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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.
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)
The growth of pig iron output was dramatic. Britain went from 1.3 million tons in 1840 to 6.7 million in 1870 and 10.4 in 1913. The US started from a lower base, but grew faster; from 0.3 million tons in 1840, to 1.7 million in 1870, and 31.5 million in 1913. Germany went from 0.2 million tons in 1859 to 1.6 in 1871 and 19.3 in 1913.
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 Industrial Revolution was followed by the phase of high industrialization during the German Empire. The (catch-up) Industrial Revolution in Germany differed from that of the pioneering country of Great Britain in that the key industries became not the textile industry but coal production, steel production and railroad construction.
The rapid expansion of industrialization led to real wage growth of 40% from 1860 to 1890 and spread across the increasing labor force. The average annual wage per industrial worker (including men, women, and children) rose from $380 in 1880 ($11,998 in 2023 dollars [1]) to $584 in 1890 ($19,126 in 2023 dollars [1]), a gain of 59%. [2]
The term social question refers to the social grievances that accompanied the Industrial Revolution and the following population explosion, that is, the social problems accompanying and resulting from the transition from an agrarian to an urbanising industrial society. In England, the beginning of this transition was to be noted from about 1760 ...