Key Concepts of the Gilded Age and Its Impact

Gilded Age

The period appeared prosperous, but was full of corruption, exploitation, and inequality.

Industrial Capitalism

A shift to mass production, factory growth, and economic expansion with little government regulation.

Laissez-Faire

A policy where the government does not interfere in business and the economy.

Plutocratic Oligarchy

A system where a small group of wealthy elites controlled the economy and politics.

John D. Rockefeller

He controlled Standard Oil and became one of the richest men in history.

Vertical Integration

A company controls all steps of the production process.

Horizontal Integration

A company buys out competitors to dominate one step of the process.

Cornelius Vanderbilt

Dominated the railroad industry.

Andrew Carnegie

Dominated the steel industry in Pittsburgh.

J.P. Morgan

He controlled finance and banking, buying out struggling companies.

Henry Ford

Introduced the assembly line, which allowed for mass production of cars.

Captains of Industry

Seen as innovative leaders.

Robber Barons

Viewed as corrupt and exploitative.

Board of Trustees

A group of business leaders who controlled entire industries through monopolies.

Planned Obsolescence

A business strategy where products are designed to break over time, forcing consumers to buy new ones.

Interstate Commerce Commission (ICC)

The first federal attempt to regulate businesses, focused on controlling railroad pricing.

Sherman Antitrust Act

A law meant to break up monopolies but was used against labor unions instead.

Dumbbell Tenements

Small, poorly ventilated apartments where multiple families lived in 132 sq ft spaces.

Triangle Shirtwaist Factory Fire (1911)

Factory doors were locked, preventing escape during a fire—many workers died.

Muckrakers

Journalists who exposed corruption and poor working conditions.

Collective Bargaining

Workers negotiating together for better wages and working conditions.

Knights of Labor

A labor union that accepted all workers, including women and Black workers.

American Federation of Labor (AFL)

A labor union focused on skilled workers.

Political Machines

Organizations that exchanged services (jobs, housing) for votes.

Kickbacks

Politicians overcharging on government contracts and pocketing the extra money.

Patronage

Giving government jobs to friends and allies instead of qualified people.

Yellow Journalism

Exaggerated, sensationalized news designed to increase sales and influence public opinion.

Chinese Exclusion Act (1882)

The first U.S. immigration restriction, banning Chinese laborers.

New Immigration trend

A shift from Northern/Western Europeans to Southern/Eastern Europeans, who faced discrimination.

Social Darwinism

The belief that rich people were naturally superior and deserved their wealth.

Gospel of Wealth

Andrew Carnegie's idea that the rich should donate to libraries and universities, not directly to the poor.