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The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through March 1879, or 1899, depending on the metrics used. [1] It was most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War.
The Second Industrial Revolution was a period of rapid industrial development, primarily in the United Kingdom, Germany, and the United States, but also in France, the Low Countries, Italy and Japan. It followed on from the First Industrial Revolution that began in Britain in the late 18th century that then spread throughout Western Europe.
Germany went from 0.2 million tons in 1859 to 1.6 in 1871 and 19.3 in 1913. France, Belgium, Austria-Hungary, and Russia, combined, went from 2.2 million tons in 1870 to 14.1 million tons in 1913, on the eve of the First World War. During the war the demand for artillery shells and other supplies caused a spurt in output and a diversion to ...
At the end of the Industrial Revolution in the early 1870s, statisticians counted 885,000 industrial workers and 396,000 miners in Prussia. On a slightly different data basis, the new Imperial Statistical Office counted 32% of the labor force as belonging to the mining, industrial, metallurgical and construction sectors by 1871.
The Second Industrial Revolution, also known as the Technological Revolution (1870s to 1914−WW I) — a phase of rapid and widespread industrialization following the First Industrial Revolution (1760s to 1820s−40s)
One of the real impetuses for the United States entering the Industrial Revolution was the passage of the Embargo Act of 1807, the War of 1812 (1812–15) and the Napoleonic Wars (1803–15) which cut off supplies of new and cheaper Industrial revolution products from Britain. The lack of access to these goods all provided a strong incentive to ...
The Great Deflation or the Great Sag refers to the period from 1870 until 1890 in which the world prices of goods, materials and labor decreased, although at a low rate of less than 2% annually. [1] This was one of the few sustained periods of deflationary growth in the history of the United States. [citation needed]
The Industrial Revolution spread southwards and eastwards from its origins in Northwest Europe. After the Convention of Kanagawa issued by Commodore Matthew C. Perry forced Japan to open the ports of Shimoda and Hakodate to American trade, the Japanese government realised that drastic reforms were necessary to stave off Western influence.