Gilded Age and Wealth Distribution (Key Terms)

Vocabulary flashcards covering major concepts from the lecture notes on the Gilded Age, wealth distribution, and related economic development.

Gilded Age

Late 19th-century era of rapid economic growth and wealth accumulation in the U.S., glittering on the surface but with deep social problems and minimal government regulation.

Mark Twain’s gilded age

Term origin: a satirical label from Twain highlighting the era’s shiny exterior and underlying social issues.

Robber baron

A powerful industrialist who used ruthless or monopolistic tactics to accumulate vast wealth (e.g., Rockefeller).

Rockefeller

Oil magnate who founded Standard Oil and became a symbol of monopoly through aggressive consolidation.

Standard Oil

Rockefeller’s dominant oil company, emblematic of monopolistic power in the late 19th century.

Laissez-faire

Economic ideology of 'hands off' government, arguing markets self-regulate with minimal regulation.

Horizontal integration

Strategy of acquiring or merging with competitors at the same production level to gain market control.

Vertical integration

Strategy of owning multiple stages of production and distribution (e.g., fields, refining, pipelines, rail) to control costs and supply.

Monopoly

Control of a market by a single firm, enabling price-setting power; often leads to higher prices for consumers.

Transcontinental Railroad

Railroad completed in 1869 that connected the East and West, expanding markets and accelerating industrial growth.

Railroad and related industries

Railroads spurred growth in coal, timber, steel, finance, and real estate, creating a web of interconnected industries.

Sears & Roebuck

Early mail-order retailer that expanded consumer access to goods via catalogs and rail networks.

Patents

Legal protection for inventions that grant exclusive rights for a period to encourage innovation.

Patent production

US patent output surged in the late 19th/early 20th century, signaling high innovation; recently slowed amid global competition.

Second Gilded Age

Modern period characterized by renewed concentration of wealth at the top (top 1% and beyond).

Pie distribution (wealth)

Metaphor for how wealth is divided among societal groups; used to discuss income/wealth inequality and fairness.

Top 1%

The smallest upper segment of the population that holds a disproportionate share of national wealth.

Labor unions

Organizations of workers advocating for better wages, hours, and working conditions; achievements include the eight-hour day and Labor Day.

Eight-hour workday

A standard workday length won through labor activism and unions.

Westward expansion and Indigenous displacement

Expansion into the West tied to railroad growth and settlement, resulting in displacement and conflict with Native Americans (often described as genocide).