Gilded Age Economy

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Background The Economy of United States grown significantly in terms of the number, size and influence in the world trade market. This was the period when the American society went through many changes and new social and economic processes have changed the organization of American society. Mark Twain an observer of Eighteen century have given a name Gilded Age as period in which wealthiest Americans were benefited by the government reforms and policies. In the post civil war United States, the first Gilded Age where the top one percent Americans earned more wealth and prosperity till 1928. In 1928 the income inequality was at its peak with top one percent Americans constituting a share of 23.9 percent of pretext income. After the World War …show more content…

During this time the wages for skilled workers were high in United States which resulted in large migration of labour from the Europe. This has often leads to Industrialization. Housing, mining and Railroad construction were some of the major work areas. This was the period when the United States actually moved ahead of Britain in terms of technology advances and Economic stability. The American firms and banks also witnessed rapid growth as after the World War II there was not much competition left for them and they began to export goods and services all over the world. The labour was more productive after the World War II and they made more profits for their employers. In return the employers also offered incentives, medical facilities and established labour unions to make their voice reach the highest …show more content…

But after the civil war there were many changes which took place in United States and their wealth also increased. After World War II, the United States emerged as economically stable and prosperous country. American companies were growing rapidly and both major parties of World War II were committed for making Economic reforms and keep unemployment low. Therefore the United States led a system was developed called as Bretton Woods system to equally divide the share between the nations. The US dollar was made common currency for trade which made the United States a global leader and it was advantage for United States companies to do trade in their national currency. Second Gilded Age is referred as modern time Gilded Age where the economic Inequality between elite class and the middle class is reaching the same place where it was in the Gilded Age time. The three points which Robert Reich have explained which government must focus on is Income inequality, Wage Decline and Lack of Social Mobility. Income

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