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Unit 2(B) Interactive Vocab:Gilded Age IndustrializationPolitics

WORD DEFINITION E/SP/N

ANALYSIS

1. Gilded Age

Period from 1865-early1900’s The term was coined/created by

writers Mark Twain and Charles Dudley Warner in The Gilded Age: A Tale of Today

Industrialists earned great fortunes, but society was tainted by political corruption and a huge gap between rich and poor. Many social issues.

Give an example of how the Gilded Age was ‘rotten’ on the inside.

2. Graft To take illicit or unfair advantage of an office or a position of trust for personal gain

To use one's political position to gain personal wealth by misappropriating (taking when shouldn’t) public funds for personal use.

Example: a city mayor building a private pool at his home with some of the city budget money allocated to build a public library.

Why is graft bad?

3. Interstate Commerce Act Required railroads to charge fair rates to their customers and make those rates public.

Created the Interstate Commerce Commission (ICC) to investigate complaints and enforce the act.

Prohibited or stopped the railroads from charging more for short hauls than long hauls over same route.

Interstate = between the states, NOT within one state (Intrastate)

Why did the government have to become involved in shipping?

4. Vertical Integration Method used by Andrew Carnegie and others to expand their corporations and industries.

Involves taking control of each step in the production and distribution of a product from acquiring raw materials to manufacturing, packaging, and shipping.

Carnegie used to expand his steel company

Do you think Vertical Integration exists today? Why or why not?

5. Horizontal Integration Method used by John D. Rockefeller Do you think Horizontal

Outside Inside

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(Standard Oil) and others to expand their corporations.

Calls for joining together as many firms from the same industry as possible.

It involved controlling one aspect of the production process.

Integration creates fair competition? Why or why not?

6. Free Enterprise Individuals are free to produce and sell whatever they wish

People go into business to make a profit and prices are set by supply and demand.

Limited government interference

What would be a bad thing about Free enterprise?

7. National Market One economy The nation for the first time is

functioning under one economy instead of individual states

What invention helped the US have a national market? (think last unit)

8. Corporation Common form of ownership of a business after the Civil War

is an independent legal entity owned by shareholders, and the shareholders have share in the profit and loss of the corporation based on how much they invested or own.

chartered or approved by a state and recognized in law as a separate “person”

What else do you know about corporations?

9. Entrepreneur a person who starts a business and is willing to risk loss in order to make money

Bold risk takers who established new businesses.

Would you want to be an entrepreneur? Why or why not?

10. Robber Baron Businessmen who used ruthless tactics to destroy competition and

Do we have Robber Barons today? If so who, if not why

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keep wages low. a wealthy person who tries to get

land, businesses, or more money in a way that is dishonest or wrong

such as exploitation, misuse of governmental influence, or low wage scales

not?

11. Captain of Industry A business leader whose means of amassing or getting a personal fortune contributes positively to the country in some way.

Examples: through increased productivity, expansion of markets, providing more jobs, or acts of philanthropy – a person who gives money to support worthy causes.

Contributes to Universities, Fine Arts, museums, etc.

What is the difference between a robber baron and a captain of industry?

12. Social Darwinism Based on Charles Darwin’s theory of evolution and justify the gap between the rich and the poor.

the best-run business led by the most capable people will survive and prosper

discouraged government regulation of business.

Explain why social Darwinism might be good or bad.

13. Populist Party The Populists, or People's Party, (1890s) tried to secure political and economic reforms benefitting farmers, industrial workers, miners, or the “common man”, to battle banking and railroad interests.

Wanted government to take a larger role, ending oppression, injustice and poverty.

Coinage of silver to increase money supply

What De Tocqueville Value does this political party value?

14. Cross of gold speech Speech by the presidential candidate William Jennings Bryan in 1896.

Demanded to end the gold standard to increase the money supply.

Praised farmers and denounced or spoke against bankers for “crucifying mankind on a cross of gold”.

Why would he want to increase the money supply?

15. The Grange Founded in 1867 to serve as a social What industry was taking

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club for farmers to help them overcome rural isolation and to spread information about the new farming techniques

Grew into farmers encouraging economic and political reforms, such as establishing machinery and storage cooperatives, and campaigned for increased government regulation of the railroads.

advantage of farmers?

16. Gospel of Wealth Article written by Andrew Carnegie in 1889

The wealthy (rich), had to prove themselves morally responsible according to the “Gospel of Wealth”.

Rich people had a duty to use their surplus wealth for “the improvement of mankind and redistribute (share) their surplus means in a responsible and thoughtful manner.

If you were rich what would be some ways you would help people?

17. Monopoly When an individual or single company dominates an industry

A company having complete control over the supply of a product or service.

Used by Rockefeller. No government regulations, no

competition, no free market.

If possible--Give an example of a monopoly today:

18. Political machine Full-time politicians whose main goal was to get and keep political power and the money and influence that went with it.

Dominated politics in American cities during the late nineteenth century.

