Premium Essay

The Second Industrial Revolution And The Panic Of 1893

Submitted By
Words 299
Pages 2
The Second Industrial Revolution changed America’s character by creating them as the largest economy in the world. Unfortunately, conflicts involving currency, tariffs, political scandal, and economic crisis became serious. This time period consists of two waves of Panics or depressions. The 1873 panic was caused by over-speculation in the railroad industry. The Panic of 1893 was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures. The panic was resolved in 1897. Key people during this time period were John D. Rockefeller, Andrew Carnegie, and J.P. Morgan. John D. Rockefeller is the founder of the Standard Oil Company. He became one of the world's wealthiest men and a major philanthropist.

Similar Documents

Premium Essay

Industrialization During 1865 and 1920 That Influenced U.S. Society, Economy, and Politics

...OUTLINE & THESIS STATEMENT Impact of Industrialization after the Civil War on American Society (Thesis & Outline) [Strayer University] [U.S History 105] ] Impact of Industrialization After the Civil War on American Society (Thesis & Outline) Part 1- Thesis Statement The Industrial Revolution marks a major turning point in human history; almost every aspect of daily life was influenced in some way. After the Civil War, industrialization took on an unpredictable change of events that had a major affect on improving American life. The Industrial Revolution affected farming, manufacturing, and legislatives and led to a increase in the wealth and prosperity of the countries in which it occurred.. First, new and improved methods of planting and harvesting crops, breeding and rearing animals, and fertilizing the land increased productivity. Second, arrival of steam-powered farm machinery meant to replace farm laborers were needed to work the land. Third, Homestead Act, a significant amount of land had been set aside for cheap to migrated families from the west. Farmer were able to own their own home and farm using on their own time and resources, once their obligations to the government were fulfilled in 5 years the land was theirs with no strings attached. Although the war was over and slavery was abolished, nothing changed much for African American. They still had to work for their masters, and were limited to the rights they had...

Words: 1216 - Pages: 5

Free Essay

The Causes of Busniness Cycles

...vivid statement by Dornbusch, who proclaimed recently: “None of the U.S. expansions of the past 40 years died in bed of old age; every one was murdered by the Federal Reserve” (Dornbusch 1997). This stark view can be contrasted with its opposite in the recent literature: “[N]one of the popular candidates for observable shocks robustly accounts for the bulk of business-cycle fluctuations in output” (Cochrane 1994, p. 358). I expand the time period to consider the past century, but it is easy to distinguish the past 40 years, that is, the period since World War II. A survey of business cycle causes over an entire century runs into several problems, of which three seem noteworthy. First, it is not at all clear what “cause” means in this context. Second, the Great Depression was such a large cycle that it cannot be seen as just another data point. Third, the survey relies on the existing literature on business cycles, which is why I have entitled it an essay in economic historiography. The paper proceeds by discussing each of these problems in turn, then turning to the data, and finally drawing some conclusions from the preceding efforts. *Elisha Gray II Professor of Economics, Massachusetts Institute of Technology. The author would like to thank Caroline Richards for research assistance. All errors remain the author’s alone. 38 Peter Temin BUSINESS CYCLES: DEFINITION AND ANALYSIS The cause of a business cycle typically...

Words: 11051 - Pages: 45

Free Essay

Discussion

...Chapter 17 The Industrial Revolution ­Learning Outcomes After reading this chapter, you should be able to do the following: 17-1 Describe and discuss the development of the Industrial Revolution in America after the Civil War, concentrating on the major industries and their leaders. 17-2 Describe how America’s regional and local markets merged into one truly national market and how this influenced the consumer demand for products and services, as well as some of the costs associated with the transition. 17-3 Discuss the functioning of national, state, and local politics during the late 1800s. 17-4 Describe the formation of the early labor unions in the United States, including their goals, activities, and situations at the end of the nineteenth century. 290 C h apt e r 15 The Continued Move West “ The world that had consisted of small farms, artisans’ workshops, and small factories transformed into a full-scale industrial society. ” As the process of ensuring political, economic, and social rights of African Americans waned during the 1870s, most Americans turned their attenNo invention had more lasting impact than the incandestion to another transformation cent light bulb. brought on by the Civil War: the Strongly Disagree Strongly Agree Industrial Revolution. During 1 2 3 4 5 6 7 the half-century between                                                    1865 and 1915, the United States evolved from a relative...

