The Second Industrial Revolution: Technological Advancements and Economic Growth
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The Second Industrial Revolution (1870-1914)
Rapid Industrialization
The Second Industrial Revolution was characterized by rapid industrialization due to the increased importance of the financial sector in industry and the rise of finance capitalism.
Innovations and Changes Leading to Increased Production
Innovations and changes led to an increase in production, including:
- New sources of finance: Joint-stock companies, banks, and stock exchanges provided new ways to raise capital for businesses.
- New business structures: Cartels, trusts, and holding companies emerged to reduce competition and increase efficiency.
- New technological advances: Improvements in the Bessemer converter, the invention of dynamite, stainless steel, and artificial fibers revolutionized production.
- New sources of energy: Electricity and oil provided new sources of power for factories and homes.
New Industries
The Second Industrial Revolution gave rise to new industries, including:
- Electricity industry
- Food industry
- Chemical industry
- Automobile industry
- Consumer goods industries
These industries produced goods for direct consumption by the public, further driving economic growth.