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7 Cards in this Set
- Front
- Back
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New version of the golden standard established in this era.
- Wizard of Oz written in 1890s related to the opposition of the Gold Standard. - Power of Gt. Britain died now, replaced by the U.S. eventually 1) Growth in U.S. economic and military power (1870-1914) and eventual replacement of British hegemony by U.S. hegemony (1914-1945) 2) Gradual disintegration of the First Era of Globalization, 1914-1940 |
General Themes
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- Europe, Japan, and USA= Second Industrial Revolution
- First Industrial Revolution: coals, cotton textiles, railroads (helped pioneered 2nd) - Second IR: based on gas, petroleum, steel, electricity -What is an economy of scale? - The more you produce the cheaper it becomes. Industrial competition from Europe,Japan, and USA: “Second Industrial Revolution” “economies of scale” - Modern corporation, with managerial hierarchies, most efficient way of managing economies of scale |
Eroision of British Hegemony
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-1878 Thomas Edison created light bulb
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Invention of the Light Bulb
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As these industries grew, British declined
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Female Slaves of New York, Sweatshops of the 18902's
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Oil “Octupus” 1896
- Largest corporation in the world. - 1890 5 million tons of steel, mines in Minnesota |
Standard Oil "Octopus"
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-British declined but didn’t disappeared
-Always a victim of the system it created, Gold standard system Britain’s Share of World Industrial Output: 1880 – 23 percent 1913 – 14 percent Britain’s Share of World Trade in Manufactured Goods: 1870 – 46 percent 1913 – 30 percent Imports of Manufactured Goods as Percentage of British Home Market: 1860s – 6 percent 1910 – 25 percent 1873-1896: British Prices Collapsed by 50 percent |
Numbers Behind Erosion of British Hegemony
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- Increase production was the rule of the game
- Effects undermined the economy. - Advanced military with newer technologies, growing tension in world affairs from military power. -Africa was divided in partition, scrambled of colonies Effects: 1) Protectionism - Dynamism of American economy partly the result of high protective tariffs, especially in leading sectors such as manufacturing and steel - McKinley Tariff of 1890 - average rate of 48 percent, highest in U.S. history up to that point |
Global Overproduction
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