The Gilded Age Flashcards
the Gilded Age
the rich vs the poor
who completed the Transcontinental Railroad?
immigrant workers
everything about railroads
-they were built with federal and private funds (source of corruption)
-the backbone of the American economy at the time
-provide new technological, management, and business techniques
-technology reduced the need for laborers while production increased
-the Union Pacific goes west
-the Central Pacific goes east
Taylorism
(created by Frederick Taylor) a plan that:
-divided work to increase efficiency over everything else (working on one specific thing)
-increased production
How does Taylorism change the American economy?
-the economy grows
-the middle class expands
-wealth is in the hands of railroad owners
-the lower class is unhappy
Panic of 1873
-caused by the railroads going into bankruptcy
-crushes the lower class, wealthy people are fine
-government does nothing to help
result of the Panic of 1873
lower/middle-class workers want better working conditions but these do not get resolved
Great Railroad Strike of 1877
worker issues do not get resolved so railroad workers strike, violent, chaotic
result of the Great Railroad Strike of 1877
-railroads have the support of state, federal, and private troops so they put an end to it (shows who the government supports)
-workers realize they need to unionize and coordinate actions better
Social Darwinism
survival of the fittest:
-all species and societies were governed by competition and only the best make it to the top
-the wealthiest in society had earned and deserved everything in American society
-the poor were poor because they did not work hard enough
What is a Union?
people coming together to oppose business (most likely unfair wages)
reason for many unions forming:
railroads, middlemen, and warehouses continue to charge more than market price which is also bad for farmers
National Grange Movement
(not a labor union) a group that worked to increase the power of farmers
Granger Laws
state laws that limited how much big organizations charged farmers
Munn v. Illinois
state governments had power to control private industries from overcharging farmers
the Knights of Labor
-skilled and unskilled workers focus on local-level issues
-showed if you pressure local politics you can most likely achieve these goals
-success around the country on a local level
Haymarket Bombings
-Knights of Labor organized a labor movement/protest
-police attack, bombings, protesters killed
How did the wealthy/upper class portray Unions?
as groups that wanted to overthrow the government.
results of the Haymarket Bombing:
-the Knights of Labor are portrayed as agents of communism and are destroyed
-Unions around the country agree they need a new plan to help with unfair working conditions
Andrew Carnegie
the OG Pittsburgh Steeler
-with steel, made his way up from the bottom, wanted money
-dominated the US and global steel market
-known for vertical integration
-against union labors
-sold his company to JP Morgan and then devoted himself to philanthropy
Vertical Integration
a company controlling every stage of the industrial process (ex. mining, transporting, to finished product)
John Rockefeller
Bezos before Bezos
-founded Standard Oil and turned it into a monopoly
-known for Horizontal Integration
-ruthless in business
-retired as the riches man in history, does not care about charity
monopoly
a company that dominates a market so
much that it faces little to no competition from others
Horizontal Integration
a process through which one company takes control of all its former competitors in a specific industry