Final answer:
From the post-Civil War period to the early 20th century, the American economy underwent significant growth due to the Industrial Revolution, urbanization, and increased global trade. Despite economic downturns, the United States emerged as a major economic power, with expanded industrial output and a growing urban workforce.
Step-by-step explanation:
The American economy experienced an unprecedented economic growth following the Civil War. This era saw significant industrial development facilitated by technological advancements, a substantial influx of immigrants, and expansion into new markets. By 1898, with advances in areas such as the Industrial Revolution and mass production, the U.S. economy's growth was reflected in a substantial increase in both imports and exports.
Industrial output rose dramatically, and by the turn of the 20th century, urbanization and industrialization had greatly changed the American landscape, shifting the balance from a predominantly rural society to one where more people lived in urban settings and worked in industrial roles.
Despite periods of economic downturns, such as the depressions in 1873-1878, 1882-1885, and 1893-1897, the overall growth was significant. By the early 20th century, the U.S. economy had grown immensely, setting the stage for further expansion and the eventual emergence of the United States as a major global economic power.