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Gilded Age Capitalism

Gilded Age Capitalism. Causes and Consequences of Corporate Supremacy. How did corporations gain control of the economy in the Gilded Age?. New technologies and s cale of mass production requires large outlays of capital “crowding out” of small producers

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Gilded Age Capitalism

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  1. Gilded Age Capitalism Causes and Consequences of Corporate Supremacy

  2. How did corporations gain control of the economy in the Gilded Age? • New technologies and scale of mass production requires large outlays of capital • “crowding out” of small producers • Corporations become very large and very powerful

  3. Corporations in Control • Monopoly Power • Horizontal Monopoly • Controlling all production within an industry • e.g., owning all steel plants • Vertical Monopoly • Controlling all aspects of the production process from start to finish • e.g., owning mines, processing, steel plants, marketing

  4. Corporations in Control • Cartels • Trusts • Holding Companies

  5. How did the wealthy justify their position in the Gilded Age? • Individualism • Horatio Alger • Social Darwinism • William Graham Sumner, Folkways (1906) • The Gospel of Wealth • Andrew Carnegie

  6. Gilded Age Philosophy • Socialism • Active role for government • Utopianism • Henry George, Progress and Poverty (1879) • Edward Bellamy, Looking Backward (1887) • Anarchism

  7. How did Gilded Age capitalism treat workers? • De-skilling • From craft to industry • Wages were low • Tied to prices • “piece work” • Long hours

  8. How did workers try to assert power in the Gilded Age? • National Labor Union (1866-72) • William Sylvis • Political party • “Molly Maguires”

  9. How did workers try to assert power in the Gilded Age? • Knights of Labor (1869-1949) • Uriah Stephens; Terrance Powderly • Open to all workers (craft and industrial) • American Federation of Labor (1886-present) • Samuel Gompers • Craft Unionism

  10. Workplace Tactics • Strike • Sit-down • Walkout • Work to rule • Soldiering • Sabotage • Sabots

  11. Other Tactics • Lobbying • Chinese Exclusion Act (1882) • Tariffs • Elections • Greenback-Labor Party • Public opinion

  12. The Pinkerton Agency • Private detective agency • Hired by companies to: • Investigate workers • Disrupt union activity • By 1870s, had developed private army

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