GILDED AGE 2014.INDUSTRIALISTS

GILDED AGE
1870
1914
THE GILDED AGE
• The term "The Gilded Age“ was
coined by Mark Twain in his novel of
the same name published in 1873 by
Mark Twain and Charles Dudley
Warner. The novel examines politics
and corruption in the United States
during the nineteenth century.
GILDED: Covered thinly with gold leaf
or gold paint
On the outside it looks
rich, shiny, and beautiful
But on the inside…..
Just a common or rotten piece of
wood or metal
The American Dream?
• “During the "Gilded Age," every man was a
potential Andrew Carnegie, and Americans who
achieved wealth celebrated it as never before.
• In New York, the opera, the theatre, and lavish
parties consumed the ruling class' leisure hours.
Sherry's Restaurant hosted formal horseback
dinners for the New York Riding Club.
• Mrs. Stuyvesant Fish once threw a dinner party
to honor her dog who arrived sporting a $15,000
diamond collar.
While the rich wore diamonds,
many wore rags
In 1890, 11 million of the nation's 12 million families
earned less than $1200 per year; of this group, the
average annual income was $380, well below the
poverty line.
Rural Americans and new immigrants crowded into
urban areas. Tenements spread across city
landscapes, teeming with crime and filth.
Americans had sewing machines, phonographs,
skyscrapers, and even electric lights, yet most
people labored in the shadow of poverty.
BIG
INDUSTRIALISTS
OF THE ERA
CORNELIUS VANDERBILT
JP MORGAN
ANDREW CARNEGIE
John D. Rockefeller
Robber Barons
or
Captains of
Industry?
Robber Barons
• were immoral, greedy, and
corrupt
• used bribery, illegal business
practices, and cruelty to workers
• were common during this period
• were feared and hated
Captains of Industry
• were ingenious and industrious
capitalists
• transformed the American economy
with their business acumen
• were the folk heroes of their day
• embodied the American dream of
"Rags to Riches"
VERTICAL INTEGRATION- A
MANUFACTURER CONTROLS ALL OF THE STEPS USED TO
CHANGE RAW MATERIALS INTO FINISHED PRODUCTS
Drill for oil
Refinery
Trucks to transport
Gas Stations
HORIZONTAL INTERGRATION- Own
many of the same industry
OIL REFINERY
OIL REFINERY
OIL REFINERY