pg 919-936 - Pages 919-936 CHALLENGE TO BRITISH DOMINATION...

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Unformatted text preview: Pages 919-936 CHALLENGE TO BRITISH DOMINATION Britains rate of industrial growth slowed, as its entrepreneurs remained wedded to older, successful technologies o Although Great Britain maintained its high output of industrial goods and profited from a multitude of worldwide investments, two countries began surpassing it in research: the United States and Germany o In the aftermath of the Franco-Prussian War, Germany received the territories of Alsace and Lorraine, which had textile industries as well as rich iron deposits German businesses rapidly devised new industrial processes and began to mass- produce goods that other countries had originally manufactured Germany spent as much money on education as on its military in the 1870s and 80s o The United States began an intensive exploitation of its vast natural resources, including coal, metal ores, gold and oil The value of US industrial goods spurted from $5 billion in 1880 to $13 billion two decades later US growth often involved innovative entrepreneurs, such as Andrew Carnegie (steel and iron) and John D. Rockefeller (oil) The three-way industrial rivalry among Germany, the US and Great Britain would soon have political and diplomatic repercussions Areas of Slower Industrialization o With the exception of Belgium, which had been the first continental country to industrialize, other countries trailed the three industrial leaders French industry grew steadily, but French businesses remained smaller than those in Germany and in the US o In Spain, Austria-Hungary and Italy industrial development was primarily a local phenomenon Austria-Hungary had densely industrialized areas around Vienna and in Styria and Bohemia, but the rest of the country remained tied to traditional, unmechanized agriculture Italys economy continued to industrialize in the north while remaining rural and agricultural in the south The Italian government spent more on building Rome into a grand capital than it invested in economic growth A mere 1.4% of Italys 1872 budget went to education and science, compared with 10.8% in Germany o Russias road to industrialization was tortuous, slowed partly by its relatively small urban labor force Many Russian peasants who may have wished to take advantage of the opportunities of industrialization were tied to the mir (landed community) by the terms of the serf emancipation o By the 1890s, Moscow, St. Petersburg, and a few other cities had substantial working-class populations The Russian minister of finance Sergei Witte attracted foreign capital, entrepreneurs and engineers and used them to construct railroads, including the Trans-Siberian Railroad , which stretched 5,787 miles from Moscow to Vladivostok Facing Economic Crisis o The crisis of 1873 was followed by almost three decades of economic fluctuations, most alarmingly a series of sharp downturns whose severity varied from country to country People of all classes lost their jobs or businesses and faced consequences ranging from long stretches of unemployment to bankruptcy...
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This note was uploaded on 04/08/2008 for the course HIST 1010 taught by Professor Frazier during the Fall '05 term at Western Michigan.

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pg 919-936 - Pages 919-936 CHALLENGE TO BRITISH DOMINATION...

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