Words: 10590 - Pages: 43

Free Essay

The (Un)Official United States History Cram Packet

...The (un)Official United States History Cram Packet This is not intended as a substitute for regular study ……. But it is a powerful tool for review. 1494: Treaty of Tordesillas – divides world between Portugal and Spain 1497: John Cabot lands in North America. 1513: Ponce de Leon claims Florida for Spain. 1524: Verrazano explores North American Coast. 1539-1542: Hernando de Soto explores the Mississippi River Valley. 1540-1542: Coronado explores what will be the Southwestern United States. 1565: Spanish found the city of St. Augustine in Florida. 1579: Sir Francis Drake explores the coast of California. 1584 – 1587: Roanoke – the lost colony 1607: British establish Jamestown Colony – bad land, malaria, rich men, no gold - Headright System – land for population – people spread out 1608: French establish colony at Quebec. 1609: United Provinces establish claims in North America. 1614: Tobacco cultivation introduced in Virginia. – by Rolfe 1619: First African slaves brought to British America. 15. Virginia begins representative assembly – House of Burgesses 1620: Plymouth Colony is founded. - Mayflower Compact signed – agreed rule by majority • 1624 – New York founded by Dutch 1629: Mass. Bay founded – “City Upon a Hill” - Gov. Winthrop - Bi-cameral legislature, schools 1630: The Puritan Migration 1632: Maryland – for profit – proprietorship 1634 – Roger Williams banished from Mass. Bay Colony 1635:...

Words: 7863 - Pages: 32

Premium Essay

Finance London Paris

...1    Preliminary draft The First Global Emerging Markets Investor: Foreign & Colonial Investment Trust 1880-1913 David Chambers and Rui Esteves∗ September 2011 Abstract: The Foreign and Colonial Investment Trust (FCIT) is the oldest surviving closed end fund in the world today. Its early success was related to its identification of a missing market, namely, the provision of a wholesale diversified investment vehicle for the investing public. Whilst much research has been conducted on aggregate international capital flows in this period, little work has been undertaken on the prime investment institutions. This micro-study seeks to fill this gap by undertaking detailed quantitative analysis of the leading investment trust investing widely in emerging markets during the first era of financial globalisation before WWI. The history of this flagship investment trust over more than three decades up to 1913 provides an insight into the relative success of this institutional innovation as well as into the risk and returns of investing in global emerging markets over a century ago. ∗                                                              David Chambers (d.chambers@jbs.cam.ac.uk) is at Judge Business School, Trumpington Street, Cambridge CB2 1AG, United Kingdom. Rui Esteves (rui.esteves@economics.ox.ac.uk) is at the Dept of Economics, Oxford University, Manor Rd Building, Oxford OX1 3UQ, United Kingdom. We thank Foreign and Colonial for access to their archives...

Words: 12264 - Pages: 50

Premium Essay

Essays

...TExES I Texas Examinations of Educator Standards Preparation Manual 133 History 8–12 Copyright © 2006 by the Texas Education Agency (TEA). All rights reserved. The Texas Education Agency logo and TEA are registered trademarks of the Texas Education Agency. Texas Examinations of Educator Standards, TExES, and the TExES logo are trademarks of the Texas Education Agency. This publication has been produced for the Texas Education Agency (TEA) by ETS. ETS is under contract to the Texas Education Agency to administer the Texas Examinations of Educator Standards (TExES) program and the Certification of Educators in Texas (ExCET) program. The TExES program and the Examination for the Certification of Educators in Texas (ExCET) program are administered under the authority of the Texas Education Agency; regulations and standards governing the program are subject to change at the discretion of the Texas Education Agency. The Texas Education Agency and ETS do not discriminate on the basis of race, color, national origin, sex, religion, age, or disability in the administration of the testing program or the provision of related services. PREFACE The State Board for Educator Certification (SBEC) has developed new standards for Texas educators that delineate what the beginning educator should know and be able to do. These standards, which are based on the state-required curriculum for students——the Texas Essential Knowledge and Skills (TEKS)——form the basis for new Texas Examinations...

Words: 14132 - Pages: 57

Free Essay

Financial System - Italy

...The Financial and Banking system of: Italy Presented In Partial Fulfillments of the Course Requirements for FIN 4634 International Banking Presented for: Marcos A. Kerbel Participating Adjunct Professor Department of Finance & Real Estate Florida International University Miami, Florida Prepared by: Lisandra Cabrera Panther ID: 3553624 Phone: 786-518-8234 Email: lcabr025@fiu.edu Reported dated: 7/21/2012 Table of Contents I. Geography ................................................................................................................................. 4 II. History of the Country............................................................................................................... 5 III. Country’s Financial System..................................................................................................... 6 a. History Overview ………………………………….................................................... 6 b. Present Monetary Laws and Regulations…………………………………………….. 7 c. Types of Financial Institutions operating in the country............................................... 8 d. The Central Bank ...………………………................................................................... 8 e. Bank Regulation............................................................................................................. 8 f. Commercial Banks Operating in the country ................................................................ 9 IV. Country’s...

Words: 5118 - Pages: 21

Premium Essay

Business

...thomas a . meyer How Great companies Get Started in terrible times Innovate! Innovate! How Great Companies Get Started in Terrible Times THOMAS A. MEYER John Wiley & Sons, Inc. Copyright © 2010 by Thomas A. Meyer. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose...

