The rapid transformation of the social and economic order and the advancement of the manufacturing means toward more automated processes emerged on the verge of the nineteenth century. This period was called the Industrial Revolution due to the inception of the industrial economy. However, between 1880 and 1920, new significant changes emerged, which are now known as the Second Industrial Revolution. The importance of this period is validated by a rapid evolution of manufacturing and industrial inventions, which spread among different cities, ultimately changing the world.
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The Significance of the Period of 1880-1920 in Terms of Ownership and Capitalism
The period between 1880 and 1920 was a significant turning point for the United States and the whole world. It was the time when industrial corporations started active invention implementation in various fields of manufacturing. For example, a steam engine was invented, railroads were built actively, and as a result, transportation of people and materials enabled further development of ideas and industries. The automation of factories and plants’ processes due to electrification induced a new turn in mass production. Moreover, with the emergence of the telegraph and other means of communication, people were able to cooperate more effectively and share their ideas. Such a significant evolvement of inventions induced unprecedented growth of economic benefits, which necessitated the establishment of ownership of the inventions and the revenues generated based on them. As a result, capitalistic world order was established, which depended on private investment in the rapidly developing industrial spheres.
In summation, the Second Industrial Revolution was a relatively short period in history when large corporations started gaining economic presence due to industrialization, standardization, and automation. People’s lives were changed under the influence of new inventions, which induced the ease of transportation and communication, triggering further development of the economy. Ultimately, the corporations using industrial benefits established ownership of their manufacturing and used private investment as capital for continuous profit-making. Thus, a capitalistic model of the world emerged under the impact of the Second Industrial Revolution.