Question

Analyze how each of the following factors contributed to the rapid economic growth of the Gilded Age. In your response, include references to specific people who were instrumental in implementing each factor.
New technologies
New business organization
New marketing and retailing forms

Answer 1

New technologies, business organizations, and marketing and retailing forms are all factors that contributed to the economic growth of the Gilded Age. Rapidly developing technologies that improved the production industry helped in the growth of mass production, since the new technology allowed for there to be less skilled workers with less pay than skilled workers. This opened a new working class that people all of the world came from, growing the economy. In addition technology, business organization became more advanced at eliminating their competitors from the formation of business corporations. Corporations allowed businesses to rapidly spread while owning and controlling multiple firms and production buildings. The mass productions from large scale corporations opened top to new marketing and retailing forms that contributed to the rapid economic growth. Andrew Carnegie is known for using a new marketing technique called a monopoly. A monopoly was when someone owned multiple parts of production for a manufactured product, Carnegie did this by controlling the raw materials, refinery of raw materials, and transportation of the raw materials. This forced many of his competitors out of business because he was able to cut the costs to drive steel and their prices. 

Answer 2

Answer:

The Gilded Age

Explanation:

Technologies were developing rapidly, which led to the rapid economic growth with the transportation and manufacturing industries. During the Gilded Age, there was a large amount of capital floating in society among wealthy people. More immigrants began to settle in cities to work in factories.

The significant industries were steel, oil, banking, railroad, timber, sugar, liquor, meatpacking, mining, tobacco, and textile industries. Some of the entrepreneurs were Andrew Carnegie, John D. Rockefeller and Henry Frick.

The telephone, electricity, and the light bulb were some of the new inventions by Alexander Graham Bell, Thomas Edison, and Nikola Tesla and others.