A positive part of the new industrial America was the invention of new tools and other resources that people could use in their workspaces. The invention of the telephone allowed people to communicate over long distances and also helped businesses spread because they were able to communicate with other branches throughout the United States. Inventions like the typewriter allowed people to write down and process information more thoroughly and also communicate their ideas without having to handwrite it all. Inventions like these also opened up America’s job market and allowed for more jobs to be created. This meant more jobs in factories that produced things, transportation industry like trains and railroads. And since more and more people had
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The new jobs in the travel industries such as the railroads led to numerous jobs for Americans and immigrants looking to find work to support their families. The factories that produced all these things were large and had branches around the United States which led to people from all over coming to work in them, this included women and children who needed money desperately and could not find a way to make it. Also there were jobs in the steel and oil industry that mass produced both of those things so now not only would people who created the businesses such and Carnegie and Rockefeller become wealthy, they employees also were able to make money and this led to the lifestyle and quality of life in America to rise to where it has never been before. A negative effect of new industrial America on economics and business was the panic of 1893. This was when the railroads companies almost went bankrupt due to overbuilding, corporate abuses, and mismanagement. This is not the only cause of the Panic of 1893, but was a very large factor leading up to it. The Panic of 1893 led to a major economic collapse in 1893 and also led to 600 banks closing and 15,000 businesses ultimately failing. This was the worst depression in history at that time and is the second worst depression behind the great depression
The new jobs in the travel industries such as the railroads led to numerous jobs for Americans and immigrants looking to find work to support their families. The factories that produced all these things were large and had branches around the United States which led to people from all over coming to work in them, this included women and children who needed money desperately and could not find a way to make it. Also there were jobs in the steel and oil industry that mass produced both of those things so now not only would people who created the businesses such and Carnegie and Rockefeller become wealthy, they employees also were able to make money and this led to the lifestyle and quality of life in America to rise to where it has never been before. A negative effect of new industrial America on economics and business was the panic of 1893. This was when the railroads companies almost went bankrupt due to overbuilding, corporate abuses, and mismanagement. This is not the only cause of the Panic of 1893, but was a very large factor leading up to it. The Panic of 1893 led to a major economic collapse in 1893 and also led to 600 banks closing and 15,000 businesses ultimately failing. This was the worst depression in history at that time and is the second worst depression behind the great depression