The Gilded Age & Industrial Revolution

The Gilded Age

• Refers to the late 19th century, characterized by rapid economic and population growth in the United States following the Civil War.
• Notable elements include technology, big business, urbanization, and immigration.

Technology Segment

• Technology and an abundance of natural resources fueled the U.S. Industrial Revolution.
• Natural resources vital to industrial growth included iron, coal, and oil.

Industrial Revolution

• A transformative period from the 18th to 19th century that reshaped agriculture, manufacturing, mining, transportation, and technology.
• Led to significant social, economic, and cultural changes.

Use of Natural Resources

• Iron: Processed through the Bessemer process, it became steel used in construction and manufacturing.
• Coal: Served as a primary energy source for industry and transportation from the 18th century to the mid-20th century.
• Oil: Gained strategic importance during World War I for fueling military equipment, exemplified by British Forces capturing Baghdad in 1917.

Transcontinental Railroad

• A railroad connecting the east and west coasts of the United States.

Inventors and Their Inventions

• Samuel F.B. Morse: Developed the telegraph, enabling wire signal transmission.
• Henry Bessemer: Innovated a mass-production process for steel, crucial for skyscraper construction.
• Alexander Graham Bell: Credited with inventing the first practical telephone.

Big Business Segment

• Laissez-faire capitalism dominated early industrial growth, encouraging unregulated money-making and the advent of Big Business.

Laissez-Faire Capitalism

• A form of capitalism where government interference in the economy is minimal or absent.

Forms of Business Organization

• Types include monopolies, conglomerates, pools, trusts, and holding companies.

Entrepreneurs (Robber Barons or Captains of Industry?)

• Andrew Carnegie: Industrialist known for philanthropy, especially in education and libraries.
• John D. Rockefeller: Revolutionized the petroleum industry; modern philanthropy pioneer.
• J. Pierpont Morgan: Key financier and banker who facilitated corporate mergers, notable for forming General Electric.
• Jay Gould: Financier known for his control of the Erie Canal and involvement in the 1869 gold market panic.
• Henry Ford: Innovated mass production techniques in the automobile industry.

Conspicuous Consumption

• Describes spending on luxury goods and services to display wealth, serving as a means of social status attainment.

Philanthropy

• The act of promoting the welfare of others through charitable donations and support of good causes.

Urbanization Segment

• Resulted from the Industrial Revolution, leading to the concentration of factories in cities, which became central hubs for resources and labor.