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Gilded Age Capitalism. Causes and Consequences of Corporate Supremacy. How did corporations gain control of the economy in the Gilded Age?. New technologies and s cale of mass production requires large outlays of capital “crowding out” of small producers - PowerPoint PPT Presentation
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Gilded Age Capitalism
Causes and Consequences of Corporate Supremacy
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
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
Corporations in Control
• Cartels
• Trusts
• Holding Companies
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
Gilded Age Philosophy
• Socialism– Active role for government
• Utopianism– Henry George, Progress and
Poverty (1879)– Edward Bellamy, Looking
Backward (1887)
• Anarchism
How did Gilded Age capitalism treat workers?
• De-skilling– From craft to industry
• Wages were low– Tied to prices– “piece work”
• Long hours
How did workers try to assert power in the Gilded Age?
• National Labor Union (1866-72)– William Sylvis– Political party
• “Molly Maguires”
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
Workplace Tactics
• Strike– Sit-down–Walkout
• Work to rule– Soldiering
• Sabotage– Sabots
Other Tactics
• Lobbying–Chinese Exclusion
Act (1882)– Tariffs
• Elections–Greenback-Labor
Party
• Public opinion
The Pinkerton Agency
• Private detective agency• Hired by companies to:– Investigate workers– Disrupt union activity
• By 1870s, had developed private army