Run by political bosses who told the workers and supporters of the machine what to do.

Machines provided jobs and other services to immigrant and poor in exchange for their votes.

Had support of local business leaders. Used “patronage” and “spoils

system”

Give two examples of why political machines were good things.

19. Sherman Antitrust Act An 1890 federal law that outlawed Give two examples of why

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trusts, monopolies, and other forms of business that restricted trade

Purpose was to stop monopolies engaging in unfair practices that prevented competition.

competition is good between businesses.

20. Spoils System The practice of giving appointed positions in government to people loyal to the party in power

Rewarding loyal supporters of a politician with good government jobs, whether qualified or not.

Pendleton Act of 1883 fixed this.

What could be a bad consequence of the spoils system?

21. Trust Used to reduce competition and a way to consolidate (bring together) a bunch of companies under more efficient control.

The set of companies are managed (run) by a small group known as trustees.

Concentrates capital (money) and power in the hands of a few people.

What would be a good way to use a trust today?

22. Tammany Hall Democratic political organization that dominated New York City politics from the mid-1850s through the 1920s.

Strength and power came from the city's immigrant population.

Political bosses gained political support by providing jobs and services to working-class immigrant voters

Where is Tammany Hall?

23. Credit Mobilier Union Pacific Railroad created (formed) the Credit Mobilier construction company, then hired themselves at inflated or high prices to build the railroad.

Company earned huge dividends and made a lot of money.

Shares of company given to key congressmen

Huge scandal under the Grant Administration.

Why was the Credit Mobiler a scandal?

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24. Bessemer Process Developed in England by Henry Bessemer in 1855

A way of producing large quantities of steel efficiently and affordably and made the production of steel more efficient.

Used by Andrew Carnegie in his steel mills.

How was steel used during this time period?

25. Scabs A worker who refuses membership in a labor union

or an employee who works while others are on strike = a strikebreaker

Is being a “scab” a good or bad thing? Why?

26. Strike A form of protest used by workers to obtain (get) better working conditions

A temporary stoppage of normal activity undertaken as a protest.

What are other forms of protest that a worker can use?

27. Haymarket Strike A labor protest rally near Chicago’s Haymarket Square turned into a riot after someone threw a bomb at police in 1886 because workers wanted an 8 hour workday

At least eight people died as a result of the violence that day.

Eight radical labor activists were convicted in connection with the bombing.

a setback for the labor unions, specifically Knights of Labor

Why would this be a setback for Labor Unions?

28. Labor Union A type of labor organization that unites all workers within a particular industry so they can act as a group instead of individually.

Created better bargaining power with employers.

Closed shops = only union members could be hired

Focus on three primary goals: higher wages, shorter hours, and better working conditions.

Which of the three goals is most important to you and why?

29. Samuel Gompers United States labor leader President of the American

Define Federation.

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Federation of Labor (AFL) from 1886 to 1924

Created separate unions of skilled workers which joined together into a federation.

Wanted economic improvements for workers: higher pay; 8 hour day, better working conditions.

30. William Jennings Bryan A leading American politician from the 1890s until his death.

He was a dominant force in the populist wing of the Democratic Party, standing three times as its candidate for President of the United States (1896, 1900 and 1908)

Why would anyone want to run three times for President and never win?

31. Alexander Graham Bell Scottish born American inventor responsible for the invention of the telephone 1876.

Educator of the deaf

What would Bell think of cell phones today?

32. Thomas Edison United States inventor inventions included the phonograph

and incandescent electric light and the microphone and the Kinetoscope (1847-1931)

Why would electric light be so important during this time?

33. John D. Rockefeller One of the richest Americans in history

Founder of the Standard Oil Company and, later, a philanthropist whose wealth bankrolled the Rockefeller Foundation

Regarded as a Robber Baron

Do you like Rockefeller?

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34. William Tweed (Boss Tweed) A New York politician that eventually became the head of the Tammany Hall

"Boss" Tweed gained absolute power in the city Democratic Party, controlling party nominations and party patronage.

Why do you think Thomas Nast drew his head like a money bag?

35. Grover Cleveland The 22nd and 24th President of the United States.

Cleveland is the only president to serve two non-consecutive terms (1885–1889 and 1893–1897)

Supported big business in strikes.

What is unique (different) about Grover Cleveland?

36. William McKinley The 25th President of the United States, serving from March 4, 1897 until his assassination.

McKinley led the nation to victory in the Spanish–American War, raised protective tariffs to promote American industry, and maintained the nation on the gold standard in a rejection of inflationary proposals.

If McKinley raised tariffs then is his presidency still practicing Laissez-faire economics? (why or why not)

37. Rutherford B. Hayes was the 19th President of the United States (1877–1881).

Oversaw the end of Reconstruction and restored trust in government.

Hayes was a reformer who began the efforts that led to civil service reform and attempted to reconcile the divisions left over from the Civil War and Reconstruction.

Civil service reform targeted the spoils system—why did this system need to be reformed?