Question

How is the US economy affected by the business practices of the Industrial Revolution

Answer 1

Answer:

The Industrial Revolution entirely changed the economy of the United States, transforming it to a largely agricultural and plantation based economy to one heavily reliant on factories, production, and urban development. Large businesses became central to the economy, whereas previously small businesses were far more important and prevalent. Inventions such as the steam engine, electricity, and railroads, made it far easier to produce vast amounts of manufactured goods and transport them long distances, which again aided in the rapid development of the economy. The building of railroads all across the country made it possible for farms in Middle America to sell goods to the more heavily populated East Coast, which again greatly aided in their development and growth. It also created a far larger financial sector, which would eventually become the largest in the world by the beginning of the 20th century. The vast amount of resources, workers, and capital available to large businesses made it possible for the American economy to grow exponentially during this period, making the U.S one of the most wealthy and productive nations int the world.

I hope its helpful. If I'm incorrect comment please.