"The Second Industrial Revolution And Historic Happenings Of That Time"(Includes The Idea Of Laissez Fairieism And The New Deal)

2623 words - 10 pages

The second Industrial revolution and historic happenings of that timeThe second Industrial revolution was a time for social and government reforms. It was a time when capitalism strived and society's ways of thinking and governing were challenged. It also was a time when technological advances took place, significantly changing the life of the people.This new economic order was controlled by monopolies and certain individuals who held great power due to their wealth. The poor remained poor while the rich flourished. Examples of this are with John D. Rockefeller and Andrew Carnegie. Rockefeller and Carnegie both owned monopolies and contributed to the economic changes that were brought forth in the second industrial revolution. Carnegie became the "father" of steel, integrating it into our railroad system. Jay Gould had originally dominated the railroad but due to his obvious lack of care for the people he was often hated and criticized for being a businessman and cashing in on the railroads rather than providing transportation. The Americans made Carnegie popular, they were excited to steer away from Gould. "If Jay Gould was the man Americans loved to hate, Andrew Carnegie was one of America's heroes. The infamy of the one man and the popularity of the other testified to the country's ambivalent reaction to industrialism." (Pg.621, The American Promise) The railroad business flourished and all aspects were under Carnegie's control and he was also seeking all the benefits. Without any significant competition and the vast control Carnegie held, he was making extraordinary amounts of money and held enormous amounts of economic and political control. This was a prime example of a monopoly, as was Rockefeller with his oil business. Rockefeller made his fortune at a young age. Being the leading supplier of oil in America, and being a multi-millionaire already, Rockefeller demanded secret rebates, or refunds, from the railroads. These rebates enabled Rockefeller to undercut his competitors. The railroads wanted his business so badly that they not only gave him rebates on his own shipping fares, but also granted him a share of the rates paid by his competitors. Rockefeller extracted such huge rebates that the railroad literally ended up paying Standard Oil to transport its oil. Using this kind of leverage, Rockefeller pressured competing refiners to sell out or face ruin.With such a strong voice in the economic system, Carnegie and Rockefeller also had quite a strong voice in the political system. Due to this, Social Darwinism and Laissez-Faire economics were created in order to protect the owners of these "big businesses". Social Darwinism was one of the ideologies that meant that only the strong would survive. Therefore, the strong would continue to become stronger, and the weak would all die off, or in this case, become bankrupt. Social Darwinism, developed in the United States by William Graham Sumner, explained that even in the business world there...

Find Another Essay On "The second Industrial revolution and historic happenings of that time"(Includes the idea of laissez fairieism and the New Deal)

The Industrial Revolution as a Time of Great Progress

1128 words - 5 pages The Industrial Revolution as a Time of Great Progress I believe that the Industrial Revolution affected everyone in different ways. I think that the majority of the already richer people did well out of the Industrial Revolution because they could afford to build up businesses and continue to build on already existing ones. They were made a lot more successful because of factories, transport and the poor's life style

Urban Life During the Second Industrial Revolution

878 words - 4 pages Urban Life During the Second Industrial Revolution The trend towards densely populated urban centers begun in 1800's continued into the 1900's. Man's development of urban centers was a major step away from what seemed to be nature's way of living: on farms and sparsely placed homesteads. Industrial production required hundreds of thousands of workers and, especially in the second industrial revolution, scientists. The urban centers that

Women in the Second Industrial Revolution

1148 words - 5 pages were hired for these jobs were young and unmarried because they had fewer obligations to attend. This meant, they could work long hours with little pay since they did not have a family to provide for. It was the idea that a wife was a full time homemaker that caused women to stay out of the work force for so long. Prostitution was a way of living for a majority of women during the Second Indusstrial Revolution. Some women felt that

The second half of the nineteenth century was the height of the American Industrial Revolution

594 words - 2 pages The second half of the nineteenth century was the height of the American Industrial Revolution. The United States was looking to become one of the largest industrial powers in the world. This would eventually transform the lives of millions of working Americans, as many of the American industrial workers' lives were impacted by technological advancements and immigration in the time-period between 1865 and 1900.The atmosphere and working

How Did the Role of the Jewish People Change During the Second Industrial Revolution?

