when did the second industrial revolution take place
Second Industrial Revolution The Second Industrial Revolution, also known as the Technological Revolution,[1] was a phase of rapid industrialization in the final third of the 19th century and the beginning of the 20th. The First Industrial Revolution, which ended in the early to mid 1800s, was punctuated by a slowdown in macroinventions[clarification needed] before the Second Industrial Revolution in 1870. Though a number of its characteristic events can be traced to earlier innovations in manufacturing, such as the establishment of a machine tool industry, the development of methods for manufacturing interchangeable parts and the invention of the Bessemer Process to produce steel, the Second Industrial Revolution is generally dated between 1870 and 1914 (the start of World War I).[2]
Industrial Revolution During the late 18th an early 19th centuries when the UK and parts of Western Europe began to industrialise, the US was primarily an agricultural and natural resource producing and processing economy.[149] The building of roads and canals, the introduction of steamboats and the building of railroads were important for handling agricultural and natural resource products in the large and sparsely populated country of the period.[150][151]
Insurance Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Economics Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that (relatively) low-cost inputs go to producing low-cost outputs. In the process, aggregate output may increase as a by-product or by design.[37] Such specialization of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other, more highly valued goods. A measure of gains from trade is the increased income levels that trade may facilitate.[38]