The Gilded Age. Definition Gilded: To cover with or as if with a thin layer of gold. To give an often deceptively attractive or improved appearance to.

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Presentation transcript:

The Gilded Age

Definition Gilded: To cover with or as if with a thin layer of gold. To give an often deceptively attractive or improved appearance to. How does this definition fit with what we have learned thus far from The Jungle?

Where it Got its Namesake… Mark Twain characterized the age as one of greed, corruption, scandal- plagued politics, and unfettered capitalism

An Irrelevant Time Period?

Not at all… Unprecedented innovation Inventions: light bulb telephone, etc. Discovery of germs Laying of the transatlantic telegraph cable Appearance of the mass circulation newspaper and magazine.

Social Darwinism in America Herbert Spencer $ Individuals must have absolute freedom to struggle, succeed or fail. $ Therefore, state intervention to reward society and the economy is futile! $ Laissiez-Faire Gov’t $ Individuals must have absolute freedom to struggle, succeed or fail. $ Therefore, state intervention to reward society and the economy is futile! $ Laissiez-Faire Gov’t

Growth of Big Business 1. Powered by steam: Electric motor, Internal combustion engine, 2. Transportation: Railroads Canals 3. Technology: Standardization Mechanization

√ Abundant Capital/Labor √ New, talented group of businessmen [entrepreneurs] and advisors. √ Market growing/W. Expansion √ Abundant natural resources. √ Abundant Capital/Labor √ New, talented group of businessmen [entrepreneurs] and advisors. √ Market growing/W. Expansion √ Abundant natural resources. Causes of Rapid Industrialization

Wall Street – 1867 & 1900

U.S. Steel Production

U.S. Patents Granted

U.S. Corporate Mergers

Relative Share of World Manufacturing

A Corporate Transformation Structure and Organization Corporation's larger size and capitalization. Ownership and management: use of professional managers Business hierarchies created Corporation's increased size and geographical scale.

New Types of Business Entities

Robber Barons: Wealthy businessmen who had gained their wealth through seemingly unethical means John D. Rockefeller, Standard Oil Company Andrew Carnegie, U.S. Steel J.P. Morgan, Investment Banker Cornelius Vanderbilt

In what ways do we currently live within a “Gilded Age”?

Different Time, Same Issues… Facing similar issues Corruption in business and government Exploitation of natural resources Growth of corporate power Gulf between the rich and the poor.

Realities of the Second Gilded Age? Today – Richest 10% own 85% of all wealth 1% holds more than one-third of our nation’s wealth  35.9 million people live below the poverty line in America including 12.9 million children.  Almost 100 billion pounds of food is wasted in America each year.