Gilded Age

Definition

The Gilded Age refers to a period in American history from the 1870s to about 1900, characterized by rapid economic growth, industrialization, and the expansion of railroads, as well as stark social inequalities and political corruption. This era is marked by the rise of big business, significant political influence from corporate interests, and an influx of immigrants who fueled labor demands, creating a complex social and economic landscape.

5 Must Know Facts For Your Next Test

1. The term 'Gilded Age' was coined by Mark Twain and Charles Dudley Warner in their 1873 novel, which criticized the era's political corruption and moral decay beneath the surface of prosperity.
2. During this period, the U.S. saw a massive influx of European immigrants seeking jobs in factories and railroads, significantly impacting the labor market.
3. Economic policies favored industrialists and business owners, often leading to tax breaks and limited regulation that encouraged monopolies and corporate dominance.
4. Labor unions began to form as workers sought better wages and working conditions, leading to numerous strikes and protests against unfair practices.
5. The stark contrast between the wealthy elite and impoverished workers highlighted growing social tensions, eventually paving the way for reforms in the early 20th century.

Review Questions

• How did the economic policies during the Gilded Age contribute to the rise of big businesses and affect smaller enterprises?
  • Economic policies during the Gilded Age largely favored large corporations through deregulation and tax incentives. These policies allowed big businesses to dominate markets, leading to monopolistic practices that stifled competition from smaller enterprises. As a result, many small businesses struggled to survive, often being forced out of the market or bought out by larger firms.
• Evaluate how Social Darwinism justified the actions of big business leaders during the Gilded Age.
  • Social Darwinism was used by many business leaders during the Gilded Age to rationalize their accumulation of wealth and power. It promoted the idea that those who were successful in business were inherently superior to others, justifying exploitative labor practices and income inequality as natural outcomes of a competitive society. This ideology allowed wealthy industrialists to maintain their status without addressing the social issues created by their business practices.
• Assess the impact of labor unrest during the Gilded Age on American society and subsequent reforms.
  • Labor unrest during the Gilded Age had a profound impact on American society, highlighting severe disparities between workers’ rights and corporate interests. Major strikes like the Haymarket Riot and the Pullman Strike drew national attention to labor issues, prompting public discussions on workers’ rights. This unrest ultimately contributed to early labor reforms, including regulations on working hours and conditions, setting the stage for future labor movements in the 20th century.

Related terms

Robber Barons: Wealthy and powerful 19th-century businessmen who were accused of using exploitative practices to amass their fortunes during the Gilded Age.

Populism: A political movement in the late 19th century that sought to represent the interests of ordinary people, particularly farmers and laborers, against the elite and powerful.

Monopoly:

A market structure where a single seller or producer dominates an entire industry, often leading to higher prices and reduced competition.