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21 Cards in this Set

  • Front
  • Back
Gilded Age
Coined by Twain. Rapid industrial growth, social stratification (wider gap between rich and poor), materialism (accumulation of wealth is prized), corruption in politics
Vertical integration
Corporation owns all segments of a product's cycle, from acquisition of raw materials to production, distribution and sales
Horizontal integration
Corporation attempts to capture markets and own all businesses in the market
Robber Baron(s)
A pejorative reference to businessmen and bankers who dominated their respective industries and amassed huge personal fortunes, typically as a direct result of pursuing various anti-competitive or unfair business practices. E.g. Rockerfeller (Oil), Vanderbilt (Railroads), J.P. Morgan (Banking)
Laissez-faire economics
free-trade, government is not involved
Gospel of Wealth
Belief that wealth is good and one will do whatever it takes to be rich
Horatio Alger
Author who wrote rags to riches stories. Told of poor working laborers eventually becoming rich through hard work, commitment etc.
Social Darwinism
Survival of the fittest, created a cut-throat mentality
Workers faced long hours, bad conditions and low wages.
Knights of Labor
1867- Idealist vision which aimed to bridge the gap between business owners and their workers. Allowed businessman (except lawyers, bankers, liquor salesman) to join and discussed conditions or work etc. Not effective.
American Federation of Labor
1881- Replaced the Knights of Labor. Led by Samuel Gompers. First real union, strictly of workers. Each industry had their own local club BUT only included skilled workers.
Kickbacks, bribery, corruption. Used government funds for own benefit
Behind the scenes. who lead the machines. Not necessarily the president, mayor etc.
Tammany Hall
The machine that dominated NYC politics during the early Gilded Age
National Grange
1867- a fraternal organization for American farmers that encouraged farm families to band together for their common economic and political good.
Farmer's Aliance
The Farmers' Alliance was an organized agrarian economic movement amongst U.S. farmers that flourished in the 1880s. First formed in 1876 in Lampasas, Texas, the Alliance was designed to promote higher commodity prices through collective action by groups of individual farmers. The movement was strongest in the South and Great Plains, and was widely popular before it was destroyed by the power of commodity brokers. Despite its failure, it is regarded as the precursor to the United States Populist Party, which grew out of the ashes of the Alliance in 1889.
Populist Party
Proposed a number of reforms in the 1890s including coinage of silver, direct election of Senators and an income tax
Pendleton Act
Instituted civil service reform in the 1880s
Interstate Commerce Act
Government had the authority to regulate railroads. Sets schedules, prices etc.
Sherman Anti-Trust Act
1887- prohibits the formation of monopolies (including unions)
William Jennings Bryan
"Cross of Gold" speech, condemned the gold standard, democrat, populist.