In what specific ways did the Industrial Revolution change the US economy? Essay
In what specific ways did the Industrial Revolution change the US economy?
The 1700s and the early 1800s were critical times for the US economy because of the industrial revolution. The development of industrialization allowed the United States to take full advantage of the wealth that it had in natural resources and raw materials. The resulting increase in production as well as the rapidly growing population of the United States spurred the growth of the American economy.
From hard manual labor, factories and industries were now being put up that could produce an exponential rate more than conventional methods such as hand crafting. The increased production and resulting economic boom had a profound effect on the American economy as it fueled a consumer driven economic growth that was caused by more jobs and steady income for workers. It raised the standard of living which further fueled the American economic growth during that era.
Specific industries that benefited from this were the textile sector, the steel sector, and the manufacturing sector in general as they provided more jobs to Americans and a higher standard of living. The Information Revolution is changing the world because it is removing traditional boundaries to trade. Where in the past there existed geographical and political barriers, trading of stocks and other financial instruments can occur at the speed of light. This era has seen the emergence of economies that are dependent solely on trading and other service based activities.
With a premium being placed on communications and the speed by which information can be transmitted, the new advantage lies in being able to assimilate and process all new information as fast as possible. The premium is now on workers who have the technical expertise and know how. As compared to the industrial revolution, the blue collar jobs that once spurred the economic growth of America are no longer as influential with tech jobs and other white collar jobs now demanding a higher salary.