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The Victorian Era, 1870 - 1914:Victorian Economics
AP European HistoryAndrostic2012-2013
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Overview
•From 1870 to 1914, Europe had rapid economic growth•The basics of our modern economies emerged•Topics
•Second Industrial Revolution•Free Trade•The Gold Standard•Corporations
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Second Industrial Revolution
Refined Steam EngineInternal Combustion
Engine
AC Motor
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Telephone
Alfred Nobel
Bessemer Steel
Still from Georges Melies A Trip to the Moon (1902)
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Free Trade
•Free Trade the mantra of most states•But most states imported more than they exported - opposite of mercantilism•How can you spend more than you make?
•Export of European capital•Invested money outside the country•Invested money yielded returns - profits and interest•Allowed for a rise in standards of living domestically and internationally - especially in the USA
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Gold Standard
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Boom and Bust Cycle
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Corporations
John D. Rockefeller
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Summary•The Second Industrial Revolution led to an incredible growth in energy source - oil!•New technologies “enlightened” Europe•The modern business structure emerged
•Boom and bust cycle•Corporations, monopolies, and trusts
•Captains of industry grew fabulously wealthy