The Gilded Age - Notes PDF

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The Gilded Age ➔ The Gilded Age refers to the years after the civil war, which saw rampant greed and speculative frenzy of the marketplace, and the corruption pervading national politics veiled by a thin coating of gold. ➔ Rapid economic growth generated vast wealth. ➔ New products and technologies improved middle class standard of life. ➔ Industrial workers and framers did not share in the new prosperity, working long hours in dangerous conditions for low pay. ➔ Gilded Age politicians were corrupt and ineffective. ➔ Most Americans during the Gilded Age wanted political and social reforms, but they disagreed strongly on what kind of reform. Rapid Economic Growth: ➔ Economic growth for captains of industries (e.g Rockefeller and Vanderbilt) were made possible by the idea of ‘Laissez Faire’ - leave to do. This meant there were no laws in place restricting how the huge corporations earned their money, allowing monopolies. ➔ Laissez Faire also meant the businesses didn't have to pay taxes, enabling them to make more money for themselves. Political Corruption: ➔ 1872-3 Credit Mobilier scandal implicated Vice President Schuyler Colfax. Congressmen helped themselves by approving federal subsidies for the cost of railroad construction without paying attention to expenses, enabling railroad builders to make huge profits. ➔ Tribal votes- groups all vote for the same party (e.g Irish all voted Democrat). ➔ All immigrants voted Democrat, and all WASPS voted Republican. ➔ City poitis ruled by corrupt machines like NEw YOrk’s Tammany Hall. ➔ Parties were distinguishable on basis of ethnicity, religion and culture, rather than those of ideologies or policies. Currency Reforms: ➔ The poor people in America wanted a silver backed currency, rather than the gold backed dollar, as it would be more affordable. ➔ This didn't happen as it was argued that a silver backed dollar would cause an inflation....