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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]
This can be illustrated by the index of total industrial production, which increased from 4.29 in 1790 to 1,975.00 in 1913, an increase of 460 times (base year 1850 – 100). [5] American colonies gained independence in 1783 just as profound changes in industrial production and coordination were beginning to shift production from artisans to ...
By the late nineteenth century, the United States had become a leading global industrial power, building on new technologies (such as the telegraph and steel), an expanding railroad network, and abundant natural resources such as coal, timber, oil, and farmland, to usher in the Second Industrial Revolution.
[2] [19] Late to adopt the interchangeable system were Singer Corporation sewing machine (1870s), reaper manufacturer McCormick Harvesting Machine Company (1870s–80s) [2] and several large steam engine manufacturers such as Corliss (mid-1880s) [20] as well as locomotive makers. Large scale of production of bicycles in the 1880s used the ...
Tariffs have historically served a key role in the industrialization of the United States. Their purpose was to generate revenue for the federal government and to allow for import substitution industrialization (industrialization of a nation by replacing imports with domestic production) by acting as a protective barrier around infant ...
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 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 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]