Sample Essay
The 1886 Witwatersrand Gold Rush inSouth Africaand 1898 Klondike Gold Rush contributed a lot in the causes of depression Second Industrial Revolution caused shifts in the economies and had imposed transition costs which played an important role in causing depression.
We must also consider the argument of the various economic swings of activity which is used to characterize to industrial economies. S B Saul argues that the pattern of swings ‘is a difficult one, for cycles of different lengths have been identified and they overlap to a considerable extent. There is the four-year cycle most prominent in the U.S.A, the eight to ten year ‘trade cycle’ ruling in Britain. Others have seen the British economy from 1870 to 1914 as dominated by twenty-year swings…The concept of The Great Depression emerges from the analyses made in terms of even longer swings of fifty years’ duration….We must say right away that there are grave doubts as to the validity of placing the British economy within the strait jacket of such time periods.
During this economic depression the German free trade policy was abandoned in 1879, France also abandoned the free trade policy during second empire (1852-1870) only united kingdom retained the low tariff laws in 1846.The long depression was also the caused of the revival of colonialism and later supported New Imperialism.United Stateswas also affected by the collapse ofBritain’s economy. Five to Six years down the line there was improvement in refinancing, rebuilding modes of communication, natural resources, business which supported the expansion of markets, trade and industrialization. After a few years there was another huge market crash in 1893
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