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Over time, the problem shifted. Between about the 1850s and the 1870s, industry experienced a strong upswing, while the decline of cottage industries and the crisis of the crafts continued. A third phase in Germany, beginning around 1870, was marked by high industrialization and the transition to an industrial society.
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 ...
In the fast-growing industrial sector, wages were about double the level in Europe, but the work was harder with less leisure. Economic depressions swept the nation in 1873–75 and 1893–97, with low prices for farm goods and heavy unemployment in factories and mines. [40] Full prosperity returned in 1897 and continued (with minor dips) to ...
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]
In this period, the United States rapidly expanded economically from an agrarian nation into an industrial power. Industrialization in America involved two important developments. First, transportation was expanded. Second, improvements were made to industrial processes such as the use of interchangeable parts and railroads to ship goods more ...
The first half of the book discusses the change in the American standard of living pre-WW2, with the second half dedicated to the remainder of the 'special century' and the years post-1970. [3] [4] The book was published in 2016 by Princeton University Press.
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 book is remarkable for two reasons—it is the only novel Twain wrote with a collaborator, and its title very quickly became synonymous with graft, materialism, and corruption in public life. The novel gave the era its nickname: the period of U.S. history from the 1870s to about 1900 is now referred to as the Gilded Age.