The Effects of Industrialization on U.S Economy and Society
The Effects of Industrialization on U.S. Economy and Society The rise of industrialization during the 1900s brought many changes to the American economy and society. Urbanization (mainly due to immigration), new technologies, the rise of big business through industrial trusts, and the rise of laissez-faire capitalism are among the most significant of these changes. The rise of industrialization brought many significant changes to the American Economy and society during the 1900s. Some of these changes included urbanization, the rise of big businesses, and the rise of laissez faire capitalism. Industrialization had both a positive and negative effect on the U.S. economy and society. It allowed the United States to surpass many of its leading competitors including Germany and Great Britain but it also led to sharper Economic and class divisions among the rich, middle class, and the poor. Immigrants came to the United States during the industrial era for the main purposes of finding jobs. This led to a shift from rural areas to the urbanization of cities. Slums were also built as housing for immigrant families. Cities provided a supply of labor for factories and a principle market for factory made goods. Millions of young Americans from rural areas decided to seek new economic opportunities in the cities therefore they left their farms for industrial and commercial jobs. Cities underwent changes in size and internal structure. Skyscrapers were built with a steel skeleton to allow buildings to be constructed taller and taller. The rise of big businesses like the Standard Oil Trust was a benefit of industrialization. Rockefeller applied the Latest Technology and efficient practices to his company. He extorted rebates from railroad companies and temporarily cut prices for Standard Oil kerosene to force rival companies to sell out. Standard Oil made a fortune because Rockefeller was able to control the supply and prices of oil products by using