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The Second Industrial Revolution, also known as the Technological Revolution, [1] was a phase of rapid scientific discovery, standardisation, mass production and industrialisation from the late 19th century into the early 20th century.
The tales told in the Cycle are recounted by other ancient sources, [7] notably Virgil's Aeneid (book 2), which recounts the sack of Troy from a Trojan perspective, and Ovid's Metamorphoses (books 13–14), which describes the Greeks' landing at Troy (from the Cypria) and the judgment of Achilles' arms (Little Iliad).
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 all, 24.4 million (89%) came from Europe, including 2.9 million from Great Britain, 2.2 million from Ireland, 2.1 million from Scandinavia, 3.8 million from Germany, 4.1 million from Italy, 7.8 million from Russia and other parts of Central and Eastern Europe. Another 1.7 million came from Canada. [65]
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 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]
[1] [2] This period was preceded by the periods of pre-industrialization and early industrialization. In general, the decades between the 1830s and 1873 are considered the phase of industrial take off. The Industrial Revolution was followed by the phase of high industrialization during the German Empire.
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]