The Gilded Age 1865-1900.

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Presentation transcript:

The Gilded Age 1865-1900

Second Industrial Revolution Railroad expansion New Inventions Telephone, typewriter, cars, etc. New Energy Sources found Oil Coal Electricity

Capitalism America operated (and operates) primarily under a capitalist or market economic system. private businesses run industries Prices and wages are determined by competition and the laws of supply and demand. laissez-faire capitalism = government should stay out of the economy Benefits of capitalism include quality products and good prices. Capitalism does cause inequality.

Rise of the Super Rich (Robber Barons) Andrew Carnegie – Steel John D. Rockefeller – Oil Cornelius Vanderbilt – Railroads Jay Gould -- Railroads J.P. Morgan – banking

Iron Law of Wages ‘Pay as low as the worker would accept’ Immigrants made this easier Govt. officials had ties to big business

Gospel of Wealth All lived lavish lifestyles but many also became great philanthropists Many promoted the idea of Social Darwinism- Stronger people, businesses, and nations prosper, weaker ones fail. Believed that “survival of the fittest” would strengthen society as a whole

Rise of Labor Unions Upset by harsh working conditions, unions organized strikes Railroad Strikes of 1877 and 1886 Haymarket Riot in Chicago Pullman Strike Government always sided with business (Corruption)

Political Machines Organizations that powered friendly candidates to office Run by ‘Bosses’ Used underhanded methods to gain votes Stuffing ballot boxes Bribed vote counters Intimidation

Tammany Hall Most famous of the Political Machines (NYC) Run by William ‘Boss’ Tweed

Progressives Group of Reformers hoping to improve society Goals: Fight crime, disease and poverty Work for better working conditions Establish public education

Muckrakers Progressives were spurred on by a new class of journalists – muckrakers Wanted to ‘expose’ the bad side of society Focused on issues such as: Child labor Racism Slum housing Corruption

Movement to Cities NY, Philly, Chicago all had over 1 million residents Introduction of skyscrapers and elevators Increase in crime and rise of organized crime

Economic Vocabulary Capitalism – economic system where the means of production and distribution are privately controlled Socialism – economic system where the means of production and distribution are controlled by the community or centralized entity (usually government) Laissez-Faire – economic policy of a government not interfering with commerce Monopoly – gaining exclusive control over an industry Philanthropy -- concern for human welfare marked by donations of money, property or work