Glossary
Agrarian Economy
An economy primarily based on agriculture and farming, where most people earn their living from cultivating land.
Example:
Before the Civil War, the Southern states largely operated on an agrarian economy dependent on cotton production.
Andrew Carnegie
A Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century.
Example:
Andrew Carnegie became one of the wealthiest men in history, later dedicating his fortune to philanthropy.
Big Business
Large-scale corporate enterprises that emerged during the Gilded Age, often dominating entire industries through trusts and monopolies.
Example:
Big business leaders like J.P. Morgan wielded immense power over the nation's financial and industrial sectors.
Central Pacific Railroad
The railroad company that built eastward from Sacramento, California, as part of the Transcontinental Railroad, relying heavily on Chinese immigrant labor.
Example:
The Central Pacific Railroad laborers blasted through the Sierra Nevada mountains, enduring dangerous work.
Consumer Culture
A society where the consumption of goods and services is a central part of economic and social life, often driven by advertising and mass availability.
Example:
The rise of department stores and mail-order catalogs contributed to the burgeoning consumer culture of the Gilded Age.
Credit Mobilier
A scandal during the Gilded Age involving a construction company formed by Union Pacific Railroad insiders who overcharged for construction and bribed congressmen.
Example:
The Credit Mobilier scandal exposed widespread corruption in railroad financing and government oversight.
Economic Growth
An increase in the production of goods and services in an economy, often measured by GDP.
Example:
The expansion of railroads and factories fueled immense economic growth across the United States.
Electricity
A fundamental form of energy that became widely harnessed during the Second Industrial Revolution, powering factories, homes, and transportation.
Example:
The widespread adoption of electricity transformed urban areas, allowing for longer working hours and new forms of entertainment.
Gilded Age
A period in U.S. history from the 1870s to the 1890s characterized by rapid economic growth and industrialization, but also significant social inequality and political corruption.
Example:
The Gilded Age saw immense wealth for a few, like the Vanderbilts, while many urban workers lived in poverty.
Horizontal Integration
A business strategy where a company acquires or merges with competitors in the same industry to gain market share and reduce competition.
Example:
Standard Oil's use of horizontal integration allowed John D. Rockefeller to control over 90% of the oil refining capacity.
Industrialized Economy
An economy where manufacturing and industry are the dominant sectors, leading to urbanization and factory work.
Example:
By the turn of the 20th century, the U.S. had largely transformed into an industrialized economy, with cities becoming centers of production.
John D. Rockefeller
An American industrialist who founded the Standard Oil Company, dominating the oil industry through innovative and often aggressive business practices.
Example:
John D. Rockefeller used horizontal integration to create a near-monopoly in oil refining.
Labor Movement
The collective efforts of workers to organize into unions and advocate for better wages, working conditions, and rights.
Example:
The labor movement gained momentum with strikes like the Homestead Strike, pushing for an eight-hour workday.
Lightbulb
An electric device that produces light, with Thomas Edison developing a practical and long-lasting incandescent version.
Example:
The invention of the practical lightbulb extended the workday and made cities safer at night.
Mass Production
The manufacturing of large quantities of standardized products, often using assembly lines and specialized machinery.
Example:
Henry Ford later perfected mass production techniques, making automobiles affordable for the average American family.
Mechanization
The process of replacing human or animal labor with machines, increasing efficiency and output.
Example:
Agricultural mechanization with new farm equipment led to fewer farmers being needed to produce more food.
Oil Industry
The sector focused on the extraction, refining, and distribution of petroleum, which became a vital energy source.
Example:
John D. Rockefeller's Standard Oil dominated the oil industry, providing kerosene for lighting and later gasoline.
Pacific Railway Act (1862)
Legislation that authorized the construction of the Transcontinental Railroad and provided land grants and government bonds to the Union Pacific and Central Pacific railroads.
Example:
The Pacific Railway Act (1862) was a crucial piece of legislation that spurred the rapid development of the American West.
Rapid Industrialization
A swift and significant increase in industrial activity, factory production, and technological innovation.
Example:
The late 19th century experienced rapid industrialization as new inventions like the Bessemer process transformed manufacturing.
Robber Barons
A derogatory term used to describe powerful industrialists of the Gilded Age who amassed fortunes by often ruthless and exploitative business practices.
Example:
Critics labeled figures like Jay Gould as robber barons due to their perceived unethical tactics in the railroad industry.
Second Industrial Revolution
A phase of rapid industrial growth from the late 19th to early 20th centuries, driven by new technologies like electricity, steel, and oil.
Example:
The Second Industrial Revolution fundamentally reshaped American life, leading to the widespread availability of consumer goods.
Social Reform
Organized efforts to improve society by addressing issues such as poverty, child labor, and urban squalor.
Example:
Jacob Riis's photography spurred social reform efforts to improve living conditions in New York City's tenements.
Standard Oil Trust
A legal arrangement created by John D. Rockefeller to consolidate control over numerous oil companies, effectively forming a monopoly.
Example:
The Standard Oil Trust became a symbol of corporate power and led to public calls for antitrust legislation.
Steel Industry
The sector involved in the production of steel, a crucial material for railroads, skyscrapers, and machinery during the Gilded Age.
Example:
The growth of the steel industry under Andrew Carnegie was foundational to America's urban and industrial expansion.
Subsidies
Financial aid or support extended by a government to an economic sector, business, or individual, often to promote public policy.
Example:
The government provided significant land grants and financial subsidies to railroad companies to encourage westward expansion.
Thomas Edison
An American inventor and businessman who developed many devices, including the practical incandescent light bulb and the phonograph.
Example:
Thomas Edison's inventions, particularly in electricity, profoundly impacted daily life and industrial processes.
Transcontinental Railroad
A continuous railroad line completed in 1869 that connected the existing eastern U.S. rail network with the Pacific coast.
Example:
The completion of the Transcontinental Railroad at Promontory Summit, Utah, dramatically reduced travel time across the continent.
US Steel Corporation
Formed in 1901 by J.P. Morgan and Elbert H. Gary, it was the world's first billion-dollar corporation, acquiring Carnegie Steel and other companies.
Example:
The creation of US Steel Corporation marked the peak of consolidation in the American steel industry.
Union Pacific Railroad
The railroad company that built westward from Omaha, Nebraska, as part of the Transcontinental Railroad, primarily employing Irish immigrants.
Example:
The Union Pacific Railroad faced harsh conditions and Native American resistance during its construction across the Great Plains.
Vertical Integration
A business strategy where a company controls all stages of its production process, from raw materials to distribution.
Example:
Carnegie Steel employed vertical integration by owning iron mines, coal fields, railroads, and mills to control costs and quality.