The Present Economic Revolution in the United States

The Present Economic Revolution in the United States

The Present Economic Revolution in the United States

The Present Economic Revolution in the United States

Excerpt

The economic changes now occurring in the United States are significant in their relation to the whole history of Western Civilization -- as significant perhaps as the Industrial Revolution in England at the close of the eighteenth century.

It is not mere chance that this present revolution is taking place in the United States before it begins anywhere else. Our stage was set for it in 1888. We were then the youthful giant in industry. We had just grown out of our infancy into young nationhood. We were a tireless producing nation with fabulous accumulations of wealth and with almost incalculable resources still to draw upon. Even more important than our natural resources were our democratic traditions that gave every man a fair chance, that placed no handicaps upon success, that permitted every one to rise as high in business, in profession, and in politics, as his abilities would justify. Our immense industrial population was earning more in purchasing power than the industrialists of any other country.

During the next thirty years this economic prosperity was not only maintained, but the discrepancy between earnings abroad and in the United States . . .

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