Chapter 64: Economic Ideas (The Neoclassics)

The Second Industrial Revolution more or less coincided with the lifespan of the German Empire. From 1871 to 1914, the new nation adopted a fairly democratic constitution, saw massive population growth, and experienced extraordinary economic development. Along the way, they created innovative new goods and services, as well as worker protections unseen anywhere else in the world.It was largely thanks to the leadership of the Iron Chancellor, Otto von Bismarck. But after his fall from high politics, the empire redirected its gains toward militarization. And by 1918, that program would prove to be the empire’s doom.Support the podcast and get access to the footnotes and all bonus episodes at patreon.com/indrevpod.

In this bonus episode, Dave interviews Dr. Joseph Sassoon about his book on the Sassoons, a major merchant trading family in the 19th and early 20th centuries. The comes out in paperback in the UK on Thursday, February 29th.This episode will be available for non-patrons until April 2024. Patreon supporters can access any bonus episode anytime. To become a patron, sign up at https://www.patreon.com/indrevpod.

Dave interviews historian Anton Howes on his paper for Nesta, "Lessons from the age of coal", about the energy transition of the First Industrial Revolution and how it relates to our transition away from fossil fuels today.Read the paper here: https://www.nesta.org.uk/feature/what-the-history-of-energy-tells-us-about-the-age-of-renewables For more of Dr. Howes' work, see: https://www.ageofinvention.xyz This episode will be available for non-patrons until April 2024. Patreon supporters can access any bonus episode anytime. To become a patron, sign up at https://www.patreon.com/indrevpod.

At the end of the 19th Century, workers throughout the world were fighting increasingly bitter, bloody battles against their capitalist bosses and the governments protecting them. In this episode, we will cover such topics as:Worker internationalismParis CommuneThe Great Upheaval of 1877The Haymarket MassacreThe Homestead and Pullman strikesThe Belgian General Strike of 1893And more!

During the late 19th Century, socialism fractured into numerous schools. In this episode, we explore the growing field of socialist thought, as well as its many colorful characters.Topics in this episode include:Edward Bellamy and his novel, Looking BackwardFrench SolidarismFerdinand Lassalle, Eduard Bernstein, and the German Social DemocratsThe Fabian SocietyHenry George and his treatise, Poverty and ProgressMikhail Bakunin and anarcho-collectivismPyotr Kropotkin and anarcho-communismThe Pittsburg Proclamation and anarcho-syndicalismWatch my 2022 Mill Talk here!https://industrialrevolutionspod.com/episodes/2022/12/4/podcast-special-from-textile-workers-to-rideshare-drivers-the-never-ending-history-of-creative-destructionSupport the podcast: https://industrialrevolutionspod.com/supporters

Beginning in the 1870s, the Neoclassical School of Economics emerged. Borrowing the idea of marginal analysis from calculus, and applying it to the ethical theory of Utilitarianism, they revolutionized the way economics was discussed. Today, we discuss the various “Marginalists” of this school, and the impact they had on the history of economic thought.

As industrialization drove economic growth all over the Western World, financial systems had to keep growing in complexity and value. And as they did, they continued to drive industrialization further in turn. And, then as now, they were susceptible to greedy players, bad decisions, and panic.

Americans had long believed their country was a classless society. But by the end of the 19th Century, that myth had been shattered. In the Gilded Age, a super-rich elite emerged. They spent lavishly on houses, parties, and luxuries, while also investing in education and philanthropy. In this chapter, we’ll discuss this new upper-class, as well as how wealth in the United States became so imbalanced. We’ll explore topics like homesteading, Reconstruction, immigration, political corruption, corporate consolidation, and more.

The live recording of my recent Mill Talk at the Charles River Museum of Industry and Innovation.

In the mid-19th Century, two new industrial developments were underway. In the UK and US, new discoveries were made for the refining of crude petroleum into numerous useful oils. Meanwhile, in France and Germany, engineers were starting to produce the first commercially viable internal combustion engines. Together, these two breakthroughs would open up a world of possibilities and, in time, put an end to the Steam Age.If you’re in the Boston area, be sure to catch Dave’s upcoming Mill Talk at the Chares River Museum of Industry and Innovation on Tuesday, November 15th! Register here: https://www.eventbrite.com/e/mill-talk-from-textile-workers-to-rideshare-drivers-tickets-425845614697