history lecture 14

history lecture 14 - LECTURE #14: The Gilded Age...

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LECTURE #14: The Gilded Age (1877-1900) KEY TERMS (3) Sherman Antitrust Act (4) Populism (5) Plessy vs Ferguson and (6) Haymarket Square Riot Part I: Gilded Age Economics A. Mark Twain: Coins the phrase “Gilded Age” in his 1873 book The Gilded Age: A Tale of Today Gilded means gold plated. Looks shiny on the outside but sucks on the inside. This will be a period of poverty and money Tenemant houses Droughts B. It is an age of great personal and corporate wealth, extravagant excess, and vast waste. It was also an age of poor distribution of wealth, mass pockets of poverty, and miserable living conditions for millions. C. Captains of Industy a. John D. Rockefeller (Standard Oil) b. Andrew Carnegie (US Steel) c. Henry Ford (Ford Motor Company) d. J.P. Morgan (Banking and Investments) e. Cornelius Vanderbilt (Railroads) f. The Guggenheims (Mining) D. Laisse-Faire Economics The tea party and the republican party support Laisse-Faire economics Limited government interactions in economic activities a. No real government interference a.i. Tax Breaks, Subsidies, and Loans a.ii. Tariff Protection a.iii. Help Against Workers’ Organization E. Railroad Expansion a. The railroad was the principle agent of industrial progress in the 19 th century. a.i. Gave industrialists access to distant markets and raw materials a.ii. Determined the path by which agriculture and industry developed a.iii. Altered the concept of time. Created time zones. Standardized in 1918. a.iv. Rail increased from 30K miles in 1860 to 193K miles in 1900 a.v. Private and Government Funded a.vi. Downside: Railroad has too much power. With power, they became corrupt.
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Debt peonage is the idea of working but you get in debt with your employer. F. The Corporation a. Develops after the Civil War b. Development of stock trade began in 1830s/1840s. c. Leads to the modern managerial model. c.i. Division of labor c.ii. Carefully designed hierarchy of control c.iii. Creation of middle manager who filled the space between owner and worker. c.iv. Downside: Greater disconnect between owners and workers. d. Horizontal Integration: Combining numerous firms within the same industry into a single corporation. e. Vertical Integration: Taking over all different business aspects that are needed to complete the company’s primary function. f. f.i. Uses Vertical and Horizontal Integrations f.ii. 1870: Year Standard Oil is created within a few years it has refinaries all over the country. f.iii. Expands into barrel building factories, terminal warehouses, pipelines, freight cars, and marketing. f.iv. Seen as the 1 st monopoly. Controlled 90% of the refined oil in the US g. Businessmen saw consolidation as the only way to cope with the biggest evil of capitalism “cutthroat competition”. G. Birth of the Trust
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This note was uploaded on 11/29/2011 for the course HIST 1113 taught by Professor Brown during the Fall '08 term at Oklahoma State.

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history lecture 14 - LECTURE #14: The Gilded Age...

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