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THE SECOND INDUSTRIAL REVOLUTION - Book Report/Review Example

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It starts by allowing me the chance to understand the American industrialization during the early 19th century. There was an increase in the number of people working in manufacturing…
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THE SECOND INDUSTRIAL REVOLUTION
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THE SECOND INDUSTRIAL REVOLUTION

Download file to see previous pages... One of the interesting topics handled in the article is the change in market structure during the industrialization in America. A keen analysis by Fred Bateman and Thomas Weiss indicate the type of competition that existed during that time. Competition by the economist in small scale production during the pre-war period was eliminated by ensuring by the production of homogeneous goods thus the target market did not have much of a choice on the available goods (The Changing Structure Of American Industry 462). Another important aspect I learn from the subtopic is the post-war market structures that came in mainly as a result of large firms that produced commodities in large quantities. The location of the manufacturing firms was highly affected by the presence of cheap and efficient systems of transporting the raw materials and finished products to the market. Several key questions are tackled in the article with an article with possible answers and explanations given to make me understand. The first is the contrast between pre-war and post-war industrialization that has driven many scholars to great depths of explaining it. The possible answer is about the scale of production, location and the homogeneity of the goods produced.
An important aspect in this article that I can relate to economics is the monopolistic market strategy. Large firms located in a certain area during that time came together and monopolized the market making sure they determined a lot of factors in the market. However, they were afraid of overpricing so as not to attract other firms to that ...Download file to see next pagesRead More
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