In the Panic of 1893 the entire stock market collapsed and led to depression. During this time 491 banks failed and unemployment reached 20%. As far as farms go, the prices of crops dropped, farmers were no longer self-sufficient and only a few farm families were financially sufficient. The production and growth of railroads was also down and things were becoming overcapitalized, thus effecting steel and iron industries. All these things led to four years of severe depression where other events transpired.
The response to poverty in the Gilded Age was the rich and the poor not being able to come to an agreement in response to those who can hardly make ends meet. Andrew Carnegie was one of the wealthiest men during the Gilded Age. Carnegie was not the best man to work for because he was against labor unions and approved using violence against his own employees. In “Andrew Carnegie, The Gospel of Wealth” It talks about how the rich and the poor could come together if they had the “proper administration of wealth.” Carnegie thought it was better to build institutions instead of give to the poor because the strength of the mind and body will benefit the community while solving the problem between the rich and the poor.
Andrew Carnegie and Samuel Gomper have different takes when it comes to the role that wealthy people should have in society. The two authors have opposed feelings toward the poor people being in the state of condition that they are in. Although their views are different what they are proposing in both documents can help the poor people. Carnegie’s The Gospel of Wealth focus more on what the wealthy people should do with their wealth to benefit the society.
In a brief introduction, the 19th century was marked by the development of scientific knowledge. The search for new technologies, leveraged by the Industrial Revolution, caused scholars to multiply in various areas of knowledge. At that time, various academies and associations geared for the "progress of science" recognized the figure of scientists and put them as important agents of social transformation. In 1889, with the publication of the book "The Gospel of Wealth", Andrew Carnegie comes to the classical approach of social responsibility of the large companies.
The Gilded Age, the period between the 1870s and the early 1990s, was an era of rapid industrialization, Laissez-faire practices, and no income tax. Industry moguls, such as Andrew Carnegie and John Rockefeller, thrived, following the philosophy called 'Social Darwinism' in business while millions of men, women, and children worked long hours for low pay in dangerous factories, railroads, and mines. Starvation wasn't uncommon. All this was against common sense and totally unfair for the working class because no one could choose whether to be born in a poor and wealthy family. The companies took advantage of huge numbers of people desperate for jobs.
The Gilded Age, around the 1870s to the late 1890s, led to immeasurable success within the American economy and society. Wealth for a few led to hope for the many, and the idea of becoming immensely wealthy appealed to people. People saw that anybody could rise to the top through hard work and it was exemplified in people like Andrew Carnegie and John D. Rockefeller. This gave them hope and advanced the idea of American exceptionalism and superiority. The process of obtaining wealth led to industrialization and urbanization but also to many problems.
The Gilded Age was a time of dramatic social and economic change in the United States. Rapid industrialization led to the rise of large businesses and the growth of a wealthy class of entrepreneurs and investors. This new class of wealthy Americans enjoyed a life of luxury, while the working class struggled to make ends meet. The Gilded Age was also a time of political corruption, as special interests used their money and influence to gain power in Washington. The era came to an end with the Panic of 1893, a economic crisis that led to widespread unemployment and poverty.
The Gilded Age was an age of rapid economic growth. Railroads, factories, and mines were slowly popping up across the country, creating a variety of new opportunities for entrepreneurs and laborers alike. These new inventions and opportunities created “...an unprecedented accumulation of wealth” (GML, 601). But the transition of America from a small farming based nation to a powerful industrial one created a huge rift between social classes. Most people were either filthy rich or dirt poor, with workers being the latter.
Underpinnings and Effectiveness of Carnegie’s “Gospel of Wealth” In Andrew Carnegie’s “Gospel of Wealth”, Carnegie proposed a system of which he thought was best to dispose of “surplus wealth” through progress of the nation. Carnegie wanted to create opportunities for people “lift themselves up” rather than directly give money to these people. This was because he considered that giving money to these people would be “improper spending”.
Wealthy people spent their money however they pleased. The middle class struggled during the Gilded Age, their incomes stayed low for many years. That made many middle class people feel less and insecure of themselves. They feared losing their jobs and not being able to pay their houses or afford to see the doctor when sick or injured.
“Wealth” also known as “The Gospel of Wealth” was written by Andrew Carnegie in 1889. The second industrial revolution was going on during this time; the 1880’s were all about new inventions and ideas, some which were becoming reality as well as expansions of bridges and railroad lines. Large economic growth followed these changes, as well as the dying off of Indians, outlaws, and cowboy’s, drawing up a new era. This source reflects the 1880s-1890s because of the industries that were booming and making certain people rich, Carnegie being one of those people. But he also mentions of how those who are rich should do what is right and help out those who can’t provide for themselves.
If someone asks a group of historians their view on whether the Gilded Age is an era of opulence or hardship, that person will regret the question because they will later hear an argument about the great and terrible moments in that era. This is because the Gilded Age had plenty of amazing moments where America discovered new ways to make a business and get rich, but it also underwent plenty of downfalls for the poor. The era was given its name from a novel by Mark Twain and Charles Dudley Warner, and it means “covered with a layer of gold, but it also suggests that the glittering surface covers a core of little real value and is therefore deceptive” (Foner 615). This definition truly exhibits that the Gilded Age has a rich outlook with the
Before declaring independence, John Dickinson constructed The Articles of Confederation as the structure of government between the thirteen colonies. In reassessing the structure of government for the colonies, James Madison, Adam Hamilton, and John Jay under the name Publius, wrote the federalist papers. Publius determined the Articles of Confederation to be defective for three main reasons: the abuse of state legislative power, the absence of executive enforcement, and the articles being a treaty, rather than a constitution. The abuse of state legislative power in the Articles of Confederation allowed government laws to benefit the few, and not the common good of the colonies. James Madison, in the Vices of the Political System of the United States, explains that “A still more fatal if not more frequent cause lies among the people themselves.”
The late nineteenth century was a pivotal moment in American history. During this time, the Industrial Revolution transformed the nation, railroads had dissipated all throughout the country, and economic classes began to form, separating the wealthy from the poor. One of the wealthiest men of this generation was Andrew Carnegie, a Scottish immigrant who fled to America to make millions off the railroad, oil and even steel businesses. Carnegie is considered one of the richest men in history, and even with all that wealth he decided to give back to the community. As a matter of fact, Carnegie donated most of his funds to charities, universities and libraries in his last few years.
Wealth, poverty, technology, decadence, the Gilded Age was a time of change and uprooting of past systems, schools of thought, and standards. It was a time of both hope and doubt for the majority of the population and brought many to be empty handed or exceedingly wealthy. The dynamic between rich and poor was shifting to a gap of wealth never before seen in the young country. The gilded age’s built up wealth disparity faded away over time. Yet today it seems that a resurgence of these features is rearing its ugly head again.
