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Economics of the Late Victorian Era

With the power of wealth and concentration of industry, the tremendous development in machinery, and power to drive machinery; with the improvement of the tools of labor, so that they are wonderfully tremendous machines, and with these all on the one hand; with labor, the workers, performing a given part of the whole product, probably an infinitesimal part, doing the thing a thousand or thousands of times over and over again in a day-labor divided and subdivided and specialized, so that a working man is but a mere cog in the great industrial modern plant; his individuality lost, alienated from the tools of labor; with concentration of wealth, concentration of industry, I wonder whether any of us can imagine what would be the actual condition of the working people of our country to-day without their organizations to protect them.

What would be the condition of the workingmen in our country in our day by acting as individuals with as great a concentrated wealth and industry on every hand? It is horrifying even to permit the imagination full swing to think what would be possible. Slavery! Slavery! Slavery! Demoralized, degraded slavery. Nothing better (Gompers 102).


>From the 1830s to 1848 there was a general rubric, which was named Chartism. It recorded all the working class protest movements for the People's Charter, published in England in May 1838. Shortly after Chartism became popular among the major political movements proposed in the 1839 pamphlets. They expressed their unhappiness over the way the working class had no say. Because of the fear of a revolution people realized that economic ties were not the right way to run a government (Carlyle 1).

Economics in the US was changing quickly after the close of the Civil War. Year by year change grew faster. In 1894 the US was ranked number one in the value of its manufacturing products. In the 1890s the value of manufacturing products was twice the value of the agricultural products, which were produced. Another change was the way business was run and managed. The one man owned companies were no more. In order to have a successful company there had to be many partners (Boardman 16).

The best example of modern technology in the late 1800s was the railroad. From 1870-1920 some of the most important confrontations had to do with the railroads, from the nationwide strikes of 1877 to boycotting the Pullman railroad because of the wage cuts, which led to an economic, national, political, and constitutional crisis (Balkin 26).

Times were really bad due to the economic depression. Factories were closing and people were getting laid off. However, there were lucky people who kept their jobs but worked fewer hours. The harvests were not doing well. Cholera reappeared in some towns. When all else was not working, the government turned to Chartism to find new ways of overcoming the depression (Boardman 21).

In the early nineteenth century people where using labels like "working classes" and "middle classes." This designation was to separate people who had achieved success in commerce, industry, and other professions. They were considered the upper class. The upper class had a great control over the political system. This was not good for the working class and middle class because it left them no say in the government. However, some of the more powerful middle class men pushed for the Reform Act of 1832 and the deletion of the Corn Laws of 1846 (Wohl 1).

"Victorian Era." Victorian Information. http://lang.nagoya-u.ac.jp/matsuoka/victorian.html

The Mill another major employer, was completely different from an industrial plant. The mill first was introduced in the early 1900s. The United States Steel complex was a perfect example. It employed 9,000 workers and gave them a place to live. Another example was the Ford Plant at Highland Park, Michigan where they employed 16,000 workers. Not only did it house the workers, but it also had its own railroad station, a water supply, energy source, telephones, fire departments, and its own police force. This revolutionized the workplace (Balkin 34).

As products where mass-produced, the market was also expanding due to the growing population. The national income was rising. Advertising came to play a great role in the selling of products. This also convinced buyers that they needed these new innovations (Boardman 21).

"In the simplest terms, capitalism can be defined as the condition of possessing capital," of having money to invest for financial gain. The term capitalism also expresses favoritism to capitalists, who are individuals who gather capital. They then allow others to invest and the company becomes an industrial enterprise (Wohl 1).

In the Victorian Era, for the first time in history, industry became more important than agriculture. Companies became more dependent on machines than workers. Most enterprises were partly owned by the same people or trusts. By 1900 there was 185 large combinations of companies. The same people owned one third of all companies (Boardman 16).



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Approximate Word count = 2739
Approximate Pages = 11 (250 words per page double spaced)


  

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