The Gilded Age

Monopoly

a market situation where a single company has exclusive control over an entire supply of a good or source, eliminating competition.

Corporation

a business structure that acts as on independent legal entity, separate from its owners called shareholders

Vertical Integration

the combination in one company of two or more stages of production normally operated by separate companies

Holding Company

a corporate entity whose primary purpose is to own controlling interest in other companies

Great Railroad Strike

a series of violent rail strikes across the United States in 1877

Laissez-Faire

policy of minimum governmental interference in the economic affairs of individuals or society

Unions

a workers organized group that collaborates to negotiated with employers for better pay, benefits, and working conditions

Horizontal Integration

when a company buys or merges with another company that’s a competitor or operates at the same point in the supply chain

Trust

a legal agreement where a grantor transfers assets to a trustee to manage for the benefit of beneficiaries 

John D. Rockefeller

industrialist who founded the Standard Oil Company, which was considered the 1st great U.S business trust

Credit Mobiler Scandal

illegal manipulation of contracts by a construction and finance company associated with the building of the Union Pacific Railroad

The Gilded Age

a period of rapid economic growth, industrialization, and technological innovation in the U.S (from 1870s-1890s)

Andrew Carnegie

industrialist who led the enormous expansion of the American steel industry in the late 19th century

Entrepreneurs

an individual who identifies and opportunity, creates a new business and assumes the financial risks or potential rewards. 

Robber Barons

a pejorative term for one of the powerful 19th century American industrialists and financiers who made fortunes by monopolizing and exploiting their workers

Transcontinental Railroad

first railroad to connect East and West Coast of the United States

Economies of Scale

the cost advantages as a business gains as it increases its production volume, resulting in lower cost per unit

Party Bosses

is a powerful, high-ranking individual within a political party who holds significant influence 

Social Darwinism

the theory that human groups and races are subject to the same laws of natural selection

Philanthropy

voluntary organized efforts intended for socially useful purpose 

Herbert Spencer

English sociologist and philosopher, an early advocate of the theory of evolution

William “Boss” Tweed

American Politician who, with his “Tweed ring” cronies, systematically plundered NYC of sums estimated at between $30 millions and $200 million.

Tenements

a multi-family urban dwelling, typically associated with poor conditions

Political Machine

a highly organized political group that holds significant control

Individualism

political and social philosophy that emphasize the moral worth of the individual

Survival of the Fittest

Charles Darwin’s idea that organisms best adjusted to their environment are the most environment are the most successful in surviving/reproducing

Social Gospel

Religious social reform movement prominent in the United States from about 1870 to 1920

Settlement House

a neighborhood social welfare agency; their main purpose is the development/improvement of a neighborhood

Americanization

activities that were designed to prepare foreign-born residents of the United States for full participation in citizenship

Tin Pan Alley

genre of American popular music that arose in the late 19th century from the American song-publishing industry centered in NYC

Which phrase best describes the political climate of the Gilded Age?

“widespread corruption and political paralysis, masked by outward signs of prosperity”

What was the purpose of the Pendleton Civil Service Act of 1883?

was to end the “spoils system” by shifting federal hiring to merit-based system, ensuring that jobs were based on qualifications

What was the “spoils system” during the Gilded Age?

was the practice of a victorious political party rewarding its supports with government jobs and other benefits

How did “political machines” like Tammany Hall gain power?

by providing basic needs and social services to waves of new immigrants and poor in rapidly growing cities

The assassination of President James Garfield highlighted what problem in politics?

widespread corruption and incompetence of rewarding government jobs to political supports

Which industry was most responsible for driving economic growth in the Gilded Age?

railroad industry

Which industrialist is most associated with the steel industry?

Andrew Carnegie

What was the main idea of the “Gospel of Wealth”?

the extremely wealthy have a moral and social responsibility to use their fortunes for the benefit of society

What industry did John D. Rockefeller’s Standard Oil dominate?

oil industry

What was meant by the term “robber baron”?

a person that has become rich through ruthless and unfair business practices

Describe typical working conditions for industrial laborers in the Gilded Age.

