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Gilded Age and Economics

Explore the Gilded Age, a time of rapid economic growth, technological advancements, and social inequality. Learn about major inventions, industries, capitalism, monopolies, philanthropy, labor unions, and immigration during this period.

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Gilded Age and Economics

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  1. Gilded Age and Economics

  2. Gilded Age Basics • Gilded Age: The time period from 1877-1900 is referred to as the Gilded Age or Industrialization. During this time period business grew rapidly. It’s known as a time of great industrial growth and progress. • It’s called the Gilded Age because the economic growth masked inequalities in society.

  3. Major Inventions • Telephone: 1876 , Alexander Graham Bell • Light Bulb • Phonograph • Bessemer Steel Making

  4. Major Industries • Telegraphs • Railroads • Oil • Steel

  5. Capitalism • Definition: Economic system in which factories, equipment and means of production are privately owned. • Laissez-Faire: During the Gilded Age most politicians believed the government should leave business alone. • We have a nominally capitalist system. • We believe in private property. • However, there are parts of socialism mixed in. Where? • Capitalism Game • Moore Movie? http://a.abcnews.com/Nightline/michael-moore-capitalism-love-story/story?id=8638789

  6. Monopolies and Trusts • Monopoly: A company that dominates an industry and removes all competition. • Trusts: A set of companies which make agreements to avoid competition and keep prices high.

  7. Corporations • Corporations: Many businesses became corporations. These are companies owned by shareholders yet acts as an individual. • Assembly Line: With industrialization, companies used machines to make products in mass quantities and for lower prices.

  8. Gospel of Wealth • Entrepreneurs: People who take risks and start businesses looking for a profit. • Social Darwinism: This is a belief in America, the most deserving people become wealthy and those that are not deserving will be poor.

  9. Riches • Rockefeller: He eventually accumulated a 2 billion dollar fortune. • Carnegie sold his Carnegie Steel to JP Morgan for 450 million dollars. He lived in a 64 room mansion. • One pet owner gave a dog a 15,000 dollar necklace • One house had champagne flowing from water fountains. • One millionaire filled his teeth with diamonds.

  10. Social Gospel and Philanthropy • Social Gospel: This was a belief that Christian principles should be used to solve social and economic problems in America. • Philanthropy: Many industrialists gave their wealth to charity and universities.

  11. Philanthropy • Rockefeller: 500 million given away. • Carnegie: 381 million given away.

  12. The Other Side • Despite the rise of wealth there were many downsides to industrialization for the working class. • Poor Conditions: Working environments were often dangerous. Many workers became ill or maimed from working in factories or mines. • Child Labor: Many children worked in factories to support their families. • http://www.youtube.com/watch?v=wleJmrlbsMc

  13. Unions • Union: A worker’s organization that seeks to negotiate higher wages and better working conditions. • Strike: Workers refuse to work until their demands are met. Often times this led to violence.

  14. Major Unions • American Federation of Labor: -Who: Skilled Workers -Goals: Higher wages and betterworking conditions • Knights of Labor: -Who: Skilled and Unskilled workers. Included women and blacks. -Goals: 8 hour workday, ban on child labor, equal pay for men and women, and regulation of trust. Industrial Workers of the World: -Who: lumbermen, miners, textile workers -Goal: Overthrow of capitalism

  15. Union Activity

  16. Immigration • During the Gilded Age, millions of immigrants came to America to find a better life. • Where: These immigrants came from all over Europe, though during the Gilded Age, many came from Italy, Southern and Eastern Europe. • Ellis Island: This island in New York served as a processing station for immigrants coming in to America.

  17. http://www.ellisisland.org/photoalbums/ellis_island_album113.asphttp://www.ellisisland.org/photoalbums/ellis_island_album113.asp

  18. Resistance • Nativism: Nativists believed immigrants had a negative effect on the United States and polluted American culture, customs and way of life. • Chinese Exclusion Act: In 1882, Congress passed a law banning all immigration from China except for those who already had relatives living in the United States.

  19. Push Factors Poverty Lack of Arable Land War Political Tyranny Religious Oppression Pull Factors -Plenty of Land and Work Democracy High standard of living Opportunity of Social Advancement Immigration

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