America's Economy During The 19th Century

After the Civil War, small businesses grew larger and larger. By the end of the 19th century, the nation's economy was dominated by a handful of very wealthy and powerful people. In 1850, most Americans were self employed. By 1900, most Americans worked for an employer. From the end of Reconstruction in 1877 to the Panic of 1893, the size of the American economy nearly doubled. New technology and new ways of organizing business would lead a few individuals to the top. There was a lot of competition. Those who couldn’t make the best product at the lowest cost fell into bankruptcy or were taken over by successful industrialists. The American economy was driven by upper class industrialists such as Andrew Carnegie of Carnegie Steel, John D. Rockefeller