10-12 hour workdays for 6 days a week, low wages, and dangerous/poor work environment

How did the Knights of Labor differ from most other unions?

they advocated inclusion for ALL workers, and by promoting broad social reforms using traditional labor issues

Why was the Haymarket Square Riot significant?

was a symbol of international struggle for workers’ rights

What were the main goals of the American Federation of Labor (AFL)?

improving worker’s wages, reducing hours, and ensuring better working conditions

Which major strike in 1894 required federal troops to restore order?

the pullman strike

From what regions did most “new immigrants” arrive after 1880?

southern and eastern europe

What services did settlement houses like Hull House provide?

education, healthcare, recreation, social support, and community development

What did nativism reflect during the late 19th century?

anxieties about the rapid social and economic changes caused by industrialization and influx of immigrants

Describe the conditions of tenement housing in cities.

overcrowding, unsanitary conditions, lack of essential amenities, and lack of natural light

What was the significance of the Chinese Exclusion Act of 1882?

was the first U.S federal law to ban a specific ethnic groups from immigrating, setting a precedent for future discriminatory policies

Who coined the term “Gilded Age”?

Mark Twain and Charles Dudley Warner

How did industrialists use Social Darwinism to justify their success?

they justified their wealth and power by applying the concept of “survival of the fittest”

What was the goal of the Social Gospel movement?

to apply Christian ethics to social problems

Which invention most transformed urban life in the late 19th century?

the system of electrical power distribution

What was the main purpose of the Interstate Commerce Act (1887)?

to end unfair and monopolistic practices of the railroad industry

What was the goal of the Sherman Antitrust Act of 1890?

to promote free and unfettered competition by prohibiting monopolies/other anti-competitive business practices

What major issue divided Americans in the presidential election of 1896?

the country’s monetary policy: “gold standard” vs :”free silver”

What reforms did the Populist Party support?

graduated income tax, direct election of senators, shorter work week, restriction on immigration, and “free silver” policy

In which industry did Cornelius Vanderbilt make his fortune?

transportation industry

With what field is J.P. Morgan most associated?

banking and finance industry

What is vertical integration?

where a company takes control of multiple stages of its product supply chain

What is horizontal integration?

a business strategy where a company merges with or acquires a competitor or another business at the same level of the supply chain

What was a “trust” during the Gilded Age?

a business arrangement where multiple companies merged into a single corporate entity

Why was the Great Railroad Strike of 1877 significant?

it was the first nationwide general strike, demostrating the power of working class, and thus the reality of the Gilded Age

What happened during the Homestead Strike of 1892?

violent labor dispute at the Carnegie Steel Company

Why were labor unions often viewed negatively during the Gilded Age?

they were viewed negatively due to employer and government bias in the media, and being portrayed a violent unions

Why did labor unions struggle to succeed during the Gilded Age?

employer resistance, government support for big business, public fear, internal divisions, and lack of unity

Which groups were often excluded from labor unions during this period?

African Americans, women, and unskilled laborers

What was Ellis Island best known for?

the first and largest U.S federal immigration processing center

What was Angel Island best known for?

served as an immigrant processing and detention center, focusing on heavily on detaining and excluding Chinese immigrants

Why did ethnic neighborhoods form in U.S. cities?

this was due to chain migration, where immigrants followed friends and family to specific locations for social and economic support

How did political bosses like “Boss” Tweed maintain power?

through a system of machine politics, constituent services, patronage, and widespread corruption

What leisure activities became popular among the working class?

watching spectator sports, participating in outdoor sports, and watching mass media

What did the rise of department stores symbolize?

the growing middle class, increased consumerism, and transformation of urban life

What economic philosophy is represented by “laissez-faire”?

Minimum government intervention in the economy, allowing individuals to operate according to their self-interest

What lasting legacy did the Gilded Age leave on the United States?

Powerful industrial corporations, significant technological advances and transformed American urban landscape