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The American Promise: A History of the United States Fourth Edition CHAPTER 18 Business and Politics in the Gilded Age 1870–1895.

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Presentation on theme: "The American Promise: A History of the United States Fourth Edition CHAPTER 18 Business and Politics in the Gilded Age 1870–1895."— Presentation transcript:

1 The American Promise: A History of the United States Fourth Edition CHAPTER 18 Business and Politics in the Gilded Age 1870–1895

2 Old Industries Transformed, New Industries Born Railroads: America’s First Big Business –Largest railroad network – 193,000 miles – first big business – federal, state, and local government funds –Jay Gould and his competitors – stocks – “pools” Andrew Carnegie, Steel, and Vertical Integration –Pittsburgh – control of every aspect of steel business – cut costs to boost productivity – exacted from workers – low wages and dangerous working conditions John D. Rockefeller, Standard Oil, and the Trust –Controlled 9/10s of oil business – established Standard Oil Company – undercut competition – rebates from railroads – trusts – stocks in various refinery companies – govt. opposition – holding company – 90% of oil business – Ida B. Tarbell - McClures

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5 Old Industries Transformed, New Industries Born Mass Marketing, Advertising, and Consumer Culture –Railroad catalyst for industrial revolution - new entrepreneurs Gustavus Swift, John Henry Heinz – new products – Campbell Soup, Quaker Oats – consumer culture with new products and aggressive advertising New Inventions: The Telephone and Electricity –Alexander Graham Bell – Thomas Alva Edison

6 From Competition to Consolidation J. P. Morgan and Finance Capitalism –J. P. Morgan – American Banking - “money trust” – General Electric – U. S. Steel – over capitalization – short term profit instead of long-term innovation and growth – acquired Carnegie Steel – corporate consolidation Social Darwinism and the Gospel of Wealth –Charles Darwin, Herbert Spencer, William Graham Sumner –Justification for economic inequality – “The Gospel of Wealth” Laissez-Faire and the Supreme Court –No interference of government in economic affairs –Conservative Supreme Court and laissez-faire

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8 Kerosene Lamp

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10 Politics and Culture Political Participation and Party Loyalty –Spoils System –Party affiliations – spectacle –Religion Sectionalism and the New South –Old Confederate South – changed with migration to cities –industrialization Gender, Race, and Politics –Suffrage for African American males – no elimination of racial barriers with women’s issues - lynching Women’s Activism –Stanton and Anthony – National Woman Suffrage Association – Woman’s Christian Temperance Union

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12 Presidential Politics Corruption and Party Strife –Political corruption –party factionalism – political reform –Party bosses – Roscoe Conkling – “Stalwarts –James G. Blaine – “Mugwumps” and Half-Breeds” –Hayes between reform and spoils men –James A. Garfield and Chester A. Arthur Garfield’s Assassination and Civil Service Reform –Garfield assassinated by Charles Guiteau – attach on Spoils System – Pendleton Civil Service Act of 1883 Reform and Scandal: The Campaign of 1884 –Republican candidate - Blaine – Democratic candidate – Grover Cleveland – campaign of mudslinging and scandals – negative publicity against Union and Catholicism – Cleveland wins

13 “Another Voice for Cleveland”

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15 Economic Issues and Party Realignment The Tariff and the Politics of Protection –Republicans reduced tariffs, later increased – farm and non farm sector differences Railroads, Trusts, and the Federal Government –Need for regulation of railroads and action against trusts - Interstate Commerce Act – Sherman Antitrust Act - The Fight for Free Silver –Gold v. silver – 1873 Congress voted down minting and purchase of silver – 1890 Silver Purchase Act – 1893 SPA repealed - gold standard Panic and Depression –Silver issue led to panic and depression

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