what were the reasons of profound social and economic changes in 19th century? (note- 5 marks)
Answers
Answer:
Explanation:
Several important changes took place in the late 19th century. First, around 1870, Germany became the new leader in European industry. Germany far exceeded the production of any other European nation in chemicals and electrical equipment. The nation continued to expand its trade networks and soon enjoyed a flood of new plants and factories. Great Britain tried to retake its position as industrial leader, but Germany would not give up its newly acquired title so easily. The United States also enjoyed success during the Second Industrial Revolution. In fact, industry had made the U.S. the richest nation in the world at this time.
The Second Industrial Revolution caused growth in industry and transportation, which allowed increased trade between nations. Combined with a merchant marine capable of transporting goods by sea, a world economy began to form. What exactly is a world economy? Well, a world economy, or global economy, is simply a description of the integration of trade in goods, services, and money worldwide. The spread of trade and investments abroad is linked with a process called imperialism.