American History 300: Gilded Age, Industrial Growth, and Big Business

Natural Resources

Abundant coal, iron ore, oil, timber.

Labor Supply

Massive immigration from Europe (Ellis Island) provided cheap labor.

Government Support

The government followed laissez-faire policies (little regulation of businesses).

Transportation and Communication

New systems allow the efficient move of goods, people, and information cheaply and quickly.

Railroads

Backbone for industrial growth (transportation).

Telegraph

Allowed instant long-distance communication.

Telephone

Improved business efficiency and personal communication.

Oil and Kerosene

Oil was a major fuel source for many machines during the Gilded Age.

Electricity

Allowed factories to operate longer hours.

Laissez-faire capitalism

Economic system where the government doesn't interfere with the business operations.

Corporations

Businesses that are known to be legal entities.

Stock

Shares of ownership in a corporation.

Dividends

Profits paid out to stockholders.

Trust

Legal arrangements where companies turned control over to a small group of trustees.

Monopoly

One corporation is in charge of multiple businesses.

Vertical Integration

Controlling all stages of production (raw materials - manufacturing - distribution).

Horizontal Integration

Buying out or merging with competitors.

Andrew Carnegie

Built the largest steel company in the U.S.

The Gospel of Wealth

Wealthy individuals have a moral responsibility to use their wealth for the public good.

Philanthropy

Carnegie donated millions to libraries, schools, universities, and cultural institutions.

Homestead Strike 1892

Workers protested long hours, wage cuts, and harsh conditions but lost the fight.

Hamlin Garland's undercover story

Described extreme heat, danger, and exhaustion in the Homestead Mill.

Robber Barons

Seen as greedy, corrupt, and exploitative.

Sherman Antitrust Act (1890)

First federal law aimed at limiting monopolies and trusts.