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Effects Of The Gilded Age On The Economy

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After the end of the era of reconstruction following the civil war, the gilded age began. The gilded age was characterized by it’s rapid economic growth, however it was also defined by the political corruption and social inequallity that arrose from that growth. As companies grew at an unpresedented rate, they took a central role in shaping the political landscape and economy during the gilded age. The growth of big businesses during the gilded age changed the economy to be more focussed on industry even at the expense of the working class, contributed to most of the corruption in the government, and led to many inluential protests and movements well into the progressive era. The gilded age saw the growing prominence of big business in American …show more content…

Some skilled fields of work commanded high wages and high control over their working conditions. Jobs that required technical skill and knowledge held a level of autonomy in their work; it was dubbed the miner’s freedom. Those with the miner’s freedom held an almost managerial position over themselves, giving them power over what they do in their jobs. On the other side of the coin, the growing unskilled labor force was not given such freedoms over their work lives. They were subjected to longer workdays and lower pay in working conditions that were often fatally dangerous. During the period of the gilded age, the U.S led the industial world in workplace deaths by a large margin due to poor sanitation, and low factory safety.Another result of this shift in the economy towards being centered around big businesses was the growing wealth gap; the rich got exponentially richer and the poor became more destitute than ever. Those who worked for these …show more content…

The reason for companies wanting to dip their toes into the waters of politics was that if they could control the ability to write and pass new laws, they would be able to expand their capital and grow their business through new laws and legislature. One example of the overwhelming governmental power that a corporation can hold is that of the “third house” of the Pennsylvannian government, which was comprised of railroad representatives in Pennsylvania. It was said that these non-elected railroad heads commanded just as much power as the genuinely elected officials. Another way that companies would gain power in the political sector was by holding their own elections that they had rigged in their own favor. Another form of corruption in the government at this time was not actually orchestrated by companies from the outside, but perpetrated by law makers on the inside. Law makers would pass laws that would personally benefit them and the companies that they held stock in or had a personal connection

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The Gilded Age was a time of good and bad economic growth. In America during post civil war times, years 1870 to 1900, the nation was prospering on the surface, but was corrupt underneath; large businesses took control of the economy, changed society, and influenced politics nefariously. By the end of the nineteenth century, monopolies and trusts exercised a significant degree of control over key aspects of the American economy. Carnegie used vertical integration to take over the steel industry. He then set up a mega trust with Rockefeller, who was in the gas and oil industry, JP Morgan, who was a banker, and Vanderbilt, who was high up in the railroad industry.

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It was extremely difficult for small businesses to gain a foothold in those industries, and as a result, those companies completely commanded the price of their products. Therefore, the economic atmosphere during the Gilded Age underwent these changes largely due to the industries. However, the social atmosphere wasn’t the only factor influenced by

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Although big business during the Gilded Age improved the economy and the availability of goods for the American people, it did not improve politics due to the corruptness of politicians, requiring citizens to push reforms to restore democracy. Big businesses relieved economic stress of the American people during the Gilded

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Although the argument that the Gilded Age did not have much of an effect on today's industry could be created, the role it played in changing the laws that actualize our reality today is only present due to this time. The Gilded Age, though it appeared to be a sensational time of growth, on the outside it was driven by power-hungry trusts with enough power to influence the government. Monopolies, to increase profits would turn jobs into a plant of never-ending production with underpaid workers, and undervalued staff. These Trusts had monopolies on different products where they could increase or decrease the prices without the thought of what would happen to the worker. During the Gilded Age Trusts gained power by influencing the choices of governmental figures.

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This was caused by the lack of regulations and laws which allowed businessmen to get away with paying their employees unethically low wages without benefits. This lack of regulations and laws also enabled business to cut corners, which lead to unsafe product, such as spoiled meat as seen in document 2, and child labor, which is seen in document 3, in order to save money. During the gilded era, corrupt politicians added to the problems and injustices. Document 4 shows this using a comic.

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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.

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This essay will generally analyze the relationship between the government and businesses, and how “Big Business” essentially took control of the Gilded Age. America’s first true big business mostly arose because of the railroads, which is fairly significant, because it essentially helped lead the development of other business barons such as, John D. Rockefeller, Andrew Carnegie, and J. Pierpont Morgan who all had particularly extraordinary accomplishments in shaping our economy. Most of these men who created big businesses after the Civil War were driven by a compelling desire to become rich and influential.

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When business owners didn’t appreciate what the government was doing, they retaliated by creating political machines. Political machines were groups of Big Business owners that would come together in attempt to overthrow the

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The Gilded Age was a time when anything seemed possible if you worked hard enough - but it also brought about immense inequality between those who could afford success and those who could not make ends meet no matter how much they

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Sometimes, government officials and railroad companies would not work together, but still use each other for success, even if it meant the failure for one party. For example, if a company failed, creditors could take everything from the owner. Congressmen were often found guilty of accepting bribes, but most accepted bribes nevertheless because the risk of getting caught was minimal while the profits were

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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.

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The Gilded Age was a time of new beginnings; new buildings, new jobs, and, most importantly, a new corrupt system. On the surface, this age was a major breakthrough for the United States. Steel and iron production rose and led to the creation of bridges, railroads, and skyscrapers. But under these shiny advancements are millions of poor, overworked, African American and immigrant workers. So while the Gilded Age heavily impacted the United States, it also forced thousands of people to work in unsafe, life-threatening conditions while covering up a corrupt system.

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Abstract - The Gilded Age led to economic progress for the United States. During this time, manufactures relied heavily on technological innovations in order to make a profit. The goal was to mine, grow, and process large quantities of products and goods in order to sell them quickly and efficiently. While doing so, manufactures also raised the standard of living and people were losing their

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893 Words | 4 Pages

One of the first people to define the era that is now called the ‘Gilded Age’ was Mark Twain. He described the time period as ‘glittering on the surface, but corrupt underneath.’ Sadly, this statement was quite accurate, for the Gilded Age was sparked by the Second Industrial Revolution, which was a time of innovation but also corruption. Although many aspects of the country were being revolutionized during the Gilded Age, and some people benefited from the changes, these changes also brought about new problems for many other people.     In the late 19th century, technology, inventions, sources of energy, railroads, and the market were all being revolutionized, which is why the era is also appropriately titled the Second Industrial Revolution.

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During the Gilded Age, income and wealth inequality in the United States reached unprecedented levels. While characterized by rapid industrialization and economic growth, the wealth gap was enormous, with a small fraction of the population elite but many

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