Professor Michael J. Galgano
September 30, 2012
What exactly is a mature industrial society? It is an industry which has passed emerging growth phases of an industry growth with earnings and sales growth. The industry has a stage in its life cycle where it grows at the rate of the economy at large. This is marked by the earnings of growth or shrinkage in the line with the rest of the economy. Industrialization occurs when a nation's economic system decreases its reliance upon producing goods by hand and increases its reliance upon producing goods by machines.
The Second Industrial Revolution occurred between 1870-1910 when new industries employed hundreds of thousands of people to produce items needed for America's growing industries and goods desired by American consumers. By the end of this Revolution, the U.S. had become a mature industrial society in which two thirds of Americans worked for wages in city jobs. Andrew Carnegie led an enormous expansion in the American steel industry. He was also one of the most important philanthropists of his era. He employed 20,000 people. Later that year when Carnegie Steel merged with J.P. Morgan’s steel it became an enterprise of U.S Steel. The new corporation employed 168,000 people in 200 companies which the largest industrial corporation in the world. Also by 1900, Singer Sewing Machines employed over 90,000 people and sold 1.25 million sewing machines each year.
The United States had one of the most economic revolutions that the country has ever experienced. By 1900, the United States had emerged as the world’s major industrial power after Spanish American War of 1898. There were numerous reasons for this economic growth. Immigrants arrived from abroad in providing labor which expanded the economy and fueling the growth of the nation’s cities. Hundreds of thousands of blacks moved from southern farms to jobs in northern cities, which gave them access to the industrial economy and helped, change the country’s racial configuration. The economic growth brought large numbers of women into the workforce. Our country had natural resources, a growing supply of labor, an expanding market for manufactured goods, and the availability of capital for investment. The federal government also promoted the industrial growth in the society.
The development of the American economy before 1900 was the move to industrialization from agriculture. Agriculture was a main component of the American economy before the Civil War. Agriculture was most seen in cities, like Boston, New York and Philadelphia. However, by the end of the war that changed, as the manufacturing sector became the main area for growth with the use of new productive machinery. This economic growth came from a new class of people who were more money orientated and expansion minded. The agricultural change forced many Americans to move from their lands to move to big cities which helped the country become a labor force which was needed for the growth of industry.
The railroad had a huge impact on the industrial society it made it easier to transport products to different cities. For example, the northeast of America specialized in producing poultry, fruit, dairy products and vegetables for large markets which was located close to the West of America which mainly produced beef, corn and wheat.
The main factors which contributed to the mature growth of the industrial economy was the use of labor, the development of technology and the expansion of capital resources, the development of the rail system in America along with the movement of people from…