Paper Topic:

Mod 3 Economic History of the West

Running Head : Economic history in the West

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The military war began in 1914 and was fought in Europe . The immediate cause of the war could be said to be caused by assassination of Archduke Ferdinnad Franz at Serbia . The military of Ausro-Hungary decided to avenge . This war was said to have been incited by countries like France United Kingdom and was later joined by other nations like United States and Italy among other European countries . This war ended in 1917 and saw Germany

defeated and with so many casualties

After the World War I , there came a period of great depression (Bender 1999 . The United States of America referred to it as the great slump There was a global economic devastation . In the US , it was mainly associated with the crashing of the stock markets in 1929 , October . This crash of the market had negative impact on international trade . Income declined and high rate of unemployment was experienced . From the beginning of the 19th centaury , what were in the minds of most Americans were the issues of expansion of their territory . This was the imperialism period (Bender , 1999 . This was whereby countries that were powerful expanded and took control over the weaker nations . This idea of expansion led to buying of Louisiana to the west . Another land was acquired during the war with the Mexican , during the mid-centaury . In the later 19th centaury and early years of 20th centaury so American expand when it acquired the island of Hawaii . The acquisition of these lands brought about a heated debate between those opposing the idea of expanding the territory and those for this idea (Bender , 1999 . In a nutshell America imperialism period was characterized by increase in production rate and trade both within and the overseas market , thus brought economic expansion let alone the political expansion that saw America venture to the Pacific and Asia among other places

During this period of 19th and 20th centaury , America became an industrial nation (Bender , 1999 . It had the highest rate of production in steel , timber , silver and gold , iron and coal among other things There was a real transformation in people 's way of life , businesses , and the work place at large . The main causes of this rapid growth rate in industries can be attributed to fast transport system due to expansion of the railroad that facilitated the transportation of raw materials to the factories and from the factory to the markets in urban areas availability of cheap labor from the immigrants who were coming in America to work in the mining zones and capital , the advanced technology that transformed production . There were new tools of work that enhanced production examples are the drilling and cutting tools , a lot of resources and cheap energy . This period also experienced the change of human labor to machines . The homemade or traditional workshops became big industries . Agricultural economies changed to industrial ones . It brought about urbanization thus growth of cities . These...

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