Unit 3 Final Exam

The Gilded Age:

The Gilded Age:

• Coined by Mark Twain and Charles Dudley Warner.

• Refers to the superficial prosperity masking underlying social issues.

• Roughly 1870-1910.

Technological Innovations

• Bessemer process (1856) for mass steel production.

• Telephone (1876), electric power (late 19th century), and the light bulb (1879).

• Transcontinental Railroad (completed 1869).

Railway Developments:

• Significantly expanded transportation, facilitating westward expansion.

• Boosted economic growth and trade.

Robber Barons vs. Captains of Industry

• Robber Barons: Negative term for ruthless industrialists.

• Captains of Industry: Positive term emphasizing positive contributions

John D. Rockefeller

• Founder of Standard Oil.

• Implemented horizontal consolidation, controlling oil refining.

Andrew Carnegie

• Steel magnate.

• Practiced vertical integration, controlling all stages of productionSteel magnate.

• Practiced vertical integration, controlling all stages of production

JP Morgan:

• Financier and banker.

• Involved in corporate consolidation and restructuring.

Vertical Integration & Horizontal Consolidation:

• Vertical: Control of all stages of production.

• Horizontal: Control of one aspect in an entire industry.

Second Industrial Revolution:

• Late 19th to early 20th century.

• Mass production, technological advancements, and urbanization.

• Shift from agrarian to industrial society.

Monopoly:

• Control of an entire industry.

• Sherman Antitrust Act (1890) aimed at curbing monopolies.

Inventors & Inventions

• Thomas Edison: Electric light bulb (1879).

• Alexander Graham Bell: Telephone (1876).

Social Darwinism:

• Ideology applying Darwinian evolution to society.

• Justified social inequality, often controversial.

Laissez-faire Economics:

• Hands-off government approach to the economy.

• Limited regulation and intervention

Gospel of Wealth:

• Written by Andrew Carnegie.

• Advocated philanthropy by the wealthy

Sherman Antitrust Act, 1890:

• Aimed at preventing monopolistic practices.

• First federal legislation addressing antitrust issues.

Knights of Labor

• Labor union advocating for workers' rights.

• Sought to include all workers.

AFL (American Federation of Labor):

• Labor union focused on skilled workers.

• Samuel Gompers was a prominent leader

American Labor Movement:

• Fought for better wages, hours, and working conditions.

• Utilized strikes and collective bargaining.

Protestant Reform Movements:

Aimed at addressing social issues and moral concerns.

Haymarket Affair:

• 1886 labor protest in Chicago turned violent.

• Influenced public perception of labor movements.

Populism/People’s Party

• Late 19th-century political movement.

• Primarily for farmers, advocating for economic reforms.

Grange Movement:

• Organization supporting farmers' rights.

• Influenced agricultural policies.

Pullman Strike:

• 1894 labor strike against the Pullman Company.

• Led to federal intervention and regulation.

Immigration:

• Chinese Exclusion Act (1882) restricted Chinese immigration.

• Eastern Europeans faced discrimination.

• Immigrants entered via Ellis Island (1892).

Political Machines:

• Corrupt urban political organizations.

• Provided services in exchange for political support.

Boss Tweed & Tammany Hall:

• Boss Tweed led Tammany Hall in NYC.

• Engaged in corruption and patronage.

Progressivism:

• Early 20th-century reform movement.

• Appealed to a broad spectrum, advocating for social and political reforms.