VIII. The Background of the Progressive Era and the period of reforms: The Gilded Age (1865-1900)

Question 1

What period preceded the Progressive Era?

Answer 1

The Gilded Age (1865–1900).

Question 2

Who coined the term “Gilded Age”?

Answer 2

Mark Twain.

Question 3

Why was the Gilded Age named as such?

Answer 3

It symbolized a period that appeared golden on the surface but was plagued with deep social and economic problems underneath.

Question 4

What characterized the economy during the Gilded Age?

Answer 4

Rapid industrialization, rise of big businesses, laissez-faire economic policies, and monopolies like Standard Oil Trust.

Question 5

What were some positive effects of industrial capitalism during the Gilded Age?

Answer 5

Remarkable technological advancements and unprecedented productivity.

Question 6

Name some negative effects of industrial capitalism during the Gilded Age.

Answer 6

• Frequent economic depressions
• Political corruption
• Rising poverty
• Poor working conditions
• Child labor
• Inadequate housing

Question 7

What percentage of the country’s wealth was controlled by 1% of the population by 1890?

Answer 7

25%.

Question 8

What were “robber barons,” and who were some examples?

Answer 8

Wealthy industrialists with morally questionable business methods, such as Andrew Carnegie (steel), J.P. Morgan (banking), and John D. Rockefeller (oil).

Question 9

What is Social Darwinism, and how was it applied during the Gilded Age?

Answer 9

It was the belief that stronger businesses would succeed while weaker ones would fail, justifying monopolies and the concentration of wealth.

Question 10

What is a monopoly, and why was it problematic?

Answer 10

A monopoly is when a company dominates an industry, eliminating competition and controlling prices. It harmed individual consumers and public welfare.

Question 11

What legislation was passed to combat monopolies, and when?

Answer 11

The Sherman Antitrust Act in 1890.

Question 12

What were the goals of the Sherman Antitrust Act?

Answer 12

To outlaw business monopolies and promote fair competition.

Question 13

What were some consequences of the Panic of 1893?

Answer 13

• Banks and businesses failed
• Railroads went bankrupt
• Credit was frozen
• Unemployment rose
• Thousands lost homes and savings

Question 13

When did the US recover from the Panic of 1893, and what status did it achieve?

Answer 13

By 1900, the US had recovered, becoming a world economic leader and respected country abroad.

Question 13

What were the primary aims of the Progressive Era?

Answer 13

• To reform American society, values, and institutions
• Address issues from rapid industrialization like corruption, poverty, and labor conditions

Question 14

Who was the first president of the Progressive Era, and when did he assume office?

Answer 14

Theodore Roosevelt, in 1901 after the assassination of President William McKinley.

Question 15

What was Theodore Roosevelt known for in the Progressive Era?

Answer 15

Leading progressive reforms and advocating for strong foreign policy.

Question 16

What led to the Panic of 1893?

Answer 16

Overproduction exceeding demand, financial crises, and economic instability.

Question 17

What was the “Gospel of Wealth,” and who promoted it?

Answer 17

A philosophy that wealthy individuals should use their wealth for societal benefit, promoted by Andrew Carnegie.

Question 18

What was the role of the Interstate Commerce Act of 1887?

Answer 18

To end discrimination by railroads against small shipping companies.

Question 19

What is meant by “machine politics”?

Answer 19

A system where political parties were controlled by a boss or small group to maintain political and administrative control.

Question 20

What was the Populist Party, and what did it advocate for?

Answer 20

A political party formed by discontented farmers, advocating for increased money circulation, tariff reductions, and a graduated income tax.

Question 21

Describe the economic and social duality of America during the Gilded Age.

Answer 21

There was excessive wealth among the upper class alongside immense deprivation and poverty among the working class.