The Gilded Age
Marisa Mortari
Time Period
- The Gilded age took place during the late 1800s to the turn of the 20th century
- There was a second industrial revolution
- A time when people wanted to come to the United States in order to seek new, better opportunities
Forces in Action
John D Rockefeller
- Founder of Standard Oil Company
- Used horizontal integration as main expansion method
- Forced many rivals to sell out
- By 1880, his company controlled about 90% of US petroleum refining capacity
- Donated generously to charities ($550 million during his lifetime)
Andrew Carnegie
- Utilized business strategies to become a leader in the steel industry
- Early investment inspired his entrepreneurial interest and allowed him to invest in the steel industry
- Used Bessemer Process for faster production of steel
- Used vertical integration to control costs
- Sold his company to JP Morgan
Cornelius Vanderbilt
- Invested in railroads
- Gained control over New York Central Railroad in 1869
- Extended railroad system by buying smaller lines and adding on
- When he died he owned about 4,500 miles of track
- Fortune estimated at $100 million
JP Morgan
- Bought Carnegie's Steel Company
- Wall Street banker
Role of Industrialization/Technology
- Railroads increased trade and transportation
- Bessemer process allowed steel to be produced faster and cheaper
- Entrepreneurs created successful businesses and new inventions
- New technologies: coal mining, Bessemer process, telephone, air brakes, oil wells, farming, light bulb, electricity, typewriter, railroads, kerosene
- New technology was usually only bought by upper middle class and wealthy, others could not afford
Problems
Political Bosses& Political Machines
- Political bosses managed political machines
- Political machines dominated politics/governments
- POLITICAL CORRUPTION
Immigrants
- Often criticized for taking jobs
- Jobs were often life threatening
Life Changes
- People were building up now (skyscrapers)
- Middle class was mostly successful and become more averagely wealthy
- Inventions improved life in many ways for the wealthy and middle class but also the poor indirectly! Everybody was benefiting from inventions!!!