aim: why were the late 1800’s referred to as the “gilded age”?
TRANSCRIPT
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Aim: Why were the late 1800’s referred to as the “Gilded Age”?
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Do Now: What is a Golden Age? Based on that, what do you think the “Gilded Age” means? (Gild is defined as:
“To cover with a thin layer of gold”)
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The Gilded Age
• Period of rapid industrial and economic growth from around 1869-1900
• “Gilded Age”: Seems prosperous on the surface, but many problems underneath
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• Large change in American life including:
• Rise of big business• Rise of unions• New wave of
immigration• Urbanization of
American life• Does not heavily effect
the South
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The Second Industrial Revolution
• From 1865-1898• Wheat output increases
256%• Corn output increases
222%• Coal output increases
800%• Railway lines increase
567%
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Black Gold
• Large increase in Oil production
• Used to power internal combustion engines, light lamps, run factories (automobile invented in 1886)
https://www.youtube.com/watch?v=FeSLPELpMeM
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Steel
• U.S. rich in coal and iron• Bessemer Process:
Converts iron to steel• Steel: Stronger and
lighter than iron; allows production of new tools, railroads, bridges, skyscrapers, etc
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• Thomas Edison establishes research laboratory in Menlo Park, New Jersey; perfects light bulb (R.I.P. Topsy)
https://www.youtube.com/watch?v=gJ1Mz7kGVf0
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• Alexander Graham Bell invents the telephone
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Railroads• Link up entire nation• Cause the creation of
many towns and cities across the country
• Employee hundreds of thousands of laborers
• Create Time Zones• Which of these
innovations do you think was most important?
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The American Dream
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Social Darwinism
• Darwin’s belief: Natural Selection (“Survival of the fit enough”)
• Social Darwinism: Survival of the fittest; applied to economics and society
• The rich get rich because of their skills, poor stay poor because of their lack of skills
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• Government takes a Lassiez Faire (hands-off) approach
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Horatio Alger
• Publishes hundreds of “rags to riches” stories
• Credited for creation of the “American Dream”, that one could rise to the upper class through “pluck and luck”
• Do you agree with this idea? Why or why not?
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Captains of Industry v. Robber Barons
• Capitalism in America: Economic growth driven by the search for profit
• Trusts: Early corporations, formed to help manage large businesses
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• Captain of Industry: Wealthy business leader who positively contributed to the country
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Robber Baron: Wealthy business leader who negatively contributed to the country
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John Rockefeller
• Born into poor family; America’s first billionaire
• Becomes wealthy during Civil War, begins investing in Oil
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Standard Oil
• Rockefeller’s oil trust• Drives other oil
companies out of business by undercutting them (selling at a loss) then buying them out (“Horizontal Integration”)
• Large scale lets Rockefeller demand cheap transportations rates
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• Positive• Large-scale oil
production; becomes available for the masses
• Negative• Workers paid very little• Fears that predatory
business practices and increase in monopolies can lead to uncontrolled price increases
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Philanthropy
• Would donate over $500 million over his lifetime to fund schools, colleges, health programs, etc
• Most of the donations came in his later years
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Andrew Carnegie
• From a poor family of immigrants
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Carnegie Steel Company
• Follows process of “Vertical Integration”; owns all components needed to create his steel
• Owns coal mines used to power railroads and furnaces, iron mines to mine iron, railroads to transport his steel, etc
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• Institutes limited profit sharing in his factories, although workers wages still low
• Lives a humble life; criticizes extravagant rich
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Philanthropy
• Sells company to J.P. Morgan in 1901; spends rest of life as Philanthropist
• Builds 3,000 libraries, Carnegie Hall, etc
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J.P. Morgan
• Born into wealthy family, father gets him important job at large bank
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Banking Titan
• Makes fortune as a financier; buying up distressed companies, selling profitable ones, etc
• Creates U.S. Steel from Carnegie Steel
• Criticized for becoming wealthy through investments, as opposed to “creating something”
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• Marks shift in American entrepreneurs into banking and finance, away from industry
• Heavily attacked by the government; many of his businesses and trusts are broken up