The End Of Affluence
As the first European settlers arrived in America, ideas of wealth and prosperity were fully implanted in their minds. These ideas soon turned into reality, and the United States dominated the global economy up until the post World War II years. In this paper, from the Book by Jeffery Madrick, we will discuss how America has gone from domination of the economic market , to just barely hanging on, and the many roads both good and bad that it took.
In the 1800’s a young historian by the name of Frederick Jackson Turner proclaimed that once Americas land had been purchased and fully cultivated, the deterioration of America would begin. Jackson was not alone in thinking this, many of ...
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goods a year. The increase in exported goods was not only due to the new inventions, but also the high tariffs placed on imports, giving America a trade surplus. This increase in trade not only brought about wealth and economic growth, but also revolutionized inventions.
One of the largest examples, is the introduction of the railroad, and the tremendous effect it had on the trade of goods. This revolutionary invention enabled the transportation of goods to become quicker, and opened new markets. The ability to transport goods quickly also returned a quicker profit enabling the seller to roll his money over 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 ...
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rates did not cease with the end of the war, but instead kept on climbing, due to the destruction of Europe and Japan, leaving the global market open for U.S. business. These happy times only lasted until the early 1970’s when the introduction of the Oil Embargo took effect, and the crippling of Americas productivity and economic rates began.
The enactment of the embargo was not the only reason the U.S. began to lose its productivity rate. The shipping of jobs to overseas companies and the entering of the Japanese into the global market also helped in the disabling of America’s economic growth. This crippling of America’s economy reached many more Americans than ...
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The End Of Affluence. (2007, August 11). Retrieved March 25, 2025, from http://www.essayworld.com/essays/The-End-Of-Affluence/69426
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"The End Of Affluence." Essayworld.com. August 11, 2007. Accessed March 25, 2025. http://www.essayworld.com/essays/The-End-Of-Affluence/69426.
"The End Of Affluence." Essayworld.com. August 11, 2007. Accessed March 25, 2025. http://www.essayworld.com/essays/The-End-Of-Affluence/69426.
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