Briefly describe laissez-faire economic policies in the Gilded Age.

Briefly explain ONE effect of laissez-faire economic policies in the Gilded Age.

The Gilded Age, which lasted from the 1870s to about the turn of the century, is the name for the heyday of the economy in the United States. The beginning and end of the Gilded Age were never precisely defined, and its beginning is often marked by the presidency of Rutherford B. Hayes or the withdrawal of the northern occupying forces from the southern states and, while its end is usually marked by the start of the 20th century.

During the Gilded Age, U.S. agricultural output grew rapidly. From the 1860s to the early 20th century, it doubled. In other sectors of the economy, however, production increased sixfold. The United States overtook the industrialization pioneers of Britain and Germany in the production of coal, iron, and steel, for example. Labor came from the agricultural district and immigrants. At the same time, urbanization was also rapid, with New York, for example, growing from more than one and a half million in 1870 to three and a half million in 1900.

Industrial efficiency was based on large production units, mass production, mechanization, large markets and standardization. By the 1900s, U.S. output per worker was 2.26 times that of Britain. The desire of American companies to develop efficiency was due to high wage costs. The real wage of a factory worker was about double that of France. However, wage differences were large both by region and by industry sector. Unskilled immigrants often had to work in poorer conditions than they had in Europe.