Gilded Age Capitalism Causes and Consequences of Corporate Supremacy.
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Transcript of Gilded Age Capitalism Causes and Consequences of Corporate Supremacy.
![Page 1: Gilded Age Capitalism Causes and Consequences of Corporate Supremacy.](https://reader036.fdocuments.in/reader036/viewer/2022062413/5a4d1b897f8b9ab0599be1c0/html5/thumbnails/1.jpg)
Gilded Age Capitalism
Causes and Consequences of Corporate Supremacy
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How did corporations gain control of the economy in the Gilded Age?
• New technologies and scale of mass production requires large outlays of capital– “crowding out” of small
producers
• Corporations become very large and very powerful
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Corporations in Control
• Monopoly Power– Horizontal Monopoly
• Controlling all production within an industry
• e.g., owning all steel plants
– Vertical Monopoly• Controlling all aspects of the
production process from start to finish
• e.g., owning mines, processing, steel plants, marketing
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Corporations in Control
• Cartels
• Trusts
• Holding Companies
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How did the wealthy justify their position in the Gilded Age?
• Individualism– Horatio Alger
• Social Darwinism– William Graham Sumner,
Folkways (1906)
• The Gospel of Wealth– Andrew Carnegie
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Gilded Age Philosophy
• Socialism– Active role for government
• Utopianism– Henry George, Progress and
Poverty (1879)– Edward Bellamy, Looking
Backward (1887)
• Anarchism
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How did Gilded Age capitalism treat workers?
• De-skilling– From craft to industry
• Wages were low– Tied to prices– “piece work”
• Long hours
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How did workers try to assert power in the Gilded Age?
• National Labor Union (1866-72)– William Sylvis– Political party
• “Molly Maguires”
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How did workers try to assert power in the Gilded Age?
• Knights of Labor (1869-1949)– Uriah Stephens; Terrance Powderly– Open to all workers (craft and industrial)
• American Federation of Labor (1886-present)– Samuel Gompers– Craft Unionism
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Workplace Tactics
• Strike– Sit-down–Walkout
• Work to rule– Soldiering
• Sabotage– Sabots
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Other Tactics
• Lobbying–Chinese Exclusion
Act (1882)– Tariffs
• Elections–Greenback-Labor
Party
• Public opinion
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The Pinkerton Agency
• Private detective agency• Hired by companies to:– Investigate workers– Disrupt union activity
• By 1870s, had developed private army