Words: 58226 - Pages: 233

Free Essay

History of Accounting

...mine alone; and The work has not been submitted previously, in whole or part, to qualify for any other academic award; and The content of the thesis is the result of work that has been carried out since the official commencement date of the approved research programme. THOMAS R. ROWLES iii TABLE OF CONTENTS Chapter Introduction 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Introduction Purpose of the Study Sombart’s Hypothesis An Alternative Model; Entrepreneurial Decision-making Context: The Industrial Revolution and ‘Profit’ The Changing Nature of ‘Investment’ The Great Depression of 1873-96 Intellectual Introspection Irving Fisher and the Conception of Capital and Income 17 17 17 23 25 26 30 32 34 34 35 36 38 38 38 39 43 46 49 50 51 54 55 1.10 Research Issues Identified 1.11 Summary Derivation of Research Issues 2.1 2.2 Introduction Evidence from Extant Accounts 2.2.1 Fixed Assets in Mercantile Accounting 2.2.2 The East India Company 2.2.3 Fixed Assets and Early Industrial Accounting 2.2.4 Capital Asset Accounting After 1870 2.2.4.i Renewal Accounting 2.2.4.ii Double-Account System 2.2.4.iii A Rejected Hypothesis 2.3 Steam and Iron: the ‘Railway Age’ iv 2.3.1 ‘Loco motion’: An Evolving Technology 2.4 2.5 2.6 2.7 Research Issues Methodological Approach Structure of the Thesis Summary 59 68 69 70 72 74 74 75 77 77 79 79 81 82 86 88 Evaluative Framework 3.1 3.2 3.3 Introduction Static Equilibrium Analysis...

Words: 130630 - Pages: 523

Premium Essay

Work, Culture and Identity in Mozambique and Southafrica 1860-1910

...Acknowledgments ix Acknowledgments This book owes a great deal to the mental energy of several generations of scholars. As an undergraduate at the University of Cape Town, Francis Wilson made me aware of the importance of migrant labour and Robin Hallett inspired me, and a generation of students, to study the African past. At the School of Oriental and African Studies in London I was fortunate enough to have David Birmingham as a thesis supervisor. I hope that some of his knowledge and understanding of Lusophone Africa has found its way into this book. I owe an equal debt to Shula Marks who, over the years, has provided me with criticism and inspiration. In the United States I learnt a great deal from ]eanne Penvenne, Marcia Wright and, especially, Leroy Vail. In Switzerland I benefitted from the friendship and assistance of Laurent Monier of the IUED in Geneva, Francois Iecquier of the University of Lausanne and Mariette Ouwerhand of the dépurtement évangélrlyue (the former Swiss Mission). In South Africa, Patricia Davison of the South African Museum introduced me to material culture and made me aware of the richness of difference; the late Monica Wilson taught me the fundamentals of anthropology and Andrew Spiegel and Robert Thornton struggled to keep me abreast of changes in the discipline; Sue Newton-King and Nigel Penn brought shafts of light from the eighteenthcentury to bear on early industrialism. Charles van Onselen laid a major part of the intellectual foundations on...

Words: 178350 - Pages: 714

Premium Essay

Julius Ceasar

...OUTLINE OF U.S. HISTORY OUTLINE OF OUTLINE OF U.S. HISTORY C O N T E N T S CHAPTER 1 Early America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 CHAPTER 2 The Colonial Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 CHAPTER 3 The Road to Independence . . . . . . . . . . . . . . . . . . . . . . . . . . 50 CHAPTER 4 The Formation of a National Government . . . . . . . . . . . . 66 CHAPTER 5 Westward Expansion and Regional Differences . . . . . . . 110 CHAPTER 6 Sectional Conflict . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 CHAPTER 7 The Civil War and Reconstruction . . . . . . . . . . . . . . . . . . 140 CHAPTER 8 Growth and Transformation . . . . . . . . . . . . . . . . . . . . . . . 154 CHAPTER 9 Discontent and Reform . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 CHAPTER 10 War, Prosperity, and Depression . . . . . . . . . . . . . . . . . . . . 202 CHAPTER 11 The New Deal and World War I . . . . . . . . . . . . . . . . . . . . . 212 CHAPTER 12 Postwar America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256 CHAPTER 13 Decades of Change: 1960-1980 . . . . . . . . . . . . . . . . . . . . . 274 CHAPTER 14 The New Conservatism and a New World Order . . . . . . 304 CHAPTER 15 Bridge to the 21st Century . . . . . . . . . . . . . . . . . . . . . . . . . 320 PICTURE PROFILES Becoming a Nation . . . . . . . . . . . . . ....

