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The Gilded Age

The Gilded Age. (End of the Civil War through WWI) 1865-1919. What is the Gilded Age ?. Gilded? Gilded: covered thinly with gold Means that underneath the surface of wealth, there are problems with society

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The Gilded Age

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  1. The Gilded Age (End of the Civil War through WWI) 1865-1919

  2. What is the Gilded Age? Gilded? Gilded: covered thinly with gold Means that underneath the surface of wealth, there are problems with society Coined by Mark Twain satirically describing the time period in order to address some of the problems in the United States (A Gilded Age: A Tale of Today -1873)

  3. What problems? • Reconstruction – epic failure in the South • Ex-slaves are allowed new freedoms (citizenship and suffrage, 14th and 15th amendments respectively), but many are taken away in the South. • Poverty in all areas of the US (sharecropping in the south, factory pay in the north, unpredictability in the west) • Factory conditions and labor disputes (work hours, safety concerns, strikebreakers, etc.) • Political and corporate corruption

  4. While Reconstruction is happening in the South, the railroad is moving people to the West, and cities are growing in the North… Americans try to fix political corruption and make the country a better place to live for (white) people. African Americans, Asian Americans, Mexican Americans and religious minorities do not benefit much from these reforms.

  5. Gilded Age: Industrialization, Tycoons, and the workers Industrialization: the move from agrarian life (farming to sustain your family) to working primarily in factories for wages to feed one’s family.

  6. Tycoons: the < 1% controls the rest Last week we discussed ways people become immensely wealthy: Initial capital (money) to start a business Investment in land and resources Utilizing new technology (patents, or legal protection on technological ideas, explode during this time period) Buying out/taking out competition and creating monopolies (controlling the market for your product and having little to no competition) Exploiting the lower classes (immigrants) by offering very low wages in factories

  7. Where is the money? Oil Steel Railroads and Steamboats Coal

  8. Collaborative Slide Activity • As a class, will create slides to capture important information, themes, ideas, and images for Chapters Two and Four (Rockefeller and Morgan). • We need the following information for each chapter: • 5 facts from the chapter • 1 theme or a broader claim we can draw about this time period from the chapter • 2 pictures

  9. Core III – Chapter 2 (J.D. Rockefeller) 1860s – There was an oil rush in the US and J.D. Rockefeller began purchasing oil refineries. Rockefeller was criticized as having very poor wages for his workers. Rockefeller is known as one of the largest capitalists in US History. Capitalism – making as much money as possible with limited government interference.

  10. Core III – Chapter 2 Rockefeller controlled railroads as well to ship his oil, saving him money. Many criticized Rockefeller for practicing unfair business by creating a monopoly (Standard Oil). BIG IDEA: The US government did not deal with big business very well, Rockefeller’s Standard Oil made a huge impact, and most industries made their money with monopolies.

  11. Core III – Chapter 4 (J.P. Morgan) J.P. Morgan was one of the richest and most powerful bankers in the U.S. Morgan started out relatively rich, but then turned himself into “the regal lion who ruled the jungle of business.” J.P. Morgan loaned the US Government 62 million dollars at one point. Morgan purchased Carnegies’ Steel Company, further putting himself into a place of power.

  12. Core III – Chapter 4 The House of Morgan, his bank, could be found in nearly every industry in the United States during the Gilded Age. BIG IDEA: Morgan became the most successful US banker, he helped the US treasury by lending money, helping avoid a recession, which gave him extreme power in the government.

  13. Core IV – Chapter 2 John Davison Rockefeller – made a fortune in the oil business. Rockefeller purchased railroads in addition to making sneaky deals with railroad companies to save money transporting his oil. Rockefeller organized the oil business, many times through the creation of monopolies. Rockefeller was a capitalist. Capitalism is: making as much money as possible with limited government interference.

  14. Core IV – Chapter 2 Rockefeller was criticized for paying his workers awfully low pay and sending strikebreakers to violently put down strikes. Toby’s Fun Fact: Rockefeller duped his previous employers into thinking that oil had no profits. BIG IDEA: Rockefeller exemplified capitalism at its best and worst through the largest oil industry monopoly.

  15. Core IV – Chapter 4 J.P. Morgan John Pierpont Morgan was one of the wealthiest bankers in the US by making US business more efficient and orderly. Morgan bought Carnegie’s Steel Company and ore reserves from Rockefeller, and eventually founded the US Steel Corporation. Morgan’s bank, The House of Morgan, controlled almost every industry in the US. Morgan gave a private loan to the US Treasury of $62 million.

  16. Core IV – Chapter 4 Morgan began very rich with his father as an international banker, which made creating his wealth easier. BIG IDEA: SANDEEP’S FUN FACT: Morgan had a huge red nose.

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