Turn of the century markets? 1880s - 1920s

  1. eaglecreek profile image59
    eaglecreekposted 5 years ago

    Turn of the century markets? 1880s - 1920s

    Turn of the century markets? 1880s - 1920s
    What was the difference between the “free market” economic system in the US and the economic systems in Europe, such as UK, France and Germany?
    Had John D. Rockefeller worked in Manchester/Munich or Bordeaux would he still had become the titan like he did in the states?

  2. profile image0
    Old Empresarioposted 5 years ago

    In 1929, the US had its worst recession in history. Back in 1893, it had the second-worst recession in its history. There were some smaller recessions in between and before. There has never been a golden age of American economics where the majority of people prospered, other than after the Second World War. Economic history for the average American between the 1820s and 1940s was pretty dismal.
    The economic systems of the US and Europe essentially worked the same way. They were all protective, free enterprise, and preferred to manufacture everything domestically, while taking raw goods from colonial ports. Manchester/Munich and Bordeaux already had their own "Rockefellers" whose familes had been well-established in business since before the industrial revolution. But Europe thrived on coal; not oil. There was no room for newcomers, like the actual American John D Rockefeller. So he would not have succeeded there for that reason. The US was a very, very, very young nation. It had a ton of space and a wealth of natural resources available to anyone with the capital. Rockefeller was able to build his business empire simply because no one in the US had controlled the oil refining market yet. Britain had the top economy in the world until the 1880s and 1890s when it's obsession with war and colonial expansion led to its decline.