Gilded Age (1877-1900) Flashcards
The terms from the Gilded age page
Gilded Age
To cover something cheap in gold. Shown by the rapid industrialization in the US. However, the government had zero hand in the economy, was corrupt and therefore could not prevent trusts and unsanitary working conditions
Progressive era
Was meant to address the ills of the Gilded, aimed to fix corruption and give more power to the people through democracy and freedoms.
Laissez Faire Capitalism
Gov. should stay out of private business affairs, as the have no power or say in how a company conducts itself
Monopoly or Trust
Companies assign stock to a board of executives and combine the stocks to restrict others from taking part in an industry.
Captain of industry
Leaders of industry who transformed the economy through their business and charity
Robber Baron
Exploited workers, had horrible conditions, unfair labor and wages
Andrew Carnegie
Steel industry, used bessemer (turn iron to quality steel cheap), was a poor immigrant to rich business man, no unions and low pay but gave money to libraries colleges and music halls.
John D. Rockefeller
Standard oil owned 90% of nation’s oil refineries, lowered his oil price to run others out of business. Influenced federal government.
JP Morgan
Financial tycoon, bailed out railroad companies and helped US in 1907 economic dip through his own wealth
Knights of Labor (1869)
Fought for 8-hour workday, wanted workers to own industry, end child labor and convict labor. Allowed everyone but Chinese in
American Federation of Labor (1886)
Fought for fair wages and improved working conditions. Only allowed white, skilled workers.
Cornelius Vanderbilt
Rail Road tycoon, buy small companies, standardized gauges and schedules to make more money
