The Gilded Age
Gilded Age Outline
Definition
 Rise of Big Business
 Railroads
 Workers Lives
 Immigration
 Conclusion

What does “Gilded” mean?


Gold covered
Why would a period of US history have this
term?
Rise of Big Business

What made U.S. good place for business?
1.
Free markets (“Laissez-faire”)
2.
Social Darwinism
3.
Resources and workers
Rise of Big Business
1.
Corporations

Stock allows companies to gain money

Owned by “stockholders”
Rise of Big Business
2.
Trusts
 Companies
3.
Monopolies
 Complete
 Why

combined, run as one business
control of an industry
are monopolies considered bad?
Video – Gilded Age Mansions
Rise of Big Business

Cornelius Vanderbilt
 Started
buying railroads in 1862 (stock)
Eventually
 Estimated
controlled 4,500 miles
wealth = $185 billion!
Rise of Big Business

Andrew Carnegie
 Saw future need for steel and iron
 Carnegie Steel Co. dominated US market
Sold it for $250 million in 1901
 Estimated value today = $309 billion
Rise of Big Business

John D. Rockefeller
 Founded Standard Oil
Owned 90% of oil refinery business
Incredible power over US business
 Estimated value = $336 billion
 Video
Rise of Big Business

“Robber Barons”
 Corrupt
business practices
Squeezing
 Took

out competitors
advantage of workers
“Captains of Industry”
 Business
 Helped
skills helped gain wealth
America’s economy grow
Railroads

1865 – 1890, railroads increased by 5x
 Government


gave land to companies
Transcontinental railroad completed in 1869
3 important contributions:
1.
Increased trade/jobs
2.
Settlement of the West
3.
Standard time
RR
started 1883, USA by 1918
Workers Lives

Fewer farming options after Civil War
 Some
moved to cities for jobs
 Workers

left with boring/dangerous work
Demand for better pay & conditions
1.
Collective Bargaining
2.
Closed shops
3.
8 hour work day
Opposition to Unions

No right to Unionize according to law
 Courts
often backed business owners
 Oaths/contracts
not to join Unions
 Police/army/Pinkertons
Immigration to the United States
Old Immigrants = North/West Europe
 10 million from 1800-1900
 “New Immigrants” = Southern/Eastern Europe
 1880 – 1910, 18 million entered the U.S.
 Immigrants processed Ellis Island, NY
 Names registered
 Medical & mental examinations
 12+ million immigrants, 1892 – 1954

Immigrants

West Coast = Angel Island
 300,000 immigrants
Mostly Chinese immigrants
Immigration
Economic and political exploitation
 Nativism and Social Darwinism
 Bad economy = Chinese pushed out of US
 Chinese Exclusion Act, 1882
Banned immigration for 10 years
Blocked Citizenship
 1902, banned indefinitely

Conclusion

New problems from Gilded Age brought a
demand for “reform”
Working conditions
 Wealth gap
 Loss of pride in work
 Unionization/violence of employers

Would private organizations or the
government help the most?
 Where would American products be sold?
