The End of Affluence by Jeffery Madrick :: Economics End Affluence Madrick Essays

The End of Affluence by Jeffery MadrickAs the first European settlers arrived in America, ideas of wealth and prosperity were fully implanted in their minds. These ideas soon moody into reality, and the United States dominated the global economy up until the post field War II years. In this paper, from the Book The End of Affluence by Jeffery Madrick, we will discuss how America has gone from domination of the economic grocery , to just barely hanging on, and the many roads both levelheaded and bad that it took.In the 1800s a young historian by the stir of Frederick Jackson Turner proclaimed that once Americas land had been purchased and fully cultivated, the handicap of America would begin. Jackson was not alone in thinking this, many of his peers and colleagues had the same views and beliefs, exactly were proven wrong with the introduction of the Industrial Revolution. This bare-ass era introduced an abundant amount of shortcuts in the area project and mash saving device s. The introduction of these devices meant that a company could now save on salaries, but still increase productivity. The results of this new way of business were evident, the years between 1790 and 1807 showed American exports rising from 20 million to 108 million exported goods a year. The increase in exported goods was not only due to the new conceptions, but also the high tariffs placed on imports, giving America a trade surplus. This increase in trade not only brought just about wealth and economic growth, but also revolutionized inventions. One of the largest examples, is the introduction of the railroad, and the terrible effect it had on the trade of goods. This revolutionary invention enabled the transportation of goods to let quicker, and opened new markets. The ability to transport goods quickly also returned a quicker profit enabling the seller to roll his money everywhere into other items. This new and speedier cycle of buying and selling strengthened the American economy even more, allowing the U.S. to have an enormous trade surplus. The railroad was not the only major invention aiding prosperity. The Cotton Gin was another invention that revolutionized the way work was accomplished. This machine separated cotton fibers from seeds speeding hollow 2 to 3 times of what it use to take. The introduction of these machines were effective labor saving devices, but unfortunately with every action there moldiness have a reaction.