ID: The Gilded Age
When: 1870s-1900 (roughly; overlaps with Reconstruction)
Who:
- Industrialists/Captains of Industry: Andrew Carnegie (steel), John D. Rockefeller (oil), J.P. Morgan (finance), Cornelius Vanderbilt (railroads).
- Immigrants: Massive influx from Southern and Eastern Europe.
- Laborers: Workers in factories and mines, often facing harsh conditions and low wages.
- Farmers: Struggled with debt and falling crop prices.
- Politicians: Often corrupt and influenced by wealthy industrialists (“Boss” Tweed, etc.).
What:
A period of rapid economic growth, particularly in the industrial sector, coupled with widespread social and political corruption. Characterized by immense wealth alongside widespread poverty, significant immigration, and the rise of powerful industrialists and monopolies. This era saw the growth of railroads, steel production, and urbanization. Significant social and political reform movements emerged in response to the inequalities of the era.
Impact: Why Significant?:
- Industrialization: Unprecedented growth in industry, leading to the rise of massive corporations and fortunes.
- Monopolies/Trusts: Formation of powerful monopolies and trusts, controlling vast segments of the economy and often suppressing competition.
- Urbanization: Rapid growth of cities, leading to overcrowding, poverty, and social problems.
- Immigration: Massive waves of immigration, leading to cultural diversity but also social tensions and discrimination.
- Labor Movement: Emergence of powerful Labor Unions fighting for better working conditions and wages (e.g., Knights of Labor, American Federation of Labor).
- Political Corruption: Widespread political corruption and the influence of wealthy industrialists on government.
- Social Darwinism: The application of Darwin’s theories to society, justifying the wealth of the rich and the poverty of the poor.
- Reform Movements: Progressive Era (begins late in the Gilded Age) emerges as a direct response to the social and economic problems of this era. Examples include the Populist movement.
- Laissez-faire Economics: Government largely took a “hands-off” approach to the economy, allowing businesses to operate with minimal regulation.
Key Events/Legislation (with approximate dates):
- Transcontinental Railroad Completion (1869): Symbolizes industrial expansion.
- Sherman Antitrust Act (1890): Attempted to curb the power of monopolies, though largely ineffective initially.
- Pendleton Civil Service Reform Act (1883): Addressed political corruption by introducing merit-based hiring for government jobs.