There were three reasons behind the transformation of the industry during the Gilded Age:
New business practices
New technology
Expansion of railroads
Further Explanation:
The Gilded Age, which derives its name from a novel jointly written by Mark Twain and Charles Dudley Warner, refers to a period, during the late 19th century, i.e. from the 1870s till 1900. The novel itself is a satire on the economic growth of the country, whilst during an era of serious economic issues plaguing the nation. This period, in itself, was a phase of rapid economic development, especially in the northern and western regions of the United States. During this period, industrialization grew rapidly, i.e. between 1860 and 1890.
During this period, railroads proved to be the major growth industry, while simultaneously, the importance of the factory system, mining and finance also grew rapidly.
This period also witnessed the United States toppling Britain as the leading country in industrialization. Rapid economic development now covered new areas, especially heavy industry – factories, railroads, and coal mining. Railroad mileage, between 1860 and 1880, increased threefold, linking formerly isolated areas with large markets, facilitating the rise of commercial agriculture, ranching, and mining. Simultaneously, steel production in the United States surpassed that in Britain, Germany and France combined.
By the turn of the century, the American economy was almost totally dominated by a few large corporations, called trusts. These trusts ruled industries of steel, oil, sugar, meat and agricultural machinery. These trusts controlled all aspects of production, which ensured maximum profits with minimum prices. They also controlled access to raw materials, which prevented competition from other companies.
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Answer Details:
Grade: Senior School
Subject: History
Chapter: A New Revolution
Keywords:
Mark Twain, Charles Dudley Warner, United States, railroads, Britain, steel production, trusts.
