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Economy of the Guilded Age

Economy of the Guilded Age

Kyle Benn

on 10 December 2013

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Transcript of Economy of the Guilded Age

Economy of the Gilded Age, 1865-1900
(or "How I Learned to Stop Worrying and Love the Railroad")
Railroad Growth
Land grants
RR benefits for gvt
Boom & ghost towns
Union Pacific Railroad: NE-CA
Leland Stanford
West Coast bound
Great West
"From nowhere to nothing"
Revolution by Railroad
Cornelius Vanderbilt
Steel replaced iron
Standard gauge
Pullman Palace Cars
Geographical unity
Mining and agriculture
City growth
Ecological imperialism
Time zones
Millionaires and Robber Barons
Corruption and the Railroad
Credit Mobilier
Jay Gould
Stock watering
Control over Americans
Early combination - pools
Rebates and kickbacks
Regulation of Railroads
Reluctant to regulate
"American dream"
The Grange
1886, Wabash, St. Louis & Pacific Railroad Company v. Illinois
Interstate Commerce Act, 1887
Stabilized, not revolutionized
Liquid capital
Postwar wealth
Foreign investment
Mass market
Interchangeable parts
Cheap labor
Bell & Edison
Consolidation, Trusts, and Monopolies
Andrew Carnegie (steel), John D. Rockefeller (oil), J.P. Morgan (finance)
Carnegie - Vertical integration
Rockefeller - Horizontal integration
Morgan - Interlocking directorates
Andrew Carnegie, U.S. Steel Corporation
1850s, Bessemer process
Scottish immigrant
Disliked monopolies
By 1900, 1/4 of Bessemer steel
1900, Sold out to Morgan for over $400 million
Donated $350 million
1901, U.S. Steel first billion-dollar corporation
Social Darwinism
William Graham Sumner
Contribution to society
Talent and work ethic
Effects of legislation on "Forgotten Man"
Appeal of Social Darwinism
Sherman Anti-Trust Act, 1890
Forbade combinations in restraint of trade
Bigness vs. badness
Used against labor unions
Public need > corporate greed
Strength in Unions
Depersonalized labor
Influx of unskilled immigrants, 1880s-1890s
Power imbalance
Middle-class perception
National Labor Union, 1866
Knights of Labor, 1869
Haymarket Square
American Federation of Labor (AFL)
Samuel Gompers
Closed shop
Labor Day, 1894
Pendleton Civil Service Act
Copy and Answer
The Wabash case, decided by the Supreme Court in 1886, led to the passage of which law?
A) Hepburn Act
B) Elkins Act
C) Comstock Law
D) Interstate Commerce Act
E) Homestead Act
Copy and Answer
The goal of the Sherman Antitrust Act was to
A) Encourage the creation of labor unions
B) Encourage the growth of trusts
C) Create greater fairness in industry
D) Increase tax review on large businesses
E) Allow for the creation of vertical monopolies

International Workers of the World
(IWW - Wobblies)
Full transcript