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Economic Freedom in Industrial Society: - Essay Example

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Economic Freedom in Industrial Society Table of Contents Introduction 3 Thesis Statement 3 Discussion 4 Conclusion 6 Works Cited 7 Introduction The Gilded Age can be considered as the initial period of American industrial revolution which occurred during the Civil War in 1860s to 1896…
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Economic Freedom in Industrial Society:
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Download file to see previous pages In the context of Gilded Age, million numbers of immigrants were experienced by the country. However, the Gilded Age of American industrial revolution was also considered as the major strain among those who increasingly argued regarding the freedom of industrialization. Moreover, it has also been stated that the Gilded Age also observed various restrictions of individual liberty regarding diverse civic rights (Foner, “Give Me Liberty! An American History, Third Edition”). Thesis Statement The paper intends to briefly discuss about the ‘Social Problem’ and various deliberations that had taken place among the various groups of people with respect to the different understandings of economic freedom. The discussion of this paper will be focused on different Social Darwinists, Supreme Court, People’s Party, Middle Class Reformers and Labor Movement during the Gilded Age of great American industrial revolution. Discussion According to the various observations throughout the American industrial revolution, it was often mentioned regarding the Gilded Age that it was changing or transformational phase in the US economic revolution when the financial growth of the United States jumped over the Great Britain due to its rapid growth of industrialization. ...
An American History, Third Edition”). According to American scholar William Graham Sumner, it has been identified that a few number of millionaires were influential in carrying forward the social progression by passing on their financial capabilities to their upcoming generations. The scholar has also argued that the continual domination of those few industrialists and their repeated supremacy were taken forward significantly by their generations (Debbie Twyman and Craig Whitney, “Social Darwinism and American Laissez-faire Capitalism”). Moreover, in the context of Social Darwinists it can be observed that the capitalism and the community itself highly required unrestricted trade competitions in order to flourish the industrial markets within the US. However, during the late 1800s, monopoly industries, gradually had power over production as well as price of the commodities across various American industries. During those eras, it had also been identified that unregulated processes were implemented such as labor wage, alterations in working conditions, working schedule as well as timing. There were a number of workers comprising men; women and children who were involved in fulfilling their occupational responsibilities in hazardous working conditions in the coal mines and other similar locations. Furthermore, the compensation Acts, governmental or social security, company pension as well as work-safety regulations were also ineffective within the industrialization era during those decades (Debbie Twyman and Craig Whitney, “Social Darwinism and American Laissez-faire Capitalism”). While, labor wages rose moderately in keeping with the industrialization in the US, frequent financial depression was observed due ...Download file to see next pagesRead More
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