1910: The birth of an economic superpower.

1910: The birth of an economic superpower.

Men who build American 

We all know that India was the biggest economy before 1800 but ever thought how the USA came into the picture and became the biggest economy of the world.

It all began during the 19th century when the country was growing and building its infrastructure. Americans saw huge opportunity to grow and build their business. People like Cornelius Vanderbilt built his wealth in railroads and shipping industry. He built the biggest railroad network in the USA for which the transportation became more efficient and it helped the economy to grow.

At that time there was no electricity and there was a huge demand for oil. John d Rockefeller saw this opportunity and build the biggest oil company in the world which came to be known as standard oil. It occupied 90%market shares in the USA.

After the commercialization of electric bulb, the demand for electric power increased, therefore, Thomas Alva Edison along with his other partners Started General Electric and when electricity became popular different electrical appliances came into the market and people started using it so, it helped the economy to lift up.

Innovation has always been the base of the US economy.

Infrastructure is the most important part of any industrial development, so most of the businessman used innovation to build their businesses. Andrew Carnegie was one of them, he built the first steel bridge after this people came to know that steel is an important material to build infrastructures and with this demand for steel increased. Carnegie saw the opportunity in the steel business and build the biggest steel company the United States steel corporation and helped the country to develop.

Like this many entrepreneurs came used all the resources available at that time also focused on innovation and continued this industrial revolution to develop the nation.

During the 1930s the US faced the great depression and loss about 15%of its GDP. Then during the world war-II European countries were busy fighting and the US saw this opportunity to get out of this depression and started sending war supplies to the European countries. So when everyone was busy fighting US was making money and it helped the US to come out of the crisis.

 

After the industrial revolution tech revolution came to the USA which took the US to the next level. As there was an opportunity to grow and due to availability of capital lots of immigrants were attracted and this helped the economic growth.

As people became successful they helped others to grow. Philanthropy is also a reason for which it came to be a land of opportunities and become an economic superpower.

~By Suddha.