Essay Sample on Economic Expansion From the Gilded Age to the 21st Century

Introduction

There has been a tremendous economic growth in American history since the Gilded Age. The Gilded Age, which occurred between 1870 and 1900, was an era of rapid economic expansion (Montgomery, 1987). The 20th century was characterized by the rise of corporations and technological revolutions, which have advanced to the 21st Century. This paper, therefore, aims at highlighting economic expansion from the Gilded Age to the 21st Century. It also discusses how this historic theme affected American society.

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The American economy experienced a rapid economic expansion during the Gilded Age. The expansion was as a result of an industrial revolution that led to the rise of the capitalist system (Montgomery, 1987). The industrial revolution was the aftermath of the Civil war when the nation was on the road to rebuild itself. This was portrayed by the growth of industries, urban centers, a class of a few wealthy individuals, and many poor citizens. The few opulent individuals included railway kings, industry owners, and government officials who oppressed the poor. There was, therefore, economic inequality in American society.

The railway kings amassed wealth through oppressive means, while industrialists manipulated workers leading to tension among them (Davis, 1898). The conflicts were exhibited by numerous strikes that occurred during the Gilded Age. These included the railroad strike of 1877 and the Pullman's strike of 1894 (Stover, 1995). As a result, workers began to organize themselves by forming labor unions led by individuals such as Eugene Debs.

The late 19th century was also characterized by technological advancement. Apart from the railroad expansion, the electrical network was established and it had a greater impact on the nation's economy (Kelly, 2018). The invention of the incandescent light bulb by Thomas Edison and its patent in 1897 pioneered electrical advancement. A competitor by the name George Westinghouse made advancements in transmission by using alternating-current (AC) transmission transformer technology. The innovations influenced the rise of urban centers, as well as rural-to-urban migration.

In the 20th Century, there was a rise in the establishment of corporations. Unlike the 19th Century where industrialists and business barons dominated the industry, the corporations were headed by technocrats and managers (Moffat, 2018). Workers' unions also became more organized and their efforts influenced the industry. The technological revolution was also a notch higher with the advent of a reformed entrepreneurial culture in the business world. Entrepreneurs became tycoons as they contributed to the economic growth. Bill Gates, for example, built an empire with the development and sale of computer software under Microsoft. The technological revolution transformed the lives of the American people as it eased communication and transformation.

Despite experiencing the Great Depression in 1929, the American economy stabilized in the1930s when the current government under Franklin Roosevelt invested heavily in production (Gordon, 2017). The private sector also contributed to the increased productivity through various innovations. After the Second World War in 1945, American's economy benefitted from machinery development and investment in education. In the1950s and 1960s a majority of citizens were living comfortably in what was referred to as the 'golden age'.

The late 20th Century was characterized by an economic disturbance due to competition from foreign companies, especially in the 1970s (Gordon, 2017). Productivity reduced drastically as fuel prices soared, economic inequality was also experienced as the rich gained advantage. By the end of the 20th Century, America's economy was at a stand-still. The 21st Century has been marked by advancements in telecommunications and life sciences (Moffat, 2018). The innovations resulted in an economic growth in the years 2009 to 2017. However, factors such as political issues, social challenges, and foreign affairs have negatively affected the economy. The current economic situation is highly influenced by globalization and technological advancement. Even though most Americans are enjoying economic comfort, many still face challenges such as poverty and lack basic access to health care.

Conclusion

In conclusion, economic expansion has been experienced in American history since the Gilded Age. Numerous transformations have occurred in the American economy from the mid- 19th Century to the 21st Century. These have been greatly influenced by industrial and technological revolutions. As a result, they have impacted the lives of the American people.

References

Davis, J. (1898). Our American Kings Compared to the Robber Barons of Europe. Tiller and Toiler, page 3. https://www.newspapers.com/image/190139571Gordon, R. J. (2017).

The rise and fall of American growth: The US standard of living since the civil war (Vol. 70). Princeton University Press.

Kelly, Martin. (2018, October 22). Significant Eras of the American Industrial Revolution. https://www.thoughtco.com/significant-stages-american-industrial-revolution-4164132Moffatt, Mike. (2018, August 1).

A History of American Economic Growth in the 20th Century. https://www.thoughtco.com/us-economic-growth-in-the-20th-century-1148146Moffatt, Mike. (2018, June 22).

The American Economy in 2000. https://www.thoughtco.com/the-us-economy-at-the-end-of-the-20th-century-1146946Montgomery, D. (1987).

The Fall of the House of Labor. Cambridge: Cambridge University Press;Monthly Labor Review. Compensation for Occupational Diseases under Workmen's Compensation Laws. 1916;3:222-3.

Stover, J. F. (1995). History of the Baltimore and Ohio Railroad. Purdue University Press.