What is meant by the name the Gilded Age and what did this mean to workers in the US quizlet?
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1870s - 1890s A time period that appeared to look good on the outside, despite the corrupt politics & growing gap between the rich & poor. Terms in this set (30)Gilded Age A name for the late 1800s, coined by Mark Twain to describe the tremendous increase in wealth caused by the industrial age. The great industrial success of the U.S. and the fabulous lifestyles of the wealthy hid the many social problems of the time, including a high poverty rate, a high crime rate, and corruption in the government. Innovation An improvement of an existing technological product, system, or method of doing something such as the type writer, sewing machine, airplanes, ect. Industrialization Caused a shift from an economy based on farming to an economy based on manufacturing by machines in factories. It was also a key factor in the increase of immigration to the United States. Includes the following: growth in manufacturing, increased embrace of mechanical production, expanding of natural-resource forms of energy, and spread of the wage-labor system. Enterprise A business organization in such areas as shipping, mining, railroads, or factories. Free Enterprise Economic idea promoted from the beginning of the United States stating that individual citizens have the right to an opportunity to own a business that competes with other businesses to make a profit with little interference or control from the government.
Laissez -Faire The economic policy of letting owners of industry and business set working conditions without interference. This policy favors a free market unregulated by the government. The term is French for "let do" or "let people do as they please." Entrepreneurship Capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward. Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation's ability to succeed in an ever-changing and more competitive global marketplace. Big Business The corporations and monopolies since the industrial revolution of the late 1800s. They were commercial enterprises organized and financed on a scale large enough to influence social and political policies. Labor Unions Organizations of workers who, together, put pressure on the employers in an industry to improve working conditions and wages. Philanthropy Efforts to improve the well-being of humankind, generally through giving money. Transcontinental Railroad A train route across the United States, finished in 1869. It was the project of two railroad companies: the Union Pacific built from the east, and the Central Pacific built from the west. The two lines met in Utah. The Central Pacific laborers were predominantly Chinese, and the Union Pacific laborers predominantly Irish. Both groups often worked under harsh conditions.
Monopolies Businesses that have an executive (complete) control of the industry.Unfair economic policy by overpowering businesses.Corporations gained complete control of the production of a single good or service. Some included Carnegie (steel),Rockefeller (oil), Morgan (banks), and Vanderbilt (Rail Road). Anti-Trust Laws designed to protect free enterprise and the open marketplace by prohibiting certain business practices that restrict competition. In reference to real estate, these laws would prevent such practices as price-fixing or agreements by brokers to limit their areas of trade. Chinese Exclusion Act (1882) Denied any additional Chinese laborers to enter the country while allowing students and merchants to immigrate. American workers felt threatened by the job competition. Immigration Act of an individual moving into a region or country to live (migrate into), which many people did during the Gilded Age to try to earn more money. John D. Rockefeller Aggressive energy-industry monopolist who used tough means to build a trust based on "horizontal integration". He established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history. Cornelius Vanderbilt A railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical. J.P. Morgan A highly successful banker who bought out Carnegie. With Carnegie's holdings and some others, he launched U.S Steel and made it the first billion dollar corporation.(Robber Baron) Andrew Carnegie A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry. Samuel Gompers He was the creator of the American Federation of Labor. He provided a stable and unified union for skilled workers.(Afl) William Tweed N.Y. political boss (did not hold a political office) controlled the Democratic political machine known as Tammany Hall; Stole $200 million form New York City. Jay Gould An American financier that was partnered with James Fisk in tampering with the railroad stocks for personal profit He, like other railroad kings, controlled the lives of the people more than the president did and pushed the way to cooperation among the kings where they developed techniques such as pooling. (1836-1892) Thomas Edison American inventor best known for inventing the electric light bulb, acoustic recording on wax cylinders, and motion pictures. Wilbur and Orville Wright Brothers that created a glider that could be propelled through the air by an engine, flew the first official airplane in Kitty Hawk, NC in 1903 -> airplanes in WWI, etc. Henry Bessemer (1813-1898) An English engineer who created the Bessemer procces, a process of producing steel, in which impurities are removed by forcing a blast of air through molten iron. Adam Smith (1723-1790) Believed that individual interests naturally harmonized with the interests of the whole society. Published "An Inquiry into the Nature and Causes of the Wealth of Nations." Rejected mercantilism and endorsed the concept of "laissez-faire." Claimed the gov't should focus solely on protection. Herbert Spencer (1820-1903)-English philosopher who argued that in the difflcuit economic struggle for existence, only the "fittest" would survive."Survival of the fittest"; and Social Darwinism between societies and cultures. Social Darwinism A social theory which states that the level a person rises to in society and wealth is determined by their genetic background. Unions: Knights of labor, AFL, Wobblies The Industrial Workers of the World (IWW or the Wobblies) is an international industrial union that was formed in 1905. "Wobblies" Membership declined dramatically in the 1920s due to several factors. There were conflicts with other labor groups, particularly the American Federation of Labor (AFL) which regarded the IWW as too radical while the IWW regarded the AFL as too staid and conservative. Horizontal and Vertical Alignment Vertical alignment of strategies will ensure that strategies are related directly to goals which are related directly to the organization's mission, vision and values. Horizontal alignment of strategies ensures that all strategies work together and are not in competition. Sets with similar termsIndustrialization and the "Gilded Age"45 terms jorozco200TEACHER The Gilded Age31 terms sage2784 The Rise of Industrial America68 terms mn879 Period 676 terms ramanan2 Sets found in the same folderChap. 1 Gilded Age & Progressive Era3 terms Hannah_Adcock02PLUS World War One33 terms oliviamaryprice Westward Expansion23 terms Kimberley_Richards Imperialism22 terms Janet_Woodell Other sets by this creatorAmerican Imperialsim27 terms Katrina_Salinas The Gilded Age29 terms Katrina_Salinas Verified questions
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Why was the Gilded Age called the Gilded Age quizlet?Terms in this set (5)
How did the "Gilded Age" get its name? Mark Twain called the late 19th century the "Gilded Age." By this, he meant that the period was glittering on the surface but corrupt underneath.
What does the term Gilded Age refer to?“The Gilded Age” is the term used to describe the tumultuous years between the Civil War and the turn of the twentieth century. The Gilded Age: A Tale of Today was a famous satirical novel by Mark Twain set in the late 1800s, and was its namesake.
Why did the gilded age get its name?Mark Twain, who coined the moniker “The Gilded Age” in his 1873 novel of the same name, used it to describe the era's patina of splendor—gilded, after all, is not gold—and the shaky foundations undergirding industrialists' vast accumulation of wealth.
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