The Development of the American Economy

American Economy
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American Economy
Ending civil war in the United States of America came along with numerous economic changes. The industrial revolution commenced in times of oil, iron ore, timber, and steel availability. The availability of raw materials led to the expansion of factories that dealt with refining petroleum, electrical power generation, and steel manufacturing. Economically, the expansion of the manufacturing sector industries in different parts of the country, the improvement of farming to more massive plantations by adopting machines, and construction of railway contributed to business expansion in unreachable areas. Immigrants from Asian and European countries moved to the U.S to provide industries with cheap labor. Unscrupulous business leaders benefited mostly from the initiative, unlike workers who received poor wages while working under unfavorable conditions.
Factors that contributed to successful businesses were activities connected to the manufacturing and consumption of raw materials (Hsieh & Rossi-Hansberg, 2019: Mohajan, 2019). The availability of raw materials, such as steel, made it easier for railways and road construction. The same railway road was therefore used in transporting manufactured items such as steel and gasoline to other states. It is during this period when the use of human resources to produce goods came to pass through substitution with power machinery. Mohajan (2019) indicated that industrialization made activities in manufacturing industries easy to achieve hence increasing production. The invention of the telephone improved communication and thus making business leaders more successful as compared to previous years.
Origins and growth of labor unions came to be in times when workers felt underpaid and worked under unfavorable conditions. The rapid industrialization of the United States of America economy led to ...