Industrialization and Imperialism: 1870-1914
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The Second Industrial Revolution and Imperialism
The Second Industrial Revolution (1870-1914)
The Second Industrial Revolution, taking place between 1870 and 1914, was characterized by rapid industrialization. This was primarily due to the increased importance of the financial sector in industry and the rise of finance capitalism.
Innovations and Changes
Production increased because of the following factors:
- New sources of finance: To establish businesses, owners had to find new sources of finance, such as joint-stock companies, the stock exchange, and banks.
- New technological advances: Improvements to the Bessemer converter, dynamite, stainless steel, and artificial fibers.
- New business structures: Cartels, holding companies, and trusts.
- New sources