The Gilded Age Economy
The rapid development of new agricultural and industrial equipment fueled the Gilded Age economy. In order to increase agricultural output, farmers were able to use mechanical reapers, steam tractors, and combine harvesters. To boost output, steel manufacturing companies used the Bessemer blast furnace and the Siemens-Martin open heath process. Additionally, technology was used in workplace buildings to enhance business operations through the use of electricity, typewriters, and communication tools.
Expansion of Industries
Industries expanded, producing products for markets. People moved from their rural homes to urban areas in search of manufacturing employment as well as the excitement and convenience of city living. The new cities, which were growing provided good markets for the industrial products and workers were assets for the businesses. Moreover, the infrastructure expanded ensuring that the growing population and new goods could be easily linked. There was also an increment of the capital resources in the market, which provided individuals with finances to engage in trade. The increase in financial resources also supported the economic growth. Moreover, there were distinct financial innovations, which ensured that capital allocations occurred in an effective manner in society.
Formulation of Business Organizations
Different forms of business organizations were formulated that supported the growth of the economy. Industrialist experimented these new organization forms after experiencing confrontation of ragged cycles that exists in the immature industrial economy. The outcome was that former business men focused on adopting the new systems as way of improving their production levels and prices and match the current market demands. Furthermore, there was a centralization movement, which resulted into absorbing of the competitors in the market by the industrial leaders.
Bibliography
Jackson Lears, Rebirth of a Nation: The Making of Modern America, 1877-1920. Harper
Perennial, 2009
