Industrilization after the Civil War

Industrialization after the Civil WarNameProfessorcourseInstitutionDate
Industrialization after the Civil War
After the Civil War, the United States experienced industrialization that impacted its economy, society and politics. It was marked by a monumental transition that swept the urbanization of the American populations, and adoption of capitalism which gave the US a new economic and political standing in the world. Carroll (2008) asserts that this demographic evolution was as a result of the rapid increase of European immigrants and the mass displacement attributed to rural-urban population. Huge rural lands had been turned into plantations in order to provide raw materials for the emerging industries, which were considered the backbone of the American economy. In order to cope up with rapid changes potentiated by industrialization, there was need for social, political and technological innovations (Carroll, 2008). On the other hand, Heim (2002) points out that after the civil war, competition intensified in the American industries which strengthened the monopoly of few industries. This later led to price-cutting, overproduction, and price deflation, giving societies the purchasing power they never had.
Among the diverse aspects of industrialization that influenced the U.S. society, economy, and politics between 1865 and 1920, is entrepreneurship. According to research, the U.S experienced an exceptional rapid economic growth after the civil war (between 1865 and 1920), with its gross domestic product (GPD) multiplying by over seven times, while its per capita product was more than double (Lamoreaux, 2008). These higher growth rates (total verses per capital GDP) infers that the U.S economy expanded as a result of adding new inputs as opposed to its increases attributed to more productivity. According to Lamoreaux (2008), America's per capita rates increased to 1.7% per year between 1870-1920 and this was the best it had accrued in history. On the o...