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7 Cards in this Set

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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
- 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
-1878 Thomas Edison created light bulb
Invention of the Light Bulb
As these industries grew, British declined
Female Slaves of New York, Sweatshops of the 18902's
Oil “Octupus” 1896
- Largest corporation in the world.
- 1890 5 million tons of steel, mines in Minnesota
Standard Oil "Octopus"
-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
- 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