20th century & Economics

6 important questions on 20th century & Economics

Major inventions or innovations during the first Industrial Revolution in Britain which revolutionised production.

  • The Factory System
  • James Hargreaves' Spinning Jenny
  • James Watt's steam engine
  • Stephenson's steam powered train

Factors Contributing to Second Industrial Revolution​

  • Urbanization
  • Abundance of natural resources (oil, coal, iron)
  • Supply of immigrant labour
  • Expanding market for manufactured goods
  • Availability of capital for investment
  • Railroad construction
  • Revolution was 1870-1914

What was the age of Tycoon

  Important late nineteenth-century business magnates (or Robber Barons?):


Andrew Carnegie (steel)
John D. Rockefeller (oil)
Jay Gould (railways)
John Pierpont Morgan (finance)

"Robber baron" is a derogatory metaphor of social criticism originally applied to certain late 19th-century American businessmen who were accused of using unscrupulous methods to get rich, or expand their wealth.
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Who was Andrew Carnegie?

Andrew Carnegie, the most contradictory of the robber barons: he acquired the largest fortune in US history, but gave most of it away.

Carnegie Steel Company

Did you know that with his Carnegie Foundation, he donated 1.5 million dollars to the building of the Peace Palace in the Hague?

Who was Victoria Woodhull

  • ​leader of the women's suffrage movement
  • the first woman to run for President of the United States (1872)
  • Frederick Douglass on the ticket as Vice President

The 1950s: a Decade of Prosperity

  • Eisenhower era was one of prosperity 
  • Consumer credit 
  • G.I. Bill 
  • Cheap oil 
  • Lack of European and Asian competition

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