “Wealth distribution as a disparity in the United States started improving even the narrow groups were beginning to hold posts in the big issues of stabilizing wealth distribution”. In the industrial work and urban development domain, wealth distribution issue was most important and reactions to these gave more positive implications. “The top earners had national incomes in huge amounts and balancing wealth distribution was like a hyperbole when it was mentioned” (David and Tindall, 85). Later, wealth distribution could be seen to improve and even the poor people could acquire wealth however little it was. Economic elites came up and great wealth could be inherited and most of this wealth gets to be permanent. The state of affairs started to prove the middle class to also flourish in the wealth generation bracket. With time, even the low class belonged in the bracket of wealth creation and distribution of wealth became uniform.
Wealth distribution is a remarkable claim because it is not easy to make different classes have the same rights. On the bases of urban development, most wealth is made in the urban and United States ensured that wealth was distributed in the urban equally. “Industrial works ensured industries also raised wealth and all classes of people were allowed to participate” (David and Tindall, 27). Agriculturally, productions were made also by both workers and employees. Just as making wealth was made free to everyone, ownership was also free and successfully even the poor came to own something. Wealth distribution came to melt grand historical sweeps that had existed over a long period of time. Survey of distribution of wealth thus is important in all aspects and should be done frequently in order to maintain the wealth distribution system.
Development of industries marked the industrial revolution and was a major change during early 1800s. Later in the 1870s, 1880s1890s and 1900 there was further remarkable improvement in the revolution. Reaction to industrial revolution enabled a positive gain in the interests of making more industries and since then several industries have come to exist. Hand production to machine production now came up and technology also improved. Industries came to exist and were vital in the domain of industrial work and urban development (Durkin, 58). Several industries developed in the urban areas, making people move from rural to urban areas with an aim of employment and better lives. Glass making came up, paper machines increased, whereas agricultural productivity made workers free to work in other and all sectors of the economic system.
More efficient developments in the industries of developing countries included water wheels for most industries. Experiments got to be conducted by a known British engineer and the machine industry gained fame with more discoveries that are concrete coming up (`Durkin, 51). Machines like vehicles and trains got enough use in the industries with more specification put on production and movement. The industrial work, urban development and agricultural issues, then improved with reactions to increase industrialization.
Rural to urban migration in the United States was due to industrialization and this increased urbanization. Basing interest in the domains of industrial work, urban development and agriculture the migration seemed to seek better economic opportunities. Immigration in the 1870s increased effectively to the period of 1900s with more industries increasing. Population in such areas increased and major cities in the United States got to develop. Patterns of settlement developed and racial exclusion began to rise with several races moving from one place to another (Oyemelukwe, 111). Furthermore, populations made the availability of industries to decline and intensity of unemployment began to be felt.
A reaction to the inadequate jobs made people to later venture into businesses and industries that would serve the nation. The changes were seen to be positive because one problem would come with a solution and the trend was maintained with less problems remaining unsolved. Several people from different backgrounds also gave a reason for the diversity of ideas and that is why rural to urban migration was seen to be helpful. “There came up an increased demand for cheap housing by the migrants in the United States and this made several homes to be built poorly and this made personal hygiene a lack” (Tindall and David, 49). It is documented that rural to urban migration ensured lack of basic amenities and this led to the spread of bacteria all over with diseases killing many people. So far, the mentioned negative effects of rural to urban migration are least, though crime and poverty have also come up with the migration. Despite the negative challenges of rural to urban migration, the migration has had more positive effects on the industries, agriculture and the growth of urban centers.
Unlike the seventeenth and eighteenth centuries, the nineteenth century had more massive populations moving to the urban and defining economic statuses of nations in the United States. Population increased day in day out as an effect of the economic growth in the charter of the United States. United States became a land of opportunity and easily found work came by just as the harder to find jobs came. All depended on the aggressiveness of the job seeker and how these employees were qualified even though education was still not efficient by then. People even from other continents like Europe and Asia had a taste of the United States and to date some still exist in the urban centers (Gallman and Wallis, 162). The rural to urban migration had thus enhanced more reactions to improving industries, urban development and agricultural dimensions.
In concluding, an improvement in the growth domestic product of the United States was also an experienced during the economic growth times. The entire economic growth is a process of tiresomeness and would collapse if not all the required factors are put in place (Lussier, 71). As mentioned before, the development of transport, especially in the railway sector came up and was known as great development of transport. Increased wages, stable wealth distribution systems, formation and stabilizing of labor unions, increased industrialization, technological advancements, growth of GDP and rural to urban migration were also changes during the economic growth period. All the mentioned changes both positively and negatively affected the industrial work, urban development and agricultural domains with positive effects being of great concern. Most of the reactions to the changes ensured better growth with positive outcomes.
`Durkin, Thomas A. Consumer Credit and the American Economy. S.l.: Oxford University Press, 2004. Print.
Brynjolfsson, Erik, and Brian Kahin. Understanding the Digital Economy: Data, Tools, and Research. Cambridge, Mass: MIT Press, 2002. Print.
Gallman, Robert E, and John J. Wallis. American Economic Growth and Standards of Living Before the Civil War. Chicago: University of Chicago Press, 1992. Internet resource.
George Tindall and David Shi. -A narrative history 8th edition: America’’s economic development, United Sstates,2010 print
Lussier, Robert N. Management Fundamentals: Concepts, Applications, Skill Development. Mason, Ohio: South-Western, 2012. Print.
Onyemelukwe, C C. The Science of Economic Development: The Theory of Factor Proportions. Armonk, N.Y: M.E. Sharpe, 2005. Print.
Spulber, Nicolas. The American Economy: The Struggle for Supremacy in the 21st Century. Cambridge [England: Cambridge University Press, 1997. Print.
Westlund, Hans. Social Capital in the Knowledge Economy: Theory and Empirics. Berlin: Springer, 2006. Internet resource.
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