THE GILDED AGE: 1877-1890 AN INTRODUCTION Introduction Origins of Name Characteristics Key People.

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Presentation transcript:

THE GILDED AGE: AN INTRODUCTION Introduction Origins of Name Characteristics Key People

Name’s Origins The Gilded Age: A Tale of Today By Mark Twain & Dudley Warner Satirizes greed & political corruption Name came from Shakespeare’s King John (1595) “To gild refined gold, to paint the lily…is wasteful and ridiculous excess” Gilded is lesser than golden Simple coat that covers metal

Gilded Age Defined Time period of industrial growth Population increase; waves of immigrants Production of steel and increased New technological innovations coined “2 nd Industrial Revolution” Lumber, gold, silver resources increased the demand for better transportation Railroads boomed- moved goods from West to East more efficiently Wealth accumulated as industrialists took advantage of resources and workers Extravagant display and excess in homes, clothing, worldly possessions

Time Period U.S. becoming modern industrial society National transportation & communication network Corporation became dominate form of business organization “Corporations exist as a product of corporate law, and their rules balance the interests of the shareholders that invest their capital and the employees who contribute their labor. People work together in corporations to produce value and generate income. In modern times, corporations have become an increasingly dominant part of economic life. People rely on corporations for employment, for their goods and services, for the value of the pensions, for economic growth and social development.” – en.wikipedia.org/wiki/corporationcorporate lawshareholderscapitallaborvalueincomeemploymenteconomic growth Managerial revolution transformed business operations Long hours, hazardous conditions led many to attempt to form labor unions

US Industrial Growth By Leading industrial power in the world Natural Resources: Coal, iron ore, copper, lead, timber and oil Abundant labor supply Growing population, advanced transportation infrastructure made for world’s largest market Creativity and Innovation: ,000 new patents granted by Fed gov’t Talented entrepeneurs, thinkers, organizers and innovators Businesses profited from gov’t friendly taxes, land grants, protective tariffs and lack of regulation

Note: the change in agricultural workforce will lead to a rural to urban migration shift 1920: Majority of Americans still worked in Primary or Secondary industry Today: majority of Americans work in the tertiary sector of the economy

Railroads Span the Country Railroad construction promised greater national unity and economic growth Connected different regions of the country together Increased the speed and efficiency of shipments Personal travel and communication was made more efficient Rails extended into lesser populated areas, creating new towns, businesses and markets to take shape

Industrialists (Robber Barons) Coined Robber Barons Criticized that their wealth came thru unethical financial manipulations John D. Rockefeller- oil Andrew Carnegie- steel Cornelius Vanderbilt- shipping & railroads Henry Flagler- oil, real estate & railroad JP Morgan- finance & banking

What are the various elements seen in these illustration that connect to US industrialization?

History Channel: The Industrial Revolution History Channel: Carnegie and the Homestead Strike History Channel: John D. Rockefeller: Oil, Money and Power

Modern-Day Connections Steve Fraser & Gilded Age: Bill Moyers Journal (PBS) Steve Fraser & Gilded Age Occupy Wall Street Divided: Daily Show Occupy Wall Street Divided The 99%: Daily Show The 99%: