Essay On The Economy After The Civil War

Prior to the Civil War, during the early 1800s, the economy was more self-sufficient and remained agrarian. Initially, the U.S. was a developing economy that relied on farming and workshops to get by; however, the North and the South both differed on what their economy focused on. For instance, the North had an industrial economy whereas the South had an agricultural economy. Throughout this, the rise of a national economy spurred internal improvements through manufacturing and the building of canals. In the midst of this economic development, sectional tensions widened between the North and the South. Although some may argue that agriculture and labor had a more significant impact on the economy following the Civil War, others understand that the contribution of rapid industrialization and internal improvements like railroads and trains largely impacted the economy post-civil war.

Captains of Industry like Carnegie and Rockefeller developed large corporations that increased productivity, expansion of markets, and philanthropy. For instance, Rockefeller´s Standard Oil company symbolized trust that controlled multiple companies by eliminating competition by taking control of smaller oil companies. Not only did he achieve dominance but he also distributed a large portion of oil throughout the economy. His effectiveness increased profits and allowed him to dominate the market by monopolizing a given market. Meanwhile, Carnegie controlled all aspects of manufacturing put towards steel production. He believed that the wealthy had a moral obligation to help out those less fortunate. Carnegie´s belief promoted his philanthropic funding of libraries and numerous schools. Subsequently, industrialization significantly allowed America to become the leading industrial power in the world, thus promoting economic