Words: 104976 - Pages: 420

Free Essay

Crisis in Greece

...THE FACULTY OF ECONOMICS LJUBLJANA THE CRISIS IN GREECE subject: TAXES MAY 2013 TAXES THE CRISIS IN GREECE author: P.Fux Contents   INTRODUCTION ...................................................................................................................... 3   GENESIS OF THE FINANCIAL CRISIS (USA) ................................................................. 3   THE TIPPING POINT ........................................................................................................... 3   IMPACT OF BANKING CRISIS ON EU - DEVELOPMENT OF FISCAL CRISIS .............. 4   WHAT HAPPENED IN GREECE............................................................................................. 4   DEBT IS HER OLDEST COMPANION ............................................................................... 5   CRISIS HAS SHOWN FIRST EFFECTS.............................................................................. 5   HOW MARKETS SAW GREECE ........................................................................................ 6   GREECE'S PROBLEMS SINCE THE CRISIS HAS ARISEN and BAILOUTS ..................... 7   The huge numbers of Greece's debt in pictures (2012) ...................................................... 9   A FEW WORDS ABOUT GREECE'S RATIOS ..................................................................... 10   THE GOVERNMENT SPENDINGS ..............................................................

Words: 6764 - Pages: 28

Premium Essay

Policy Failure

...THE GREAT RECESSION Since publication of Robert L. Hetzel’s he Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. hat consensus emphasized eicient markets, rational expectations, and the eicacy of the price system in assuring macroeconomic stability. he 2008–2009 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical luctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and irst half of the twentieth century. hese “market-disorder” views emphasize excessive risk taking in inancial markets and the need for government regulation. he present book argues for the alternative “monetary-disorder” view of recessions. A review of cyclical instability over the last two centuries places the 2008–2009 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in inancial markets. Robert L. Hetzel is Senior Economist and Research Advisor in the Research Department of the Federal Reserve Bank of Richmond, where he participates in debates over monetary policy and prepares the bank’s president for meetings of the Federal Open Market Committee. Dr. Hetzel’s research on monetary policy and the history of central banking has appeared in publications...

Words: 177093 - Pages: 709

Free Essay

One Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.

...E SSAYS ON TWENTIETH-C ENTURY H ISTORY In the series Critical Perspectives on the Past, edited by Susan Porter Benson, Stephen Brier, and Roy Rosenzweig Also in this series: Paula Hamilton and Linda Shopes, eds., Oral History and Public Memories Tiffany Ruby Patterson, Zora Neale Hurston and a History of Southern Life Lisa M. Fine, The Story of Reo Joe: Work, Kin, and Community in Autotown, U.S.A. Van Gosse and Richard Moser, eds., The World the Sixties Made: Politics and Culture in Recent America Joanne Meyerowitz, ed., History and September 11th John McMillian and Paul Buhle, eds., The New Left Revisited David M. Scobey, Empire City: The Making and Meaning of the New York City Landscape Gerda Lerner, Fireweed: A Political Autobiography Allida M. Black, ed., Modern American Queer History Eric Sandweiss, St. Louis: The Evolution of an American Urban Landscape Sam Wineburg, Historical Thinking and Other Unnatural Acts: Charting the Future of Teaching the Past Sharon Hartman Strom, Political Woman: Florence Luscomb and the Legacy of Radical Reform Michael Adas, ed., Agricultural and Pastoral Societies in Ancient and Classical History Jack Metzgar, Striking Steel: Solidarity Remembered Janis Appier, Policing Women: The Sexual Politics of Law Enforcement and the LAPD Allen Hunter, ed., Rethinking the Cold War Eric Foner, ed., The New American History. Revised and Expanded Edition E SSAYS ON _ T WENTIETH- C ENTURY H ISTORY Edited by ...

Words: 163893 - Pages: 656

Premium Essay

British Literature of the 20th Century

...Contents Introduction 3 At the Turn of the Century 4 The 20th Century Literary Background 5 Modernism 6 Poets of the First World War 11 The Interwar Years 13 British Postwar Literature 19 Conclusion 27 References 29 Introduction The 20th century seems to be the most dramatic and unique: it witnessed two world wars and great social, economic and political changes. All this events could not but find their reflection in the arts in general and in the literature in particular. The urgency of the work is determined by the complexity of the period considered and variety of forms and trends which appeared during the century. The object of the project is British literature. The aim of the project is to consider the peculiarities and distinct features of the British literature of the 20th century. In order to gain the project’s aim, during its implementation the following practical issues were studied: - the most distinguished writers of the period; - their contribution to development of the British literature; - key topics. The project’s aim and issues considered predetermined the choice of methods of research. During the project’s implementation the following methods were used: critical survey of the sources on the issue considered, as well as comparison and analysis. Theoretical value of the project is constituted by the analysis of the peculiarities and distinct features of the British literature of the 20th century. Practical value of the project...

Words: 9384 - Pages: 38