The Gilded Age
The Industrial Era… The second industrial revolution revolved around steel, railroads, electricity, and chemicals. The second industrial revolution revolved around steel, railroads, electricity, and chemicals. This created BIG wealth. This created BIG wealth. It also created EXTREME poverty. It also created EXTREME poverty.
The Gilded Age Mark Twain named it… A time period of extremes
Because …
In this new America following the Civil War, many new entrepreneurs (people who start businesses) came on the scene. They formed large corporations that others could invest in and INVEST THEY DID! Many business leaders became very WEALTHY
Andrew Carnegie Steel Mills Discovered Bessemer Process Built first steel mill in Pittsburgh By 1873 his mills alone were producing more steel than the entire country of Great Britain !
Carnegie Mansion
Andrew Carnegie Andrew Carnegie Invented vertical integration— buys out suppliers to control materials Own every step in the process R90 Steel Mills Ships Mines
Coffee Shop
John D. RockefellerStandard Oil Company Started at age 21…in 10 years he owned the nation’s largest oil refinery. By 1880 Rockefeller’s companies controlled above 90% of the oil business in the U.S.
Rockefeller created TRUSTS – Bigger corporations combining with smaller corporations. Horizontal Integration – owning all businesses in a certain field. Both of these create a MONOPOLY— control production, wages, prices. Crush the competition. R90
Rockefeller Mansion
Cornelius Vanderbilt Railroad and Shipping Tycoon Born poor. Married his cousin -had 13 children
Vanderbilt Mansion
Vanderbilt Dining Room
Robber Barons Wealthy industrialists often criticized. Wealthy industrialists often criticized. Profited by paying low wages and underselling others Put smaller companies out of business R90
Laborers worked long days in factories for low wages.
The poor were expected to make their own lives better
Philantropists Many industrialists gave of their own fortune to help others. Gospel of Wealth – essay written by Andrew Carnegie - the wealthy must assume the responsibility of distributing his fortune in a way that it will be put to good use, and not wasted on frivolous expenditure After retiring, Rockefeller gave millions to medical research
Social Life Expands Frederick Law Olmsted – created Central Park, NYC, made aesthetics in cities important Spectator sports – people created games to enjoy their time when they weren’t working Boxing most popular, anybody could participate Boxing most popular, anybody could participate First professional baseball team 1869 First professional baseball team 1869 Basketball created – 1891 Basketball created – 1891 First professional football First professional football Amusement parks – provided entertainment for families and an escape from daily life R88
Corrupt Politics During the Gilded Age, Congress was known for being rowdy and inefficient Political corruption seemed to be the norm; practices that today would be viewed as scandalous were accepted as a matter of routine. Businessmen commonly bribed public officials
Political Machines Political machine — organized group that controls a city as a political party Machine organization: city boss, ward bosses, precinct captains Whether or not city boss serves as mayor, he: - controls access to city jobs, business licenses - influences courts, municipal agencies - arranges building projects, community services R94
EXIT TICKET Select the 5 most important words from your ppt notes. Write one sentence that summarizes the Gilded Age.