Gilded Age Economics Overview

Gilded Age Economics

• The Gilded Age (roughly 1870-1900) experienced significant US industrial growth, marked by rapid technological advancements and the rise of large corporations.
• Railroad expansion and associated infrastructure were key drivers of this growth.
• Industrial titans like Andrew Carnegie (steel) and John D. Rockefeller (oil) emerged, employing aggressive business practices like vertical and horizontal integration to amass substantial wealth.
• Economic inequality was extreme, with the wealth of a few contrasting with widespread poverty among industrial workers.
• Harsh labor conditions – long hours, low wages, and hazardous work environments – were common.
• A national market facilitated the exchange of goods and services across vast distances.
• Agricultural innovations, like mechanized farming, increased efficiency and production, although this displaced rural workers, leading to poverty and urban migration.
• Inventions like the telephone and light bulb boosted economic growth.
• "Laissez-faire" capitalism, emphasizing minimal government intervention, dominated economic thought.

Native Americans and Westward Expansion

• Westward expansion severely impacted Native American populations.
• Displacement and dispossession of Indigenous peoples were central to westward expansion, often fueled by Manifest Destiny.
• Native American land was acquired via treaties, often through forced removals and broken promises.
• Federal policies aimed to assimilate Native Americans, using boarding schools and suppressing cultural practices.
• The Indian Removal Act of 1830 exemplified government policies to displace Native peoples.
• Conflicts between settlers and Native American tribes arose due to competition for land and resources.
• The concept of "terra nullius" (land belonging to no one) justified dispossession.
• The destruction of buffalo herds affected the livelihoods and spiritual traditions of Plains tribes.
• Reservations, often lacking resources, were isolated and unsustainable.

Westward Expansion: Economic Impacts

• Westward expansion significantly impacted the economy, fostering new markets, resources, and infrastructure.
• Demand for western resources (timber, minerals, farmland) fueled Eastern economic growth.
• Transcontinental railroads connected the East and West, boosting economic activity across both regions.
• Western mining booms attracted prospectors and settlers, driving economic activity but leading to environmental harm.
• New agricultural lands supported population growth and boosted output.
• Western raw materials and agricultural products were crucial to Eastern industry, creating opportunities and exploitation.
• Western farms and ranches demanded manufactured goods, stimulating Eastern industry.
• Competition over land and resources created tensions between settlers, Native Americans, and other economic interests.
• Western economic development had both positive and negative environmental consequences, leading to land, water, and ecosystem degradation.