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The Gilded Age 1865-1900

The Gilded Age 1865-1900 . New Technology . New Inventions created a “2 nd Industrial Revolution Revolutionized the manufacturing of goods and ways of doing business Led to the creation of large amounts of wealth and a large working class

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The Gilded Age 1865-1900

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  1. The Gilded Age 1865-1900

  2. New Technology • New Inventions created a “2nd Industrial Revolution • Revolutionized the manufacturing of goods and ways of doing business • Led to the creation of large amounts of wealth and a large working class • Most wealth went to a few while the workers were poor

  3. Social Darwinism • Government should stay out of the economy (Laissez Faire) so that those most “fit” would rise to the top and everyone else would benefit • “Survival of the fittest”

  4. Gospel of Wealth • Andrew Carnegie’s philosophy on wealth inequality • Was a steel tycoon • People should be free to make as much money as they want • But the wealthy have a responsibility to give that wealth away to good causes • Donated 90% of his fortune

  5. Monopoly • When one company owns an entire industry or section of the economy

  6. Vertical and Horizontal Consolidation • Vertical • One company buys all the phases of a product’s development so that it can produce things quicker and cheaper • Horizontal • When a company brings many firms of the same business into one

  7. Trust • A company combined operations with other companies all run by a board of trustees

  8. Sherman Anti-Trust Act • Passed by Congress • Outlawed trusts restraining interstate trade • Law was ineffective, the language was too vague • It was used to break up labor unions

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