How Did The Second Industrial Revolution Affect The Economy

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Although the growth in economics was great, it lacked stability. There was harsh depression experienced in the world economy. There was a huge amount of competition between businesses and corporations battling to gain control of industries. A number of companies failed and others were taken over by larger corporations which eventually ruled the marketplace. For those who were able to make the most of these technological advancements, the Second Industrial Revolution was highly profitable. For the duration of the Depression, a well known industry icon, Andrew Carnegie instituted a steel company which controlled every stage of the business world. Carnegie eventually dominated the steel industry and had built a fortune. His steel factories were…show more content…
In many industries there was direct continuity. Yet it differed from it in a number of critical aspects. There was an enormous amount of wealth and widespread poverty, great development and depression, new opportunities and greater regularity. First, it had a direct effect on real wages and standards of living which clearly differed significantly in early 1900’s from the late 1800’s. In late 1800’s as the depression set in, economics did not seem to be a form of security. As people chose to remain in the line of industry work where there was long hours and little pay dealt with the dangerous working conditions. Second, it changed the environmental focus of technological leadership away from Britain. Leadership remained decisively in the control of the industrialized Western world. Economic independence now required a technical skill. Finally, by changing the relation between knowledge of environment and how it shaped technological practices, it forever changed the way technological change itself occurs. Thus, what was learned in these years set up the way for many more Industrial Revolutions in the
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