The Period Of Fast Economic Growth In The Late 19th Century

The gilded age was the period of fast economic growth in late 19th century. During that period, national railroad and communication network was developed, and the corporation became the leading form of business organization. Many small manufacturing factories became corporation and people started to work in those industries rather than in the farm. The wage rate for the skilled worker was better than the many European countries so immigrants from many European countries were came to the The gilded age was the period of fast economic growth in late 19th century. During that period, national railroad and communication network was developed, and the corporation became the leading form of business organization. Many small manufacturing factories became corporation and people started to work in those industries rather than in the farm. The wage rate for the skilled worker was better than the many European countries so
immigrants from many European countries were came to the America. In the gilded age, most significant development was the increase of industrial capitalism. American capitalistic system in the gilded age has many positive as well as negative influences in the American social and in the industrial development. On the one hand the main positive aspects of American capitalistic system in the gilded age were the industrial revolution, technological innovation, financial and legal innovation, and development of national market, on the other hand, major downsides of capitalistic system were worst workplace condition, harmful business practices, and inequities and injustices to women worker.
The positive outcomes of the capitalistic system in the gilded era were development of big businesses, technological development, and innovation of financing, law, and business practices.
The industrial revolution is a transformation in the sense how the goods were produced and sold by using technological and financial innovation, which suddenly extended their markets and their ability to manufactured goods (Schultz 292). Two main outcomes of this transformation were: (i) many Americans quit farming and started to work in the factories, which prompted the rapid growth of cities; (ii) the economy is started to control by big corporations rather than small family businesses (Schultz 292). The main rising industries of that period were railroads, steel, petroleum and garments. As the railroad expanded all over the country, the national market was developed as well. The development of national market helped consumers to provide more and more goods easily. As the many corporations were formed, federal and state governments made changes in corporate
law.
On the other side, bad working condition, unequal and injustice treatment to women workers and harmful business practices were the negative sides of the American capitalistic system in the gilded age. As shown in the film “Triangle Fire” the working condition in the major garment factory of the time was not good. Mostly immigrant women were working in the garments as low paid workers. They have to work as long as 14 hours shift without any rest. They were paid very low and they had to pay back if they made any mistake with the product. Further the film “Triangle Fire” mentions that they didn’t have any facilities not even a bathroom. They were treated like an animal because there wasn’t proper government intervention or law. The owners of the garment didn’t want any union involvement in the factories.