gilded age

Question 1

what/ when was it

Answer 1

(1870 – 1900):
Progress was a thin layer as prosperity only extended to a few
Looks pretty on the outside but is actually not great on the inside
America’s serious social, economic, and political problems were covered by a thin layer of ‘gilding’

Question 2

trusts

Answer 2

• Small group of very large companies that dominate a particular industry and control prices and production to maximise profits
• Companies that collude to control manufacture, supplies and prices to ensure other companies cannot compete = max profit
• Biggest trust = US steel, created by Carnegie’s steel corporation sold to Morgan (1901), world’s first billion dollar corp
• Progressive presidents tried to break up trusts
• E.g. by 1904 the largest % of companies produced 57% of US wealth

Question 3

monopolies

Answer 3

• Where one company completely controls the market for a particular product or service
• E.g. John D Rockefeller standard oil company

Question 4

robber barons

Answer 4

• Leaders of trust and monopolies
• They were blamed for the ills created by America’s massive industrialisation e.g. financial crashes, anti-competitive behaviour, exploitation of worker
• Their actions created power backlash
• Carnegie, Rockefeller