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The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a period of global transition of the human economy towards more widespread, efficient and stable manufacturing processes that succeeded the Agricultural Revolution.
The Industrial Revolution altered the U.S. economy and set the stage for the United States to dominate technological change and growth in the Second Industrial Revolution and the Gilded Age. [28] The Industrial Revolution also saw a decrease in labor shortages which had characterized the U.S. economy through its early years. [29]
The first transformation from an agricultural to an industrial economy is known as the Industrial Revolution and took place from the mid-18th to early 19th century. It began in Great Britain, spreading to Belgium, Switzerland, Germany, and France and eventually to other areas in Europe and North America. [4]
[2] [3] [4] During this period the nation was transformed from an agricultural economy to the foremost industrial power in the world, with more than a third of the global industrial output. This can be illustrated by the index of total industrial production, which increased from 4.29 in 1790 to 1,975.00 in 1913, an increase of 460 times (base ...
Much of the new technology that accompanied the industrial revolution was for machines which could be powered by coal. One outcome of this was an increase in the overall amount of energy consumed within the economy, a trend which has continued in all industrialised nations to the present-day. [7]
America is facing a looming supplier pipeline challenge–but tackling it would have huge economic and social payoffs. America’s new industrial revolution is creating a procurement economy.
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP.
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (inflation adjusted for 2013), and did not rise much until the Industrial Revolution.