Economic Development (1870-1920)

     

JD Rockefeller

           The time from 1870 through 1920 was known as the Gilded Age. During this time there was great industrial and economic progress in America, but there were horrible things "under the surface", that outweighed the good. Many of the immigrants who came to America during this time were poor, adding to the growing lower class. These people often had to work horrible jobs with working conditions that were often dangerous and unhealthy, and with wages that were barely enough to live on. On the other hand, the upper and some of the middle class lived relatively nicely and could afford luxuries and buy other products that kept the economy strong. Though the economy and businesses were doing very well, it seems like the rich got richer, while the poor got poorer. 

Andrew Carnegie

          The first step towards the industrial growth and economic development during this time in America was the completion of the transcontinental railroad. Also some inventions like the light bulb and the use of electricity led to the creation of new industries and products. Another reason that the economy was doing so well during this time was because large deposits of natural resources and raw materials, like iron, oil, coal and gold, were found. With such abundance of resources old industries grew and new industries were created. Some of the people who took advantage of the time were JD Rockefeller who made his money from oil, Andrew Carnegie from Steel, and Henry Ford from the automobile. All of these industries impacted America and the economy.

Henry Ford

          I think that the Gilded Age was one of the most important periods to the growth of the national economy. Although there was a large percentage of Americans who were poor, some found way to rise out of the lower class. There was progress in industry and there were many innovations that have evolved further and benefit us today. The resources discovered guaranteed that industries could continue to run and the country could be self-sufficient and did not have to rely on other countries.

 Work Cited  

"Economic Growth: Inventions, Development, and Tycoons." Economics at About.com. Web. 11 Nov. 2011. <http://economics.about.com/od/useconomichistory/a/econ_grow.htm>.

 "American Economic Growth in the 20th Century." Economics at About.com. Web. 11 Nov. 2011. <http://economics.about.com/od/useconomichistory/a/economic_20th.htm>.

"American Economic Growth: Movement South and Westward." Economics at About.com. Web. 11 Nov. 2011. <http://economics.about.com/od/useconomichistory/a/economic_grow.htm>.

"Government Involvement in the American Economy." Economics at About.com. Web. 11 Nov. 2011. <http://economics.about.com/od/useconomichistory/a/government_inv.htm>.

"JD Rockerfeller." Web. 11 Nov. 2011. <http://www.la-articles.org.uk/JDrockefeller.jpg>.

 "Andrew Carnegie." Web. 11 Nov. 2011. <http://american-business.org/2373-andrew-carnegie.html>.

 "Henry Ford." Web. 11 Nov. 2011. <http://www.arinanikitina.com/wp-content/uploads/2010/03/henry-ford.jpg>.