The Gilded Age 4.12.11 with voice over

The Gilded Age 4.12.11 with voice over - The Gilded Age...

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The Gilded Age (1877 – 1900): shiny and valuable, and precious on the outside. On the interior there was an ugly base metal that was different from the outside (gild = layer of gold to make it look richer) A. Mark Twain B. an age of great personal and corporate wealth, extravagant excess, and vast waste- but poor distribution of wealth, great pockets of poverty, and miserable living conditions for millions a. personal wealth b. wives of wall street bankers would meet in downtown city hotels and hold banquets for their dogs and spend 1000s of dollars for lunch while other American’s were earning less than 50 cents per day c. the wealth was concentrated C. “Captains of Industry” seen as “Robber Barons” a. John D. Rockefeller (Standard Oil) i. 95% of gas was purchased of refineries of John’s ii. b. Andrew Carnegie (U.S. Steel) i. built 1 st billion dollar business c. Henry Ford (Ford Motor Company) i. built an empire around the combustion engine ii. consumer reports it is still has the best quality cars compared to others to this day d. J.P. Morgan (Banking and Investments) i. had more money in his pocket than the U.S. had in treasury ii. in 1894 when gov. of U.S. was bankrupt Morgan gave a 60 million dollar loan e. Cornelius Vanderbilt (RR) i. still maintains a base economic empire that centered in NY f. The Guggenheims (mining) i. 7 brothers built a mining fortune across the U.S. and the world D. Laissez Faire”: Gov., keep “hands off” yet
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a. Was capitalism at its best and worst! i. it was unregulated, great fortunes were made, empires were built, the consumer was very often at the mercy of the price of the product b. tycoons wanted gov. to provide: i. wanted to have no regulation at all but although they didn’t want the gov. to restrict they wanted the following: ii. tax breaks, subsidies, and loans 1. they wanted favors but not restrictions 2. by 1870s – 90s the U.S. had caught up to English and could match the production, quality, and price. 3. still wanted to close market to American producers to monopolize production and sales iii. tariff protection iv. help against worker’s org. 1. the unions who wanted better wages ang better hours E. Politics in the Gilded Age a. Republicans i. Members of Republicans 1. Native-Born, white, Anglo-Saxon protestants ii. Strength in North and Midwest iii. Pro- “Blue Laws” 1. opposition to the production and consumption of alcohol 2. opposition to businesses being open on Sundays iv. Pro-Laissez Faire 1. Industrial American formed a wing of the republican party 2. The fostered big business and cultivate the expansion of the Industrial America v. Conservative Monetary Policy
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1. didn’t want to follow policies that would bring inflation 2. to do this, they maintained a control over the amount of money in circulation a. the U.S. would have both coin and paper currency in circulation b. there could be no more currency that the Gov. had in gold to back it up c. put gold in the repository: Fort Nox
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The Gilded Age 4.12.11 with voice over - The Gilded Age...

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