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The Industrial Revolution altered the U.S. economy and set the stage for the United States to dominate technological change and growth in the Second Industrial Revolution and the Gilded Age. [28] The Industrial Revolution also saw a decrease in labor shortages which had characterized the U.S. economy through its early years. [29]
Between 1800 and 1820, new industrial tools that rapidly increased the quality and efficiency of manufacturing emerged. Simeon North suggested using division of labor to increase the speed with which a complete pistol could be manufactured which led to the development of a milling machine in 1798.
The factory system contributed to the growth of urban areas as large numbers of workers migrated into the cities in search of work in the factories. Nowhere was this better illustrated than the mills and associated industries of Manchester, nicknamed " Cottonopolis ", and the world's first industrial city. [ 161 ]
From 1700 to 1774, the output of the thirteen colonies increased 12-fold, giving the colonies an economy about 30% the size of Britain's at the time of independence. [5]: x-1 Population growth was responsible for over three-quarters of the economic growth of the British American colonies.
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 Lowell system, also known as the Waltham-Lowell system, was "unprecedented and revolutionary for its time". Not only was it faster and more efficient, it was considered more humane than the textile industry in Great Britain by "paying in cash, hiring young adults instead of children, and by offering employment for only a few years and providing educational opportunities to help workers ...
Advertising increased dramatically in the United States after 1900 as industrialization expanded the supply of manufactured products to a very large market. In order to profit from this higher rate of production, industry needed to recruit workers as consumers of factory products.
One outcome of this was an increase in the overall amount of energy consumed within the economy, a trend which has continued in all industrialised nations to the present-day. [ 7 ] The accumulation of capital allowed investments in the scientific conception and application of new technologies , enabling the industrialisation process to continue ...