The Gilded Age.

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Presentation transcript:

The Gilded Age

Gilded Age Term coined by Mark Twain that describes this era as gilded Gilded means looks good on the outside but was not so pleasant on the inside.

Government from 1877-1900 Laissez-faire (hands off) Government Government policies helped business by not placing restrictions on business and giving them special consideration Supported by Republicans

Innovations Edwin Drake- First person to drill for oil in Titusville, PA Thomas Edison- Perfected the incandescent light bulb George Westinghouse- Invented Airbrakes for Railroad Cars

More Innovations Alexander Miles- Improved the method of the opening and closing of elevator doors Christopher Sholes- created the typewriter which created opportunities for women in clerical jobs Elias Howe- invented the sewing machine for textile industry

Business Innovations Corporation- Organization owned by many people but treated as a single entity -allowed limits for liability Holding Companies- corporation formed to buy the stock of other companies and thus creates a monopoly.

Monopolies and Trusts Monopoly- A company that controls most or all of the market and limits competition Trust- Organization of two or more corporations that allows their shares to be managed by someone else (trustee) Trustee- person has no ownership so it can’t be considered a corporation

Horizontal v. Vertical Integration Horizontal integration- business activity involving the merger of two similar companies -ex. Oil company A + oil company B Vertical Integration- Business practice in which all levels of production are owned by the same company

Captains of Industry Or Robber Barons? Captains of Industry- Positive term for business leaders who helped America Robber Barons- Negative term for business leaders who are seen as exploiting Americans

Business Leaders Andrew Carnegie- Made fortune in Steel industry (Carnegie Steel) Used the Bessemer steel process Gospel of Wealth- rich should give back to community

Business Leaders J.P. Morgan- made his fortune in banking and financing -Bought out Carnegie Steel and Formed U.S. Steel John D. Rockefeller- Oil Tycoon, founded Standard Oil using horizontal integration Cornelius Vanderbilt- merged railroad

Social Darwinism Charles Darwin’s theory of evolution and natural selection that could be applied to people Herbert Spencer- “Survival of the Fittest” Horatio Alger- “Rags to Riches”