895 words - 4 pages during the Second Industrial Revolution due to the rise of nation-state and mercantilism (Calgary). The Jewish emancipation began at the end of the eighteenth century. It offered jews social, economic, and political opportunities, but it challenged traditional jewish life and values by making available new avenues of integration (Cornell). The Enlightenment was a "jewish ideological movement that aimed at modernizing Jewish life and

Photo Essay on the Great Depression- Includes refrences of FDR's "New Deal" programs

1390 words - 6 pages never doubt him again. Three weeks later, I got my wish. "After the success of the Emergency Banking Relief Act, congress has passed the second part of my proposal: the Glass-Steagall Banking Act! This Act will guarantee bank deposits up to $5,000! So everybody, take that money out of its hiding place and drop it off at the bank. It is guaranteed to be there when you want it, and unlike that jar you have it in, it will collect interest over time." I

Changes Brought Forth by the Second Industrial Revolution

1214 words - 5 pages Throughout the decades America has seen many changes in technology, social standards, fashion, and education, but no time proves to hold as much change as the era of the second revolutionary period. The second industrial revolution changed America in countless ways, and is in important reason why America is the way it is today. Thanks to the second industrial revolution we were able to invent billions of new things that led us to the technology

The Industrial Revolution was a time of drastic and transformation from hand tools, and hand made items to machine manufactured and mass-produced goods

1052 words - 4 pages them.Life was changed drastically is the Industrial revolution. People were living in germ infested, crowded, and very unhealthy conditions, much like their place of work. Children and women labored in harsh conditions, working long hours with little pay. The wealthy capitalist, wanted the government to stay out of its issues, called the Laissez-Faire System. Many people opposed this system, saying that capitalists gain too much power and people would

A Critical Evaluation Of The Representation Of Crime And The Agencies That Deal With It In John Grisham’s “A Time To Kill”

4313 words - 17 pages A Critical Evaluation Of The Representation Of Crime And The Agencies That Deal With It In John Grisham's "A Time To Kill" A Time To Kill was John Grisham's first novel, and by his own admission there is "a lot of autobiography" in it. This legal-procedural novel follows the trial of a black father, accused of murdering the two white youths who raped his ten-year-old daughter. The main protagonist is not the defendant, Carl Lee Hailey, but the

The Lost Story of the Industrial Revolution (Narrative about the life of the common man during this time)

791 words - 3 pages cholera and other similar diseases. Neither Deirdre, nor Elizabeth forgot how hard Bill had worked to support his family. The city kept growing, more people kept dying, and the world advanced at the expense of poor men's blood. Today, we call it the Industrial Revolution, back then, they called it life

The main events of Franklin Delano Roosevelt's (FDR) life. These include, his fight with congress over American involvement in WW2, the Great Depression and his New Deal. Includes Bibliography

3422 words - 14 pages having them pre-approved. He encouraged people to return their money to the banks and with 7 days, 75% of the banks had reopened. He was applauded not only by his party members, but his Republican counterparts as well. "The admirable trait in Roosevelt is that he has the guts to try," said Hiram Johnson, a Republican senator. Congress worked with Roosevelt, passing new legislation daily. Roosevelt was working towards his idea of a "new deal

Similar Essays

Outcomes Of The Second Industrial Revolution: Dbq

624 words - 3 pages The Second Industrial Revolution had a wide range outcomes, depending on different kinds of people. For the upper-class, including Captains of Industry and the newly developed leisure class, the majority of the outcomes were positive. The working class, for whom the Industrial revolution ruined many of the things that they once held valuable, and the New Immigrants ultimately were affected with many negative outcomes. the rise of the Second

The Second Industrial Revolution Essay

1462 words - 6 pages shoulders. Working sixty hour weeks, industrial workers had no pensions, no compensation for any injuries that occurred, and the possibility at any time that they could become unemployed (Foner, 2012, pp. 595). Having new machinery, and new inventions being incorporated into everyday life, workers whose talent could not compete with these were losing their jobs such as hand weavers (Effects of The Industrial Revolution). The conditions that

The Second Industrial Revolution Essay

1423 words - 6 pages improvement was the fact that a lot of new schools were being made for blacks. Black people began to achieve more rights and therefore wanted to become more involved since they were being rewarded for it. People like Andrew Carnegie, John D. Rockefeller, and J. Pierpont Morgan were among the big business leaders in the U.S. during the time period of the Industrial Revolution. These business men created large organizations predominantly

Andrew Carnegie And The The Second Industrial Revolution

573 words - 2 pages died out sooner and less progressed. His donations have allowed many people to better themselves, who might not have had that chance without his trust funds and libraries. Carnegie really was the giant of industry during the second industrial revolution.