Political and Economic History of 1866-1940
Economic History 1866-1940 There was a variety of economic events and crisis’ in the history of the United States of America between 1866-1940. During this time, the Gilded Age was well known for the rise of employment and rapid development within the U.S. economy. However, this was overshadowed by the Great Depression, one of the lowest points economically in the country. Regardless of economic uncertainty, one man, John D. Rockefeller, amassed a great wealth to be unmatched in U.S. history, greatly impacted industry and communities alike. During the time frame from 1865 through the 1900’s, the Gilded Age brought about the Industrial Revolution rapidly increasing the economy in the United States. New discoveries in industry helped employ thousands of rural people. Railroads were being extended and their tracks were being built stronger with more people employed. Bridges were able to hold heavier loads of merchandise and transport more people at a cheaper toll. In addition, coal and oil were found in Pennsylvania. Iron mines became popular which led to more industrial employment in steel mills (Wikipedia). According to the author, Ron Chernow, cement factories and oversized mines that contained lead, silver, and copper opened a lot of employment opportunities (Wikipedia). Industry and the U.S economy flourished and in November 1929, the stock market crashed causing a tremendous economic and industrial loss. This was the beginning of the Great Depression in the United States. Many families who relied on jobs involving heavy industry were hurt the most. In addition, construction discontinued in rural areas and farmers suffered as crop prices fell drastically in the great Dust Bowl. The Great Depression hurt society in the United States and created a world depression (Wikipedia). The person that I found most interesting was the man who founded the Standard Oil Company in Ohio in the year of 1870. John D. Rockefeller became the richest man in history
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